CSU To Hike Tuition Almost 9%
Resident undergraduates will now pay an extra $620 a year, non-resident undergrads $680.
The tuition hikes will account for $24.1 million of the total $30.6 million in new revenue that CSU is hoping to raise.
The proposed tuition increase was announced in a post on the Office of the President's website. In that post, Frank said:
"We are working to strike the right balance between affordability and quality, and the fact that our tuition sets slightly below the average of our peers and we continue to see record enrollment would argue we're probably not too far off balance. As usual, we're putting more money into financial aid, and we're looking to fund a 3% salary increase."
According to CSU's student financial services website resident undergrads pay $8,608 in tuition and fees for the 2012-2013 academic year, while non-resident undergrads pay $24,400.
According to the Colorado Commission on Higher Education’s 2012-2013 report [.pdf], Colorado State University has raised undergraduate tuition rates over 55% in the last five years.
CU raised its tuition by 36% over the same time frame and the University of Northern Colorado raised theirs by 38.6%.
Fort Lewis College had the largest increase - a staggering 68.7% higher tuition than just five years ago.
During his annual fall address in 2012 Frank warned there wouldn't be any state funding for higher education within 10 years unless Colorado changed the way it manages its resources.
Frank said that CSU has begun planning for that possibility.
"We’ve cut our expenses. We’ve balanced our budget. We’ve strengthened our reserves. And we are proud that we educate a student today, inflation adjusted, for the same amount we did twenty years ago even though we worry that twenty years ago tuition supported only a third of that cost where as today it’s approaching 75%."
Last April the University of Colorado Board of Regents raised the cost of their tuition by 5 percent.
Last week it was announced that CSU's President Tony Frank would recieve a $58,000 bump in his salary.
Included in his new five-year contract, the CSU System Board of Governors gave Frank a base salary of $450,000 this year. For the next two years Frank will receive $25,000 annually as a bonus. His previous salary was $392,000.
The new contract is retroactive to the beginning of January 2013 and runs through the end of 2017.