June 23, 2011
Texas Tech University System Board of Regents approved a 5.9 percent increase in tuition and fees Thursday (June 23) in a specially called board meeting in Dallas. The meeting was scheduled once the state legislature appropriated funds for education earlier this month.
“The increase in tuition and fees will enable us to offset a portion of the deficit we’ve incurred due to state budget cuts,” said Guy Bailey, Texas Tech president. “What we have maintained, however, is one of the best values in the state of Texas. In terms of costs, we remain second lowest among our peers in the Big 12 Conference and in the bottom quintile of our national peer institutions.”
The estimated increase of $252 per semester (15 hours) will take effect for the upcoming fall semester and reflect an estimated $9,065 annually for 30 semester credit hours. The increase will generate approximately $8.6 million in net revenue for the university, which will help offset significant budget cuts from the state.
As state appropriations for fiscal years 2012 and 2013 have been reduced 7.7 percent or $29.1 million, those figures have overshadowed the university’s gains in efficiency. Since 2008, Texas Tech has experienced a 17 percent reduction in instructional costs, while weighted student credit hours increased by 10.95 percent. Space utilization, an area monitored closely by The Higher Education Coordinating Board, jumped to 92 percent from 75 percent and the ratio of students to instructor increased from 19-to-1 to 23-to-1.
“We’ve made tremendous strides in the face of these budget cuts in the last three years,” Bailey said. “Texas Tech has not wavered in its commitment to provide a high quality education and has in no way compromised the experience our student population receives.”