MINNEAPOLIS — The University of Minnesota Board of Regents is considering the highest tuition increase in more than a decade.
The interim president’s proposed budget includes a 4.5% increase for in-state undergraduate students.
University officials say that increase amounts to an extra $652 a year for the average student, which would bring the average annual tuition up to $15,148.
The increase for out-of-state students would be slightly higher at 5.5%.
These proposed increases are only for tuition, not room and board, books and other fees.
Regents held a meeting at McNamara Alumni Center Thursday afternoon to discuss the proposed budget.
Some regents were leery about the idea of asking students to pay more in the upcoming school year.
“I understand where we want to maintain excellence, but we also need to ensure that this institution is accessible,” regent Bo Thao-Urabe says.
Instead of tuition increases, several regents suggested a more aggressive approach to bring in more donations.
"We need to increase our endowments. We need to increase the fundraising arm of this,” regent Janie Mayeron says.
"We're kind of in a golden age of giving here with baby boomers retiring and having a lot of money that now is the time. It's the golden time, at least everyone says that,” regent Douglas Huebsch says.
Regents are also looking for more information before they make their decision, specifically perspective when it comes to the proposed increases at other Big 10 schools and other universities across the country.
The board will meet again Friday morning to hear reaction from the public.
The board will also accept public comments online.
The deadline to submit an online comment is June 7th.
Board members will have an entire month to think about these tuition increases before they meet again on June 13th and 14th to take a final vote.
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