Recognizing the need to control costs for students, the Ferris State University Board of Trustees restrained tuition growth to just 5.14 percent for undergraduate and first professional students for the 2011-12 academic year during its regular meeting today (July 13). Trustees also approved a restrained 5.11 percent increase for graduate students.
Through sound fiscal management, the university reduced its budget by $8 million to minimize the tuition increase for students.
State funding to public universities was reduced by an unprecedented 22 percent with seven percentage points of that reduction to be restored to universities holding tuition increases to less than 7.1 percent. The net 15 percent reduction for Ferris totals $7,294,900. This revenue loss makes for the lowest appropriation level for Ferris since 1992. State funding will comprise just 22.5 percent of Ferris’ fiscal year 2012 recommended general fund operating budget. Throughout a period of declining state support, the University has remained committed to budget tightening to help keep a Ferris education affordable for students.
Full-time resident undergraduates will pay $348 per credit hour, or $5,220 per 15-credit-hour semester – a $255 increase. The previous per-credit tuition rate of $450 for resident graduate students is now $473. Tuition rates for students taking credits from the University’s first professional programs are $573 per credit hour for the Michigan College of Optometry and $561 per credit hour for the College of Pharmacy.
Kendall College of Art and Design students will see a 5.14 percent increase in tuition for general education courses and a 5.23 percent increase for studio courses, with a full-time undergraduate student paying $348 per credit for general education courses and $684 for studio courses.
Earlier in the year, trustees approved housing and dining rate increases of 1.9 percent for the Fall 2011 semester.
In other business, the board approved the following:
The next full meeting of the board is scheduled for Friday, Nov. 4.