The board of trustees agreed to slow the rate of tuition increase from 3.9 percent to 2.8 percent in the 2016 fiscal year, which will result in $2.1 million in reduced gross income, the Review said.
Annual tuition and fees total $50,636. Standard room and board costs are $13,630.
But last year, approximately 80 percent of Oberlin students received some form of financial aid, with an average grant of $32,000—a total of nearly $59 million, the college said.
A growing number of colleges are offering incentives to faculty and staff to encourage them to retire, according to a study on higher education retirement trends by The Chronicle of Higher Education.
The number of people older than 65 teaching full time at American colleges and universities nearly doubled between 2000 and 2010, according to the Teachers Insurance and Annuity Association-College Retirement Equities Fund. College professors, many who say they still enjoy teaching, are among the oldest Americans in the workforce.