08/02/2024 | Press release | Distributed by Public on 08/02/2024 11:31
WEST LAFAYETTE, Ind. - The state of Purdue University's metrics in the past 12 months broke records in almost all dimensions.
In fiscal year 2024, Purdue research awards and philanthropic fundraising once again reached new milestones, shattering records set just last year, according to a summary report presented to university trustees Friday (Aug. 2) by Purdue President Mung Chiang.
Purdue received $647 million in research awards from federal and industry sources during the fiscal year that ran from July 1, 2023, through June 30, 2024. That represents a 6% jump from the year-ago period and is more than double the university's funded research in FY 2013. At the same time, private contributions to Purdue rose nearly 4% to $632 million, another all-time high.
Both new records mark the second consecutive year these two major components of the university's financial and research enterprise surpassed $600 million annually.
"The impressive performance this past year is a testament to the persistent pursuit of excellence at scale by our faculty, staff, students and alumni, touching every aspect of this dynamic university full of momentum," Chiang said.
Highlights of Purdue's fiscal year 2024 financial activity:
ADDITIONAL INFORMATION
During the year, Purdue also signed nine new master research agreements with industry, including one as part of the landmark announcement this spring by South Korea-based SK hynix to invest close to $4 billion to build an advanced packaging fabrication and R&D facility for artificial intelligence semiconductor products in the Purdue Research Park. The development of a critical link in the U.S. chips supply chain marks a giant leap forward in the industry and the state.
Additionally, Purdue was chosen this past year to play a primary role in three national hubs - Heartland BioWorks,Midwest Alliance for Clean Hydrogen and Silicon Crossroads Microelectronics Commons- focused on ensuring the U.S. remains globally competitive in areas critical to national security. Purdue also was selected to lead seven national research centers, including the renewal of three existing centers.
Welcoming most selective incoming class
Chiang also reported that Purdue is projected to welcome its most selective class of undergraduate students for the upcoming 2024-25 academic year as part of the university's 10th straight year of record applicants.
This fall's projected class of undergraduate Boilermakers in West Lafayette was selected at a 48.2% admission rate from a record-setting pool of 72,986 applicants, with a post-summer-melt yield rate at a record of 31%, significantly higher than all historical data.
The number of graduate student applications also reached another record level. PhD candidate applications hit 11,677, a 23% surge year over year, with a 20% projected admittance rate. Master's student applications climbed 12% to 14,403, with 28.5% projected admissions.
Another positive trend for the pocketbooks of students and families: The number of Boilermakers graduating without any debt climbed 3 percentage points to 64% during this period, Chiang said.
With affordability and accessibility at the forefront of its mission and buoyed by nearly a decade of record enrollment totals, Purdue has kept tuition at $9,992 per year for Indiana residents and $28,794 for out-of-state students for 13 consecutive years since 2012-13.
Purdue's ongoing commitment to expanding its online offerings from West Lafayette also is drawing increased interest and activity:
Additionally, Chiang reported that the number of Purdue students graduating in four years improved slightly to 67%. The six-year graduation rate remained at 84%, vs. 74% in 2008.
Rising national, global profiles
The land-grant university's enhanced national and global profile also continues to play a major role in driving applications to record levels while accelerating research and industry engagement activities:
About Purdue University
Purdue University is a public research institution demonstrating excellence at scale. Ranked among top 10 public universities and with two colleges in the top four in the United States, Purdue discovers and disseminates knowledge with a quality and at a scale second to none. More than 105,000 students study at Purdue across modalities and locations, including nearly 50,000 in person on the West Lafayette campus. Committed to affordability and accessibility, Purdue's main campus has frozen tuition 13 years in a row. See how Purdue never stops in the persistent pursuit of the next giant leap - including its first comprehensive urban campus in Indianapolis, the Mitch Daniels School of Business, Purdue Computes and the One Health initiative - at https://www.purdue.edu/president/strategic-initiatives.