MIAMI (June 4, 2010) – Today the Florida International University’s Board of Trustees approved the university’s 2010-11 operating budget and passed several related measures, among them increases in tuition and fees.
“The tuition increase will help to keep our doors open and will provide funds for new faculty and advisors needed to offer the courses and provide the guidance to ensure quality education and timely graduation for our students,” said FIU President Mark B. Rosenberg.
Undergraduate tuition increased by $15.34 per credit-hour, bringing the cost to $117.67 per credit-hour. Nationally, the average cost per credit-hour is approximately $275.
A portion of the funds collected as a result of the increase will be set aside for need-based financial aid. During the fiscal year that starts next month, FIU is expected to award $310 million in financial aid, including loans – $23 million more than was awarded last year.
“We are grateful to Gov. Charlie Crist and the Legislature for their support including the New Florida fund, which will enable our university to play an even stronger role in Florida’s economic recovery and job creation,” said FIU Board of Trustees Chair Albert E. Dotson, Sr.
Law and medicine tuition also increased by 15 percent, while other graduate programs saw a 10 percent increase.
The tuition increases approved today together with increased enrollment, are projected to raise approximately $20 million a year. These funds will be used to hire new faculty members, increase the number of academic advisors, and invest in student support services, including the library. Part of these increases will be considered for approval by the State of Florida Board of Governors, which meets in mid June.
For more details on Fall 2010 tuition rates and fees, please visit http://bot.fiu.edu/uploads/index.php?name=regulations
“Students have been active in the budgetary process and have visited our legislators in Tallahassee in support of funding for FIU,” said Student Government President for the Modesto Maidique Campus Helena Ramirez, who serves on the Board of Trustees and supports the increases. “We know that in order to get a quality education, more class offerings and enhanced academic advising, we must support this increase.”
Of the $942 million total operating budget approved today, $211.8 million is state appropriated. Auxiliary businesses, research funding, tuition, construction funds and financial aid make up the rest.
President Rosenberg noted that this represents a fundamental change in funding structure for higher education in Florida that must be met with a strategy to compensate for this drop in state funding. At FIU, plans are in place to increase fundraising and research funding.
The student health fee also increased today by $16 a semester. Parking fee increased 5 percent across the board. For students this represents a $4 increase per semester.
As FIU continues to grow in response to the needs of the South Florida community, its infrastructure and services must be upgraded to keep up with this growth.
Below is a summary of the increases approved today.