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U of M Board of Regents adopt budget, tuition for fiscal year 2008
MINNEAPOLIS / ST. PAUL ( 6/27/2007 ) -- The University of Minnesota Board of Regents today approved University President Robert Bruininks proposed budget for the 2007-08 school year. The $2.83 billion budget includes an ambitious tuition reform initiative that will keep next year's tuition increase below 2 percent for most university undergraduate students. "With strong state support and an aggressive tuition reform plan, this budget helps control costs for students and invests in key strategic research and education priorities," said board Chair Anthony Baraga. "Today's action is a step forward in recruiting, educating, challenging and graduating outstanding students at all of our campuses, who will have a meaningful impact on our economy and quality of life." Specifically, the reforms will enable students to significantly reduce their total cost of education by making all credits over 13 per semester free of charge. This "13-credit tuition band" has helped improve graduation rates on the Twin Cities campus and the reform plan will make it available at the Duluth, Morris and Crookston campuses as well. Students who graduate in four years could save as much as $20,000. Also, the Founders Free Tuition Program, which provides free tuition for all low-income Minnesota resident undergraduate students eligible for the federal Pell grant, will continue to provide an unprecedented level of financial support for students. In addition, under provisions of the 2008-2009 appropriations bill, Minnesota resident students from families with an income of $150,000 or less will receive scholarships in both FY 2008 and FY 2009 so that will make their effective tuition increase about 2 percent in FY 2008. Other reforms in the proposal include resetting the tuition rates at the Duluth and Morris campuses, which tend to be higher than comparable regional institutions, to be less than the Twin Cities campus. Additionally, to address the challenges created by the decline in the number of high school graduates in Minnesota and neighboring states, the nonresident undergraduate tuition will be lowered to $2,000 more per semester than resident tuition on the Twin Cities campus and $1,000 more on the Duluth campus. The changes in non-resident tuition rates will be effective the fall semester of 2008. "Historically, 10 percent of Minnesota's high school graduates have come to the U and we are committed to maintaining that level of resident enrollment," said Bruininks. "But with demographic changes and the number of high school graduates decreasing, we need to protect our place as a magnet to bring the best and brightest talent to Minnesota." The administration also removed language from its budget resolution that would have ended the university's participation in the tuition reciprocity agreement between Minnesota and Wisconsin. It will make a final recommendation to the Board in September regarding reciprocity, pending final resolution of the new draft agreement between the two states. ---------- |
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