Amid rising costs and a drop in enrollment, the University of Memphis is increasing tuition.
On June 5, the U of M Board of Trustees approved tuition increases at both the undergraduate and graduate level. In-state undergraduate tuition and fees are set to grow 3.71%. For a student taking 15 credit hours per semester, that’s a total increase of $384 for the full academic year. Out-of-state undergraduate tuition and fees are set to grow 4.09% – a $738 increase using the same metric – while international undergraduate student tuition and fees are poised to grow 4.28%, a $1,008 jump.
In-state graduate tuition and fees are set to rise 3.69%, a $460 increase for students taking 10 credit hours per semester. Out-of-state graduate tuition and fees are set to grow 4.02%, a $680 increase, and international graduate student tuition and fees are slated to rise 4.21%, a $900 jump.
The news comes amid inflationary pressures, and the proposed tuition and fee increases are expected to help mitigate the increased costs U of M is having to pay for software and initiatives, scholarships, technology infrastructure, safety and security, and student success initiatives.
It also comes at a time when the university has seen its enrollment numbers decline.
U of M is projecting a 25% drop in first-time freshmen in fall 2024, and it’s expecting to have 13,020 total undergraduate students. For comparison, last year, it had 13,765 undergraduates. In fall 2019, before the onset of the COVID-19 pandemic, it had 15,728.
Still, as U of M officials sought to raise tuition, they were careful to do so in a way that wouldn’t dramatically impact students. Tony Bourne, U of M’s VP of enrollment management, maintained that the tuition increases are “pretty marginal.”
“At least from the enrollment end, our input was, ‘Let’s make sure we’re not pricing ourselves out of the practical ability for students to pay,’ which we’re not,” he told The Commercial Appeal. “It’s still manageable with all of the different financial systems that are in place. We still give students the opportunity to be supported without taking on a significant amount of debt.”
Bourne also noted that U of M hadn’t significantly increased tuition in recent years.
In the 2019-2020 academic year, the university rose undergraduate in-state tuition 2.2%. In the 2020-2021 academic year, it didn’t raise it, and in the 2021-2022 academic year, it rose it 1.5%. U of M didn’t raise it in the 2022-2023 academic year, and in the 2023-2024 academic year, it rose it 2.9%.
Tuition increases are common for universities, and other public universities in the state have raised tuition too. For example, the University of Tennessee at Knoxville increased undergraduate in-state tuition by 1.8% in the 2023-2024 academic year, while UT-Chattanooga, UT-Martin, Austin Peay State University, and East Tennessee State University each rose it by 3%.
These increases, however, come at a time when more people are questioning the value of higher education. In a recent Pew Research study, 29% of U.S. adults said the cost of earning a four-year college degree wasn’t worth it. 47% said it was worth it, but only without taking out student loans. Just 22% said college was worth it with student loans.
John Klyce covers education and children’s issues for The Commercial Appeal. You can reach him at [email protected].
This article originally appeared on Memphis Commercial Appeal: University of Memphis to increase tuition amid rise in costs
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