Murray State Regents Approve Undergraduate Tuition Increase, Asset Preservation Fee
Murray State’s Board of Regents has authorized a 1% increase to undergraduate tuition and fees next academic year. Graduate and doctoral rates will not change. Regents also approved on Friday fee changes to housing, dining and other areas.
The undergraduate rate increase is expected to generate $740,000 in new net revenue. Student Regent J.T. Payne voted ‘no’ on the increase.
Students will pay a new $7 dollar per credit hour asset preservation fee (capped at 12 credit hours) that will be used for instructional building upkeep. Racer Academy and online courses would not be charged. This fee would generate around $1 million. Next year, the fee will be increased to $10 per credit hour, capping at 15 hours.
Some residential colleges will have a 2% rate increase (Franklin, Clark, JH Richmond, Hester, Hart, Elizabeth and College Courts). Meal plans will see a 2.63% increase. Payne voted against the housing increase.
A graduate online fee will be reduced from $100 to $50 per credit hour. This would reduce budgeted revenues and academic support expenses by $227,600.
A program fee for the Doctor of Nursing Practice - Nurse Anesthetist of $1,250 will be expanded to all DNP students on a semester basis. Vice President of Finance and Administration Jackie Dudley said this extra funding is needed to cover program expenses. The reduction to online fees will affect the overall cost of the doctoral program.
Even with the increase, Murray State’s undergraduate rate is still on the lower-end in the state, under Eastern Kentucky University and above Morehead State University.
President Bob Jackson introduced the changes in a forum last week. Jackson noted then, the rates are not necessarily reflective of what families pay because of millions given in scholarships, waivers and grants.
The tuition and mandatory fee rates, as well as the asset preservation fee will require approval from the Council on Postsecondary Education later this month.
University officials also outlined future budget initiatives for regional and non-resident tuition: