Cedar Rapids, Iowa News, Sports, and Weather
Regent Universities Expect Spike in Tuition Revenue
By Diane Heldt, Reporter
IOWA CITY, Iowa - The University of Iowa and Iowa State University each expect more than $22 million in additional tuition revenue in 2012-13 compared to the current fiscal year, according to a budget update that will go to the state Board of Regents next week.
UI officials said they are expecting enrollment growth and improved retention, with a higher mix of non-resident students. Resident students will pay 3.75 percent more in tuition this fall, while nonresident students will pay 4.75 percent more. UI officials project $22.1 million in additional tuition revenue as a result.
At ISU, where resident students will pay 3.75 percent more in tuition and nonresident undergraduates and graduate students will pay 2.63 percent more, the tuition increases and enrollment gains are expected to generate $23.3 million in additional revenue compared to this year. Tuition revenue will be used for college and institutional priorities that include increased student financial aid, cost increases and salary adjustments for faculty and staff, ISU officials said.
At the University of Northern Iowa, tuition revenue in 2012-13 is projected to grow by $1 million compared to Fiscal Year 2012.
The numbers are part of a Fiscal Year 2013 budget development update the regents will hear at a meeting Wednesday in Iowa City.