UM System maintains affordable tuition rates for students
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The University of Missouri System remains a value for students after the Board of Curators voted today for modest tuition increases.
Curators voted to increase tuition on its four campuses 1.7 percent—the rate of inflation—for Missouri resident undergraduate students, which is below the national average of public doctoral institutions and significantly below the private doctoral national average.
“Setting the price of tuition is a balance between keeping education affordable for our students and providing the resources necessary for the university to remain a quality academic institution,” said University of Missouri Board of Curators Chair Wayne Goode. “Our below-average tuition compared to similar institutions—combined with our high-quality education, ground-breaking research and service to the state—set us apart as the No. 1 provider of higher education in the state.”
On average, the UM System has raised tuition the past five years 2.3 percent annually, compared to 6 percent by comparable institutions in surrounding states, said University of Missouri System President Tim Wolfe. These modest tuition rates have occurred despite enrollment that has now reached 75,000 students—a 34 percent increase in the last 12 years.
“As the premier institution of public higher education in the state, we consistently show value by providing the citizens of Missouri with high-quality, affordable public education,” Wolfe said. “Our modest tuition increases during the last several years, combined with our continuing commitment to identifying ways to be more efficient and effective that last year alone resulted in an $80 million savings to the university, help ensure that an education from the four campuses of the University of Missouri System is within reach for any student who desires one.”
Wolfe also noted that the UM System continues to invest additional resources and identified cost savings into financial aid to further reduce the cost of higher education for students, particularly among the neediest students. In addition, the university continues to enhance its student services to help ensure students are receiving the tools they need to be successful in their academic careers.
Curators also voted to increase graduate tuition rates for resident and nonresident students 1.7 percent at MU and UMKC, 4.4 percent at Missouri S&T and 1.9 percent and 5.9 percent at UMSL, which is combining its tuition and required fee rates in FY13. These rates are based on the economic and market conditions of each campus.
Tuition rates will take effect with the 2013 summer session.