The Ferris State University Board of Trustees hosted a special meeting this week via zoom and approved the 2021-22 tuition rates, general fund operating budget, and the housing and dining budget.
Trustees approved tuition rates including an average and normal range undergraduate increase of 3.16 percent. This new rate is below the proposed state tuition restraint limit of 4.2 percent while covering a portion of the university’s fixed costs. For Ferris and Kendall College of Art and Design undergraduate general education students, the freshman-sophomore increase is 2.71 percent, to $455 per credit hour, while the junior-senior increase is 3.62 percent, to $487. KCAD’s tuition will also increase by 2.06 percent for undergraduate studio students from the U.S. and Canada.
For the coming year, Ferris has committed an additional $1.1 million toward scholarship funding for a total of $26.5 million dedicated to providing an affordable student experience. During the last decade, the increased financial aid and donor scholarships have lowered Ferris’ attendance net price, an estimated amount students and families are expected to pay for the academic year, ranking fifth-lowest among Michigan’s 15 public universities. Ferris is the only public Michigan university where this is the case. With the stimulus dollars earmarked for students from the American Rescue Plan, the university believes that students will pay less next year.
Board members approved a preliminary 2021-22 general fund operating budget of $202.1 million. This fall, after the start of the academic year, the administration will present a final budget to the board for approval.
Trustees also approved a preliminary 2021-22 housing and dining budget of $28.1 million.
The current trustees are chair Amna P. Seibold, of East Grand Rapids; vice-chair Ana L. Ramirez-Saenz, of Grand Rapids; secretary Rupesh K. Srivastava, of Wixom; member-at-large LaShanda R. Thomas, of Grosse Pointe; George K. Heartwell, of Newaygo; Kurt A. Hofman, of Grand Rapids; Kari L. Sederburg, of East Lansing; and Ronald E. Snead, of Stanwood.
The next regular meeting of the Board of Trustees is Friday, Oct. 8, tentatively scheduled for the Grand Rapids campus. Committee meetings begin at 10 a.m. followed by the full board meeting at 11 a.m.