The finance and audit committee of the board of trustees planned to submit a formal approval at Friday morning's meeting to allow a 3.5 percent tuition increase for out-of-state students for the 2009-2010 year.
As Miami University President David Hodge said, the increase is vital to the preservation of current faculty and in-state tuition rates.
"We had signaled our intent to have (a 3.5 percent increase) in April ... and it is the lowest we have done in a long time," Hodge said.
Hodge added the expected tuition increase for the 2009-2010 year is the lowest in 35 years and that the increase is required so necessary budget cuts do not dip into Miami's "bottom line."
"We don't have to cut staff because of this increase," Hodge said. "Given that every million dollars amounts to at least 10 faculty members, the expected increase will save around 30 faculty members."
Furthermore, Hodge explained for in-state tuition to remain the same, tuition for out-of-state students had to increase as part of a plan Ohio Board of Regents Chancellor Eric Fingerhut proposed to keep costs down.
"In exchange for the state approving this rate, there will be a 0 percent tuition increase for in-state students," Hodge said. "This raises in-state support by 6 percent, but gives the option for raising out-of-state tuition by 3.5 percent at Miami."
David Creamer, vice president of finance, also spoke highly of state support and what he described as Ohio's efforts to assist Miami in maintaining quality academic programs.
He explained, "even in a financial recession, the state of Ohio is providing a 6.5 percent increase in support so a tuition freeze will remain for Ohio residents."
According to Creamer, tuition for out-of-state undergraduates will be approximately $26,202 and $11,443 for in-state undergraduates during the 2009-2010 academic year. He added tuition rates for graduate students will remain the same ($25,759 for Ohio residents and $39,390 for non-residents) because it is paid by the state.
Creamer said the 3.5 percent increase, along with state support, will provide the university with about $4 million, money he said he believes will work to save a large number of Miami's faculty.
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Creamer also said prospective students should not be put off by recent tuition increases. Though he explained anything is possible with regard to tuition increase, he said he believed the price for a college education would stop its steep incline in the near future.
"I think that trends we see are at an end," Creamer said. "In the future, increases will follow the rate of inflation."
Though Hodge said he regrets that any sort of tuition increase must be implemented, he assures Miami is well below the national average for tuition increases.
"I came from the University of Washington where they are raising their rate 14 percent per year," Hodge said. "I don't see us moving out of the 3.5 percent range anytime soon."
Also citing other schools within Miami's "peer group," Hodge said prospective students should not fret about the rising cost of a higher education at Miami.
"We aim to keep our (tuition) increases modest," Hodge said. "Our challenge is to keep our standards of academic excellence in the process."
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