Undergraduate tuition at Tech will increase by $270 for both in-state and out-of-state students starting in fall of 2014, which is about a seven percent increase in instate tuition and 1.75 percent jump for out-of-state students, based on an announcement by the Board of Regents this Tuesday.
“While we are working diligently to control costs, that alone is not enough. Students are being asked to increase their cost sharing to preserve the quality of their educational investment,” said Institute President G.P. “Bud” Peterson in a press release.
Out of all of the University System of Georgia schools, Tech’s tuition will be increased the most. Next year, for full time undergraduates, in-state tuition will be $3,859 per semester and out-of-state tuition will be $13,511 per semester.
“Although Georgia Tech students and their families are sharing more of the costs of their education, a Georgia Tech degree remains a solid investment in numerous ways,” said Lisa Ray Grovenstein, Tech’s Media Relations Director. “The demand for Georgia Tech graduates in the workplace continues to be strong, despite a weak economy. With promising job prospects and starting salaries, most graduates begin to get a return on their tuition investment almost immediately. A Georgia Tech degree has the highest return on investment in the country over a 30 year period.”
Graduate tuition will also increase for the 2014 fiscal year. Full-time in-state tuition will increase from $5,290 to $5,662 and full-time out-of-state tuition will increase from $13,430 to $13,665.
The Board of Regents decided on increasing the tuition the greatest amount in other research universities as well, including UGA, Georgia State and Georgia Regents University. This is to ensure these universities are able to afford the resources required to be highly competitive on a national level.
“The Board is extremely concerned about the cost of college and ensuring Georgians have access to our institutions…We must do everything possible to ensure that the cost to attend college is not a barrier. This small increase helps students and parents financially while ensuring we can continue to provide a quality college education,” said Chancellor of the Board of Regents Hank Huckaby.
Georgia is one of five states to have two public universities which are ranked in the top 25 of US News and World Report’s Public School rankings. Georgia Tech is currently ranked #7.
For the 2014 fiscal year, Tech’s funding from the Board of Regents will be increased by $6.3 million. At the same time, the $9.9 million was made in budget cuts from 2013 will continue into the 2014 fiscal year.
“As a world-class research university, Georgia Tech offers faculty expertise, state-of-the-art facilities and exceptional programs that are highly sought after. Seventy-five percent of Georgia Tech’s students are enrolled in technology-related programs that are simply more expensive to operate, and we are committed to maintaining excellence,” Peterson said.
Tech’s undergraduate out-of-state tuition will still pale to MIT’s, which is a peer institution, tuition, which was $42,050 for the 2013 fiscal year.
Tech’s fees will also increase by $6, from $1,190 to $1,196, due to an increase in the Health Fee. As SGA recommended, there was no increase in the Student Activity Fee which will be $123. UGA’s student fees will increase by $19, from $1,098 to $1,117. Georgia State’s fees will stay the same at $1,064.
Also included in the approved budget were the conversion of Atlantic Drive to a pedestrian way and widening of State Street, ground lease to Alpha Phi Sorority to house 30 students, rental of space in the Centergy Building and renewal of rental agreement in the Centergy Building for Enterprise Innovation Institute
The Board of Regents oversees the 31 colleges and universities that comprise the University System of Georgia.