Under the new higher education funding formula put forward today by Gov. Rick Snyder, Ferris State Universitywould receive a 6.2-percent increase in funding, or $2,582,300, for three of the four performance metrics in the formula. Additional funds for the final metric – tuition restraint – will depend on the number of state universities controlling costs and the extent to which they do so.
Ferris President David Eisler welcomed the increased funding and noted that Ferris excelled in the metrics of three-year average growth in annual degree completion and three-year average number of degree completion in critical skills areas.
“The governor’s executive recommendation noted that Ferris State University had the fourth-largest degree completion growth among all Michigan public universities, and third-highest number of STEM or health field degree completions,” Eisler said. STEM degrees are those in the areas of Science, Technology, Engineering and Mathematic. “This proposal reflects our legislative testimony of past years and also reflects the hard work Ferris has put in to raise completion rates.”
According to Gov. Snyder’s executive budget recommendation, the budget invests an additional $36.2 million in state universities, all from the general fund. In addition to the metrics of degree completion, STEM degree completion and tuition restraint, the formula also is based upon the number of undergraduate Pell Grant recipients. Ferris has an above-average number of Pell Grant recipients, which aligns with the university’s historic mission to provide student opportunity.
While the proportion of funds resulting from tuition restraint will be allocated based on increases from FY 2012, had the formula been used for the current year Ferris would have seen the second-largest increase in funds based on this metric of tuition restraint.
“After the cuts the last two years, this new funding is much appreciated,” Eisler said. “Ferris will use this new support to restrain costs and continue to increase degree completion, especially in critical STEM areas. We are very grateful and thank the governor for putting forward a proposal that aligns with the goals of Ferris State University.”