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Cooper Union may charge tuition

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NEW YORK (MYFOXNY) -

The prestigious Cooper Union school in the East Village may have to end its tradition of allowing all undergraduate students to attend tuition free due to a budget deficit of $12 million a year. 

Cooper Union has allowed students to pay nothing to attend for the last 110 years. The school has funded operations with revenue from other assets. 

According to a report from The New York Times, the school borrowed heavily to invest in stocks before the market bubble burst, and has struggled with rising costs. 

The free tuition has allowed some of the nation's top art, architecture and engineering students to enjoy the best deal in higher education at Cooper Union. 

Cooper Union President Jamshed Bharucha told the Times there will be "tough decisions" ahead because "the model that has been in place cannot be sustained."

 

The Associated Press contibuted to this story

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