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The Missouri State University Board of Governors voted today to raise tuition by 5.5%. KSMU's Missy Shelton reports.
At its meeting today in West Plains, the Board of Governors of Missouri State University voted to raise tuition 5 point 5 percent for the next school year.
That means basic fees for in-state undergraduates will increase 9 dollars to 173 dollars per credit hour...Fees for out of state students and graduate students will go up by about the same amount.
University officials point out this is the lowest tuition increase since the 2001-2002 school year.
Kent Kay is the chief financial officer for Missouri State.
He says there are several reasons that tuition is going up.
The Board of Governors also approved a 4 percent increase in housing costs.
To help students pay for their education, the board approved the CAP-IT plan, which stands for Choice and Predictability in Tuition.
Under the plan, students have three options...They can pay the tuition rates the board set today...They can pay a slightly higher rate that will be locked in for a two year period, or they can pre-pay their tuition for up to four years, thereby buffering themselves from possible increases in the future.
Kent Kay says the idea is to give students some choices. He points out that in other financial transactions, consumers have choices.
Kent Kay says the university and the board are responding to students who say they want some predictability when it comes to paying for higher education.
Giving students these options will impact the flow of cash into the university.
Kay says the university will have to be disciplined.
Kay says the continuation of the CAP-IT plan is dependent on state appropriations for the institution.
He says if lawmakers once again begin cutting higher education funding, the university may not be able to continue to offer advance payment options.
Kay says the university has no way of knowing how many students will take advantage of one of the three payment options.