On Thursday (June 19), the University of Michigan Board of Regents on Thursday approved the Ann Arbor school’s Fiscal Year 2014-15 General Fund budget proposal, which includes a substantial rise in financial aid for undergraduate students as well as continued reductions in operational expenses. The latter area has been a major focus at the institution throughout the past decade, during which time it has saved a reported $289 million, some of which has gone toward holding down tuition increases.
An article published June 19 to the university’s Michigan News service covers the approved budget in depth. It spotlights many of the financial details and contains quotes from school officials like provost Martha Pollack, who is U-M’s chief academic and chief budget officer, as well as from outgoing school president Mary Sue Coleman, who will leave office in July following 12 years of service.
The spike in financial aid to undergrads will be $19.5 million and the drop in recurring expenses will be $24 million. Meanwhile. direct funding by the state of Michigan is expected to jump 5.8%, although that figure is not guaranteed. The article states that tuition, state appropriation and indirect cost recovery on sponsored research comprise the bulk of funds that go into the university's General Fund.
Undergraduate tuition will rise 1.6% for in-state students and 3.4% for out-of-state students. For most programs, graduate tuition will go up 2.4 percent. In addition to changing tuition rates, the Board of Regents voted to increase room-and-board rates for residence hall and student apartment rooms. For a double room and basic meal plan, the cost per student will be an extra $250 for the fall 2014 and winter 2015 terms, for a total of $10,246.