Penn State Trustees Approve Tuition Increase and Annual Budget
The Penn State Board of Trustees has approved a tuition increase for the 2014-2015 academic year.
The overall tuition increase for the entire university will be about 2.73 percent.
For lower-division and most upper-division Pennsylvania resident and non-resident undergraduate and graduate students attending the University Park, tuition will increase 2.99 percent. Non-resident graduate student tuition will increase 2.4 percent.
The board approved the measure Friday at the Penn State Schuylkill campus in Schuylkill Haven.
Upper-division students studying business and science, earth and mineral sciences, engineering, and information sciences and technology will see an increase of 5.16 percent, or $475 per semester, among resident students and 4.27 percent, or $668 per semester, for non-residents.
The board also approved up to a 2.4 percent increase for each of the university's branch campuses.
A 3.97 percent increase in tuition is proposed for Penn State Dickinson School of Law students at both University Park and Carlisle.
At all campuses, the information technology fee will increase $4 a semester, to $252. The student activities fee will increase from $6 to $93 per semester and the student facilities fee will increase by $4 to $120 per semester.
The board also approved a 4.6 billion annual budget for 2014-2015. Tuition and student fees provide 35 percent of the university's revenues, the largest source of revenue for the university, according to president Eric Barron who discussed the budget Friday.
Hospital and clinical revenues at the Penn State Hershey Medical Center generate 32 percent of university revenues.
Gov. Tom Corbett signed a 2014-2015 state budget Thursday, with a Penn State appropriation at $289.7 million, which is 6 percent of Penn State's overall revenues.
"The budget I present today balances operating cost increases and limited strategic investments with internal reallocations, additional revenue from recent enrollment growth at University Park, and a proposed modest tuition increase," says Barron.
The board also approved $5.6 million in upgrades to University Park Airport and $2 million in renovations to the Lasch Football Building.
The upgrades include replacing roughly 378 lights along with wiring, cabling and circuitry along taxiways. The university says the existing lights have reached the end of their lifespan and the circuitry requires increasing maintenance. The new lights will feature energy efficient LED technology.
The project includes installation of a new general aviation apron, three parking lots, storm water management facilities, lighting, an access road, general grading, erosion and sediment controls, and signing and marking elements. The university also intends to demolish some hangars and hangar foundations.
Penn State will spend $2 million to renovate the team meeting room and lobby of the Lasch Football Building. The project includes new carpeting, lighting, furniture, finishes and wall graphics, as well as new paint and seating at the Nittany Lion Training Table in Pollock Dining Commons.