Adams State Trustees approve budget & tuition

(05-09-2014)

The Board of Trustees for Adams State University today approved the university budget and new tuition rates for 2014-15.

Total tuition and fees each semester for full-time, undergraduate, in-state students will be $4,007, an increase of $283. For out-of-state students, that rate is $5,480. The full-time rate is based on 12 credit hours; students make take additional credits, up to a total of 21, for free. This encourages full-time enrollment and earlier degree completion, according to Adams State President David Svaldi. Graduate tuition increases will vary by program, based on demand and market.

The Adams State budget includes $12.8 million in state general fund support, which represents an 11 percent increase provided by College Affordability Act. Signed into law by Gov. Hickenlooper law last week, it allocates an additional $100 million for state higher education. Of that amount, $40 million is committed to increase need-based financial aid and work-study funding.

"These additional state financial aid dollars will allow us to offset some of the tuition increase for our most needy students," Svaldi said. "Our top priority is to make education accessible, which means keeping it affordable."

Most housing rates will not increase, while meal plans will increase an average of seven percent, according to the university's contract with Sodexo, the food service provider. Students requested a $1 per credit-hour increase in the university service fees, to fund expanded student life activities.

The budget assumes stable enrollment, with a 2 percent cost-of-living salary adjustment for faculty and exempt staff to go into effect Jan. 1. Classified staff will receive a 2.5 percent cost-of-living adjustment, along with a variable merit pay adjustment based on mandated changes from the state legislature.

In addition, the budget anticipates a five percent increase in utility costs and a ten percent increase in health and dental insurance premiums for faculty and exempt staff.

By Julie Waechter