CEDAR FALLS, Iowa- The Iowa Board of Regents has voted to increase tuition rates by around $216, over what had already been approved. Originally the Board had voted a 2% increase, but shortfalls in state revenue meant that Regent Institutions would receive $30 million dollars less than originally planned.
The extra tuition will mean $25.67 million dollars for Regent Schools. $16.5 million at the University of Iowa, over $7 million at Iowa State, and just over $2 million for the University of Northern Iowa.
“I think the Board hopes, and we’re gonna work very diligently to have any tuition adjustments, one time,” said Regent Board Chair Michael Richards, of West Des Moines. “We don’t like to have this situation unless it’s absolutely necessary.”
The Iowa Legislature had voted twice in the past legislative sessions for reduce state dollars to higher ed. First in February, they lowered the aid by around $20 million, and then added another $10 million dollar cut in April.
The new tuition rates apply for this coming fall of 2017.
University of Iowa President Bruce Harreld has reported a number of times the loss of faculty from UI due to higher salaries at competing schools.
“Investment in our faculty is an important part of our strategic plan, ” said Harreld. “To that end I’m pleased to announce in concert with the Board of Regents Salary Policy that we expect to have enough resources this year to raise UI salary average to 95 % of the median of our peer group.”
Harreld did not say when the salary increases would be in place.