Earlier today, the New Mexico State University Board of Regents approved a 6 percent tuition increase for the 2019-2020 academic year. University leaders showed that increases in scholarships and tuition discounts meant average out-of-pocket costs for more than 90 percent of students are now less than the expenses students faced 10 years ago. Additional revenue created by the increased tuition will allow the university to make several strategic investments to support employee compensation and student success.
“Keeping our net tuition low is important to us because it allows us to ensure a high degree of access,” said NMSU Chancellor Dan Arvizu. “This results in a diverse student body able to earn a valuable education from a nationally recognized university. Additionally, our students have incredible access to faculty, research and internship experiences, and other opportunities which result in rewarding careers.”
“NMSU continues to be a tremendous value for our students,” said NMSU President John Floros. “According to IPEDS data from the National Center for Education Statistics, our net cost is one of the lowest in the region and the average out-of-pocket expenses for our students attending today is actually lower than what our students saw a decade ago. This allows students from any socioeconomic status to achieve a great deal of upward social mobility once they graduate.”
The new tuition revenue, along with additional money allocated by the state of New Mexico, will allow NMSU to make an investment in the compensation for employees.
“This will be the first time in many years NMSU employees will see a compensation increase of this size. This is in recognition of the hard work and contributions our employees make each day for the benefit of our students and the communities we serve,” Floros said.
Beginning July 1, all NMSU employees hired before Jan. 1, 2019, will receive a 2 percent cost of living increase to their compensation. An additional 1.5 percent compensation increase will be possible, based on merit. Lastly, an amount equal to 0.5 percent of all salaries will be set aside to address other compensation needs, such as retention and equity.
An additional $2.4 million was identified for strategic investments to support various student success efforts, starting with recruitment, retention to timely graduation and workforce preparation. In addition, the university will make investments to elevate research, support diversity and inclusion initiatives, provide additional security and enhance employee health services.
Despite the increased tuition, NMSU will still need to cover an additional $3.8 million budget shortfall. University leaders stated the deficit could be absorbed by making internal budget adjustments. They also stressed that scholarship commitments made to students for the past several years would continue to be honored, including tuition discounts and tuition waivers.
“NMSU will continue its strategy of high levels of scholarship support to ensure all students have access to a quality education,” Arvizu said. “We offer the most competitive average net cost for a degree in the region across all family incomes. This provides a foundation for students across New Mexico to change the trajectory of their lives, and the lives of their families, with regard to earning power for the rest of their lives.”
Information from NMSU