The University of Alaska Board of Regents on Friday voted 8-2 in favor of a 5 percent tuition increase, in an effort to gain ground on the University’s budget shortfall. The tuition hike will bring in about $5 million more to the university.
The Regents considered a 4 percent increase last fall, but opted against it. Board of Regents chair Jo Heckman says circumstances have changed drastically over the last few months. “Our fiscal picture has completely collapsed around us,” she said.
The University system is facing about a $28 million shortfall in the current fiscal year, and anticipates further cuts in the next budget cycle. University of Alaska President Pat Gamble says the tuition increase will help close that gap, but it’s not the full solution. “The amount that is would take through tuition to solve whatever the final number is would be astronomically high and unacceptable,” Gamble said. “So, this is what the market will bear, I think. It will contribute; it will help.”
President Gamble says the university needs to explore other potential revenue sources. He says one thing the university needs to emphasize is student retention. “If I have a student who’s unprepared for freshman college work, they come in and flunk out in the first semester. If I can’t keep that student in – the average student takes five years to graduate these days – I just lost nine semesters of tuition when that student flunked out,” he said. “Now that’s money…that’s real money. So, retention is very, very important to us. What can we do raise retention?”
“If I have a student who’s unprepared for freshman college work, they come in and flunk out in the first semester. If I can’t keep that student in – the average student takes five years to graduate these days – I just lost nine semesters of tuition when that student flunked out,” he said. “Now that’s money…that’s real money. So, retention is very, very important to us. What can we do raise retention?”
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image credit Josh Edge APRN
