The Texas Tech University System Board of Regents’ finance committee approved a 1.95 percent net increase in tuition and fees Thursday (March 1), pending final vote from the board as a whole Friday. The increase reflects an estimated addition of $88.75 for 15 semester credit hours, beginning this fall.
“As we continue to grow, the university needs to retain and hire quality faculty to help increase student engagement and retention,” said Guy Bailey, Texas Tech president. “When evaluating our options in increasing tuition and fees, we made very conservative decisions to minimize the impact on our student body.”
The percentage increase is the second lowest in the last 20 years, while the dollar increase is the fourth lowest over the same period. Early estimates rank Texas Tech seventh among state peers in tuition and fee costs for fiscal year 2013 and ninth among current Big 12 member institutions. Texas Tech’s out-of-state costs will continue to be one of the lowest among conference peers.
Ranked No. 7 in the latest U.S. News & World Report rankings among schools with students graduating with the least debt, Texas Tech students’ debt declined to 17 percent in 2010 from the previous year.
“We continue to provide an affordable, high-quality education for college students,” Bailey added. “This is reflected in the steady record enrollment growth we’ve experienced the last five semesters and the fact our graduates have not experienced a decline in job opportunities, despite a difficult job market.”
Since 2008, Texas Tech has experienced a 23 percent reduction in instructional costs per semester credit hour, while the university’s administrative costs are the lowest among the seven emerging research universities.