Michigan Tech Board Approves Budget and Tuition Hike for Next Academic Year
As the state’s finances are struggling to get back to normalcy, Michigan Technological University is taking a different turn. The board of trustees has approved the preliminary budget for next academic year, showing an increase in operating expenses by 4.1% to $227.5 million. The budget primarily focuses on historical trends and enrollment rates to streamline the financial resources.
According to Administrator Andrea Dickson, Michigan Tech is setting an impressive mark this year. Unlike other universities, it is growing continuously, thanks to the strong research apparatus supported by faculty and students. “All the parts that we need to be fiscally sound are also in place for the next budget,” added Dickson.
Operating revenue is expected to rise by 5.2%, including student tuition and fee revenue, which will witness a 5.6% increase. The hike in tuition fees is an average of 4.43%, with the undergraduate students seeing an increase in their semester fees. Michigan freshmen and sophomores will pay $9,037 per semester, while non-residents will be charged $20,511. For upper-division students, the tuition fee ranges from $9,995 to $22,916.
The budget passed by the board also includes a predevelopment agreement for an on-campus student housing expansion project. The RISE Development, LLC has been named as the developer of the project, which aims to accommodate more students on-campus.
Further, the board approved granting tenure to retired professors who have served the university with distinction, not just those with tenure. The tenure resolution is seen as a step towards recognizing the efforts of retired professors, supporting their efforts in improving their research programs.
The board also approved promotions for tenured assistant professors and associate professors. Among the professors receiving promotions were Smitha Rao Hatti, Biomedical Engineering; Hassan Masoud, Mechanical Engineering; and Shan Zhou, Social Sciences. Non-tenured associate professor Iakov “Yakov” Nekritch of Computer Science was also promoted to tenured associate professor.
Moreover, professors Dukka KC, Pasi Lautala, and Pengfei Xue, among others, were promoted to Full Professor. Additionally, the board approved Emeritus Appointments for Dr. Brian Fick, Professor Emeritus, Department of Physics; Dr. Sarah Green, Professor Emeritus, Department of Chemistry; and Dr. Bryan Suits, Professor Emeritus, Department of Physics, to name a few.
Michigan Technological University is taking the necessary steps to improve its financial condition while providing opportunities to students and faculty. With tuition hikes and budget improvements, the university is confident about the future ahead. As per information from the source, Michigan Tech is ready to handle the financial challenges this year and beyond.