U of M regents settle on 2% tuition bump
MINNEAPOLIS — The University of Minnesota will raise tuition by 2% for resident undergraduates on the Twin Cities campus.
The Board of Regents weighed multiple tuition proposals Wednesday, June 19 from no increase to the 2.5% that outgoing President Eric Kaler recommended last week.
While sticking to his proposal, Kaler on Wednesday laid out a path for a 2%increase that cuts $700,000 from departmental budgets and transfers $900,000 in interest earnings from a growing reserve fund.
“It’s just not in my nature to spend all this money in the last year of my presidency on stuff that I think’s really cool and leave the cupboard bare for my successor,” he said in his final meeting before Joan Gabel takes over as president next month.
Regents, however, were more concerned with holding down costs for students. Three regents favored a tuition freeze. Two more were willing to approve a 1.5% increase. A majority settled on 2% for the flagship campus.