U of Minn. Tuition Freeze Approved, Starts Fall of 2014
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The University of Minnesota will freeze resident undergraduate tuition for two years as part of its newly approved 2014 operating budget.
"This budget will make the University more affordable for Minnesota undergraduates while making key investments to enhance this world-class public research institution," said Board of Regents Chair Linda Cohen in a statement. "We applaud President Eric Kaler's visionary leadership and appreciate the commitment Minnesota lawmakers have made to higher education in Minnesota."
The university's Board of Regents approved the 2014 budget Friday. The budget also leverages a $42 million investment by Gov. Mark Dayton and state lawmakers to freeze undergraduate tuition for two years.
The school's 11,000 students, who are eligible for PELL grants, also will receive an average boost of $813 in state and federal need-based aid, the university reported.
The budget includes no increases to campus and collegiate fees for the first time since they were implemented. It also holds the combined total of all resident undergraduate tuition and required fees to less than 1 percent across all of the U's campuses, the U reported.
The U's budget includes:
- $26.1 million for faculty hires, classroom and lab upgrades, infrastructure maintenance and a compensation pool increase of 2.5 percent to retain and recruit faculty and staff.
- $17.8 million for research to enhance the state's economy and improve the health of Minnesotans. The Minnesota Discovery, Research and InnoVation Economy program will support interdisciplinary research in food safety, neuromodulation, robotics and water quality.
- $19.7 million in reallocations and resource adjustments to support teaching, research and outreach.
- $10 million in administrative cost reductions and the framework for an additional $5 million to meet statutory requirements.
Click here for additional information about the budget.
Meanwhile, students and families nationwide are worried about student loans increasing. If Congress doesn't reach a deal by July 1, interest rates on federal student loans could double to 6.8 percent.
In response, the Democratic National Committee created a website about the loan issue. The website, Don’t Double My Rate invites people to share their concerns about loan rates increasing.