Ferris State University’s Board of Trustees approved a tuition rate increase of 2.19 percent for lower-division courses for the 2014-15 academic year during its regular meeting on Friday, May 9 in Big Rapids. New rates include a 2.97-percent increase for upper-division courses for an average increase of 2.58 percent.
Trustees also approved a preliminary 2014-15 general fund operating budget of $206.9 million as supported by a 7.8-percent ($3.6 million) increase in state funding as recommended in the state’s executive budget recommendation in addition to the tuition increases. The preliminary budget includes a FY15 appropriation of $49.2 million – including the $3.6 million through the state performance funding model. The performance funding components include producing critical skills graduates and the Carnegie Scored Metrics (six-year graduation rates, efficiency, degrees conferred and Pell students). A third factor is the restoration of prior reductions.
The University projects a student assistance budget increase of $1.5 million to $19.9 million in support of the continued growth of the Woodbridge N. Ferris scholarship that includes $500,000 for scholarship renewal increases, inflation on continuing scholarship amounts and $500,000 for new student aid.
Board Chair Gary Granger expressed his gratitude for state support which allows Ferris to keep tuition rates low and provide additional financial assistance for students.
“Overall state funding is increased, and we are seeing state support in recognition of our success on performance metrics,” Granger said. “Michigan appreciates the critical role Ferris plays in helping prepare the highly educated and skilled workforce the state needs to build a 21stcentury economy and be globally competitive.”
Trustees also approved a housing and dining budget of $35.2 million for 2014-15. This includes funding for residence halls, East Campus Suites, South and West campus apartments, and dining. In October 2013, trustees approved a 2.9 percent increase in the room and board rates for the upcoming 2014-15 academic year. The most popular room and board plan for students is the silver/bronze plan that has a rate of $9,168 up from the 2013-14 amount of $8,910.
The next meeting of the Board of Trustees will be by conference call on Tuesday, July 8 beginning at 10 a.m.
Pictured is Ferris State University Board of Trustees Chair Gary Granger