Universities Hike Tuition for 2014-2015

It will cost students more to get a degree at Michigan State University as a tuition hike approved by the Board of Trustees Friday.

Michigan State University’s Board of Trustees unanimously agreed to a 2.6 percent increase in tuition and fees for resident undergraduate freshmen and sophomores, and a 2.9 percent increase for juniors and seniors. It’s the second-year for the average 2.8 percent increase for students under the two-tier tution structure approved by MSU trustees last year, The Detroit News reports.

Tuition at the University of Michigan will increase 1.6 percent in the fall, The Detroit News said in an earlier report.

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The tuition hikes are offset by a 4 percent increase in financial aid in the university’s $1.2 billion budget for 2014-2015.

Currently, resident underclassmen and upperclassmen who are full-time students  pay tuition costs of $12,862 and $14,291 per year, respectively.

At U-M, full-time resident undergraduate students will pay $210 more a year, the report said. At the same time, the Board of Regents approved a 3.4 percent hike for full-time non-resident students and a 2.4 percent hike for graduate students.

That boosts annual tuition for full-time students from Michigan to $13,158. Full-time out-of-state residents will pay $41,578.

U-M ‘s $1.79 billion general fund budget for 2014-2015 includes $19.5 million more in undergraduate financial aid. It also provides for up to 80 more faculty members to reduce the size of undergraduate classes.

Tuition rose only 1.1 percent at U-M last year, the lowest hike in 30 years, The Detroit News said.