The Board of Regents meeting concluded this afternoon without a first reading of the fall 2018 tuition rates as originally planned. Last week, the Board announced it needed more time to consider tuition levels for next year.
"It is imperative we set tuition at an appropriate amount," Board of Regents President Mike Richards said in a press release. "The Tuition Task Force meetings held this past summer gave the Board great information and feedback from a wide variety of constituents. One of the key messages we heard is that students and families do not want multiple tuition increases during the year. We agree with this, and we will not revisit 2018-19 tuition levels once they have been established."
Typically, the Regents consider tuition rates during the October meeting with a vote held in December. The Board does not have a timeline for setting next year's tuition rates, but said they "will do it as soon as they have a proposal with which they are comfortable."
The Board recently submitted its legislative request for a $12 million increase for the three Regent institutions ($5 million for Iowa State University) to support financial aid. The Iowa General Assembly convenes in January, indicating that the Board may wait for the request to be considered by the legislature before making a decision on fall 2018 tuition rates.
"The Ivys' generosity is a powerful endorsement of the college, programs, leadership, and vision for the future," said Raisbeck Endowed Dean David Spalding. "Their gift will establish an endowed fund that will eventually provide about $2 million annually to the college for short and long-term priorities."
The Ivy gift will provide scholarships, programmatic funding, and faculty support. Most immediately, it will build on momentum in several growing areas, including entrepreneurship, business analytics, and the supply chain management program, which is ranked sixth in the world for research.
"We are proud to have internationally-known scholars leading these programs," said Spalding.