EAST LANSING, Mich. — The Michigan State University Board of Trustees held their last meeting of the summer and approved a 3 percent hike in tuition for graduate students and undergraduate students in the business and engineering schools.
The board initially set the tuition rate for undergraduates in June 2021, with the goal of setting a rate for the next three academic school years so families could have time to prepare.
The 3 percent tuition increase for engineering, business and graduate students voted on Friday was done to align those students with the rest of the undergraduate population's tuition increases.
“It also allows our financial aid department to give more details as they’re planning for their college tuition prices,” said MSU spokesperson Dan Olsen.
In-state freshmen are looking at $15,192 in tuition for the 2022-2023 school year and, for non-residents, it will be $41,778.
Those prices will increase again by 3 percent in the 2023-2024 school year. MSU President Samuel Stanley said the university is being impacted by inflation, which is why students are seeing an increase in expenses.
“Hopefully wages for those families is keeping up with inflation more, and I think we’re really trying to keep costs down overall,” said Stanley.
Olsen said families who make less than $75,000 a year will see no out-of-pocket increase in their tuition cost.
“We invested $208 million in financial aid, that allows us to offset the 3 percent increase for families under $75,000,” he said.
MSU is also including nearly $8 million in its new budget to fund counseling and advising services for students.
“The worst student debt you can have is debt that you acquire and you don’t graduate,” said board member Dianne Byrum. “If you are admitted to Michigan State University, our commitment is you will graduate.”
If you want to see all the tuition rates, click here.
Want to see more local news? Visit the FOX47News Website.
Stay in touch with us anytime, anywhere.
Sign up for newsletters emailed to your inbox.
Select from these options: Neighborhood News, Breaking News, Severe Weather, School Closings, Daily Headlines, and Daily Forecasts.
