The University of New Mexico

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Media contact: Susan McKinsey, 277-1807
(cell) 362-5530 mckinsey@unm.edu

 

 

April 3, 2008

UNM Regents Approve 4.85 Percent Tuition Increase

Praising the openness of the budget process and the promise of long-term planning for tuition, University of New Mexico Board of Regents unanimously approved a 4.85 percent tuition increase for the 2008-09 academic year. UNM President David J. Schmidly proposed the increase after a number of frank discussions with students, faculty and staff leadership. He said the increase lays the foundation for a frugal yet targeted budget.

“With this increase, we can prepare a budget that funds initiatives important to student success, such as a scholarship portfolio, faculty retention and extended library hours,” Schmidly said, adding, “However, we did not want to pass all charges on to students.” One million dollars in scholarships will come from endowments. In addition, $3 million is being reallocated from existing university resources.

The total student and fee increase is 5.75 percent, or an average increase of $262.79 per student. There was no increase in fees other than what is mandated by the institutional bond issue and decisions made by the Student Fee Review Board. The tuition increase also includes the two percent tuition credit approved by the New Mexico Legislature.

Last month regents approved compensation increases of an average three percent for faculty and two percent for staff. They also approved raising the minimum wage to $9 per hour, giving five percent increases to employees earning less than $30,000 and increasing graduate student assistantships.

Schmidly will present a five-year plan for tuition to the regents before the next legislative session. “Volatility is not in the best interests of UNM,” Schmidly said. “We will present a plan that focuses on building a true flagship, one that maximizes student success primarily by restoring and rewarding the faculty.”

Schmidly said he wants to “stabilize and incentivize” tuition increases with a plan that could include incentives to graduation like guaranteed tuition, which would set tuition for freshmen for a four-year period, and block tuition, which promotes free credit hours over a certain level.

“When you set tuition, you impact policy because it directly affects our operations,” Schmidly said. “Low cost of tuition does not always equate to student success. We need to take a longer range view at UNM – one that incentivizes our students to stay in school and graduate.”

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The University of New Mexico is the state's largest university, serving more than 32,000 students. UNM is home to the state's only schools of law, medicine, pharmacy and architecture and operates New Mexico's only academic health center. UNM is noted for comprehensive undergraduate programs and research that benefits the state and the nation.
www.unm.edu