July 10, 2009
Trustees approved a tuition and mandatory fee schedule that reflects increases of 3.9 percent each of the next two years. The increases total $139 per semester during the first year for typical full-time in-state undergraduate students and $144 per semester during the second year. Tuition and fees for graduate students will also increase 3.9 percent per year. Tuition at Indiana State will remain the lowest of the state's four major public research institutions, university President Daniel J. Bradley noted.
In-state undergraduate students taking a standard class load will pay $3,613 per semester in 2009-10 and $3,757 in 2010-11. In-state graduate students will pay $328 per credit hour in 2009-10 and $ 341 per credit hour in 2010-11. A previously approved $100 per semester ($40 for summer) recreation fee will be charged to help cover the costs of a new Student Recreation Center dedicated Friday. The recreation center was approved in a 2005 student referendum.
Eligible students from Illinois and states participating in the Midwest Student Exchange program (Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota and Wisconsin) will pay $4,516 per semester for 2009-10 and $4,696 in 2010-11. Residents of other states will pay $7,901 beginning this fall and $8,213 beginning in fall 2010.
Trustees also approved a $143.8 million operating budget for fiscal 2010, a figure that is 0.7 percent more than the 2009 budget. Approximately 7.6 percent of the budget - more than $10.9 million - is set aside for student aid, a 4 percent increase from last year. 73 percent of ISU students receive some form of financial assistance.
The budget includes a projected 3 percent increase for salary adjustments, funded by internal reallocations. Final action concerning salaries will depend on fall enrollment and the overall budget situation, said Diann McKee, vice president for business affairs and finance. During the past five years, salary increases at Indiana State have lagged behind those of other comparable universities in the state, McKee said.
A nearly $4.5 million reduction in state funding for fiscal 2010 will be partially offset by $2.2 million in federal stimulus dollars. To meet the university*s priorities and commitments, the new budget includes $4.4 million in reallocations from last year*s base spending. Similar reallocations for fiscal 2011 are expected to result in an estimated $4.3 million in additional budget reductions, McKee said.
In other action, the board authorized the sale of up to $16.5 million in housing and dining system revenue bonds. Of that money, $9.5 million will help finance renovation of Sandison Hall while a $6.8 million note issued in 2006 will be refinanced to take advantage of lower interest rates. A portion of the new bonds may be designated as Build America Bonds under the American Recovery and Reimbursement Act of 2009, making the university eligible for federal subsidies to cover a portion of borrowing expenses.
Trustees on Friday seated new member Bob Baesler of Terre Haute, an ISU College of Business alumnus who owns and operates Baesler*s Market, and student trustee Matt Huckleby, a political science and economics major from Georgetown. Both appointments were confirmed earlier this month by Gov. Mitch Daniels, who also re-appointed trustees Mike Alley of Carmel and Ed Pease of Terre Haute.
In other action, ISU trustees:
Media contact and writer: Dave Taylor, media relations director, Office of Communications and Marketing, Indiana State University, 812-237-3743 or firstname.lastname@example.org
The Indiana State University Board of Trustees has set tuition and fees for the next two academic years. The action on Friday (July 10) followed a public hearing earlier in the day.