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The new rates, bringing the cost for students taking 12 hours from $2,260.90 to $2,361.50 (a 4.45 percent increase), are effective for the 2005 fall semester. Regents also approved a $4 increase in graduate tuition, from $46 to $50 per semester credit hour. Graduate students pay this board-authorized tuition in addition to board-designated tuition. Under normal circumstances, the university budget and tuition are both considered by the regents at the same time. While presenting the recommendations for tuition increases to the board, Phil Diebel, vice president for finance and business affairs, explained that the university will wait until after the current legislative session concludes before presenting a budget proposal for the coming academic year. However, he pointed out that the new tuition rate had to be established before students began early registration March 28. Diebel estimates the tuition increase will create $888,000 in new financial aid funds and approximately $3.6 million more to address critical university needs in instruction, research, student services and operations. In addition, the approved provision increased residence hall room rates by 6 percent and campus meal plan rates by 3 percent.
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