CSU students will be paying slightly more to attend school for the 2006-2007 school year, but the jump is much smaller than previous increases
In-state residents’ tuition will increase 2.5 percent ($42 per semester), while their out-of-state counterparts will be paying a 4.5 percent ($325 per semester) increase.
The 2.5 percent in-state increase is the most allowed by Colorado Gov. Bill Owens’ 2006-2007 budget. The increase is significantly lower than the 15 percent tuition increase that in-state students were hit with last year.
One reason for the smaller increase is that money from Referendum C is going toward higher education. The additional help is similar to two years ago when CSU received state tobacco tax revenue and only had to raise tuition by a small amount.
The tuition increase was confirmed as part of the $328 million educational and general budget for CSU’s 2006-2007 school year approved June 22 by the Board of Governors.
The approved budget is the same one that was recommended by the ASCSU senate, said ASCSU President Jason Green. Green, who attended the Board of Governors’ meeting, believes the increase is a proper amount.
“It was just a general increase,” Green said. “We are at the lower ends for pricing of tuition as far schools go.”
The board approved student fee increases as well – the most significant being for the athletic department. Each student will be paying additional $15 per semester earmarked for athletics. The athletics department needs the extra money to avoid a 10% across the board cut for all sports, said Associate Director of Business Operations for the athletic department Phillip Goldstein.
“We were facing significant cuts, and this will certainly help us,” Goldstein said.
Other areas that will get extra help from student fee increases are the Lory Student Center and the Hartshorn Health Center, Green said.
The $328 million dollar budget is an approximate $15 million increase over last year’s budget. This 4.5 percent increase accounts for usual inflation according to the ASCSU senate, which originally approved the budget on April 17.
The majority of money goes toward academic faculty salaries and benefits, according to 2005-2006 CSU fact book. Senior Vice President and Provost Tony Frank said this trend will continue with an additional $1 million going toward new faculty positions.
CSU President Larry Penley wrote in a message posted on the school’s Web site that the budget will allow for improvements in many areas at CSU.
“Quality improvements at Colorado State are essential if we are to realize the vision of the CSU Board of Governors and set the standard as the 21st century land-grant institution, serving the community while addressing great global challenges,” Penley also wrote in the message.
In the 2005-2006 school year, in-state students at CSU paid less than they would have at most universities in Colorado, according to the Colorado Commission on Higher Education. On average CSU students paid more than $1,000 less than their University of Colorado-Boulder counterparts.
Starting Saturday, July 1, interest rates on student loans will increase under the Deficit Reduction Act.Consolidating loans before Saturday could lock in interest rates.
/ Stafford loans in repayment will increase from 5.3 percent to 7.14 percent.
/ For current students, the rate will rise to 6.54 percent from 4.7 percent.
/ Parent Loan for Undergraduate Students (PLUS) loans will jump to 7.94 percent from 6.1 percent.