By Olivia Krauth–
U of L tuition will raise by five percent for most students for the 2013-14 academic year, the U of L Board of Trustees decided at their final meeting of the year today.
All students with the exception of nonresident undergraduate students will have their tuition increased five percent next year, amounting to around $500 added to their current yearly tuition bill. Nonresident undergraduates will see an increase of 2.1 percent.
The Kentucky Council on Postsecondary Education limits tuition increases to eight percent in two years, with a limit of five percent in one year. U of L can only raise tuition by three percent next year.
Outgoing SGA President Carrie Mattingly was the only dissenting vote.
“This is something that has been heavy on my mind,” said Mattingly, the only student on the board. “I understand the situation that we are in, but at the same time, I am not able to support a tuition increase. Talking to the students that I do, I am very concerned about tuition increases and rising student debt.”
The hike stems from statewide budget cuts to higher education, which were made official in April. Cuts have forced U of L to find additional sources of revenue, the increase being one of them. $10.35 million of revenue comes from tuition.
Despite the cuts, the new budget is balanced. “It is not a pretty budget, but we made it through,” said U of L Director of Budgets Susan Ingram.
The board also approved a five percent increase to financial aid to match the increase.
The approved budget will take effect on July 1.