University of Texas System Hikes 2020-21 Tuition By 2.6 Percent

AUSTIN, TX — The University of Texas System approved an across-the-board tuition hike of 2.6 percent for all of its eight academic campuses — including UT-Austin — in what amounts to a $290 annual increase, officials announced on Thursday.

In implementing the two-year increase, the UT System Board of Regents cited inflation and as offset free tuition losses for economically disadvantaged students.

The UT System Board of Regents last approved tuition increases for the 2016-17 academic year, which school officials noted was the first jump since 2011. At the time, the tuition increase for resident undergraduate students came out to $152 total per semester for the 2016-17 academic year and an additional $152 per semester for 2017-18 — hikes of 3.1 percent and 3.0 percent, respectively.

UT-Austin President Gregory L. Fenves said a portion of the revenue reaped from the tuition increases will fund student success initiatives, student mental health services and expanded technology and Internet access, the student-run newspaper The Daily Texan reported. The Texas A&M University System voted for an identical increase in October, according to The Texas Tribune.

UT-Austin students took to social media to air their frustrations at the news, pointing to the university's rich coffers as they questioned the need for higher tuition costs. According to Investopedia, UT-Austin has an endowment fund of $30.9 billion — second only to Harvard University at $38.3 billion and ahead of Yale University at $29.4 billion.

At the time of the last tuition increase, Fenves wrote in a letter to the UT-Austin community: "I know that for many students and their families, this tuition increase is not welcome news. But it is vital for the university to fulfill our mission of achieving excellence in undergraduate education, graduate education, research and public service. We will use the new funds to continue improving undergraduate student success through advising, counseling and support programs that help students graduate in four years and, ultimately, spend less on tuition. We are working to raise the four-year graduation rate to 70 percent by 2017; already, we are at 57.7 percent — the highest in UT history."