Concluding its retreat at Michigan State University’s College of Human Medicine Building in Flint, Michigan, the MSU Board of Trustees today approved the university’s fiscal year 2024-25 operating budget presented by the administration, which includes tuition and fee rates for the 2024-25 academic year.
The new budget includes a flat increase of $235 per semester or $470 per year in tuition for full-time undergraduate and master of business administration students. On average, this equates to 2.7% for in-state undergraduate students. The flat rate applies to all undergraduate students, including residents, nonresidents and international students. Graduate student tuition rates, which are assessed per credit hour, will increase by $26 per credit hour; this increase is equivalent to the increase for undergraduate students enrolled in a typical full-time load. Additionally, tuition rates for professional schools will see a 4% increase.
“A modest increase in tuition rates is necessary for the university to continue providing strong academic programming that prepares our students to thrive in a competitive environment both at MSU and after graduation,” said Board Chair Dan Kelly. “Given the across-the-board increases in the university’s costs and expenses, it is incumbent of the board to be fiscally responsible with institutional resources. After carefully reviewing the data, the board agreed upon the lowest recommended increase, which upholds our commitment to ensuring students have access to a quality, affordable, world-class education.”
As part of the $3.6 billion approved budget, MSU is committing an unprecedented $249.5 million to student financial aid — a $12.7 million increase compared to last year. Furthermore, investments in financial aid have increased at an average 7.5% annual growth rate since the 2018-19 academic year, outpacing the increases in the cost of tuition over the same period.
Effective fall 2024, MSU is implementing the new Spartan Tuition Advantage program for new Michigan resident students. Pell-eligible students from households with an annual income of $65,000 or less will have their tuition fully covered through grants and scholarships. Students who continue to be eligible for this program will see no out-of-pocket increase in tuition costs over the next four years.
The fiscal year 2024-25 budget is strategically designed to support student success efforts, focusing on initiatives like launching the Spartan One-Stop center, expanding advising support and facilitating the arrival of our new president.
“As I have learned on my 48-stop Listening and Learning tour, the overarching success of this great institution is rooted in the students, world-class faculty and staff that make Michigan State University such a special place,” said President Kevin M. Guskiewicz, Ph.D. “I am pleased to see this next fiscal year’s budget prioritize operational excellence, including academic enrichment initiatives, programming and campus infrastructure projects, all of which are reflective of the priorities set forth in our 2030 strategic plan.”
In addition to the university’s ongoing commitment to investing in financial aid and student success, the budget allocates resources to support faculty and staff, advance research initiatives and partnerships, and sustain the institution’s financial health. The fiscal year’s budget also includes investments aligned with MSU’s 2030 Strategic Plan to enhance teaching diversity and expand the university’s research footprint. This includes initiatives such as MSU’s Global Impact Initiative, the 1855 Professorship program and funding for the operation of the Multicultural Center.
“This is a responsible budget that not only supports the arrival of our new president but also advances our institutional goals,” said Lisa Frace, senior vice president, chief financial officer and treasurer. “MSU is committed to maintaining a strong financial foundation, ensuring long-term health and sustainability. We are committed to prudently stewarding institutional resources while being cognizant of our role as a public institution.”
The board’s next regularly scheduled meeting is Friday, Sept. 6.
This story was originally published on MSUToday.
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