Saying they want to lighten the financial burden on students, UNM regents revisited their decision of last month and set the 2006-2007 tuition/fee increase at 5.5%, down from 6.11%. The tuition portion of the increase, minus student fees, works out to 3.37%, which is the lowest of any four-year higher education institution in the state.
Following an internal budget re-examination, regents decided that reserve funds will be used to scale back the increase originally set in April.
Regents noted that a major part of this year's tuition increase was mandated by the 3% tuition credit approved by the legislature. The fee increase for students had been approved last year as part of a bonding package that is allowing the university to build new classroom and laboratory space. Student fees also pay for services like the student health center.
Regents also note that students who take advantage of the 15% summer tuition discount in addition to taking classes in the fall and spring will actually lower their overall tuition increase even further.
Media Contact: Susan McKinsey, (505) 277-1989; e-mail: mckinsey@unm.edu