It will cost students more to get a degree at Michigan State University as a tuition hike approved by the Board of Trustees Friday.
Michigan State University’s Board of Trustees unanimously agreed to a 2.6 percent increase in tuition and fees for resident undergraduate freshmen and sophomores, and a 2.9 percent increase for juniors and seniors. It’s the second-year for the average 2.8 percent increase for students under the two-tier tution structure approved by MSU trustees last year, The Detroit News reports.
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The tuition hikes are offset by a 4 percent increase in financial aid in the university’s $1.2 billion budget for 2014-2015.
Currently, resident underclassmen and upperclassmen who are full-time students pay tuition costs of $12,862 and $14,291 per year, respectively.
At U-M, full-time resident undergraduate students will pay $210 more a year, the report said. At the same time, the Board of Regents approved a 3.4 percent hike for full-time non-resident students and a 2.4 percent hike for graduate students.
That boosts annual tuition for full-time students from Michigan to $13,158. Full-time out-of-state residents will pay $41,578.
U-M ‘s $1.79 billion general fund budget for 2014-2015 includes $19.5 million more in undergraduate financial aid. It also provides for up to 80 more faculty members to reduce the size of undergraduate classes.
Tuition rose only 1.1 percent at U-M last year, the lowest hike in 30 years, The Detroit News said.