Tuition and fees at Tennessee Tech will increase for the 2018 fall semester.
President Phil Oldham and the Executive Committee discussed the increase yesterday.
“You know, we need resources in critical areas to make sure that we meet the quality that is necessary. Ultimately, the product reaches the mission we have in mind,” Oldham said. “So with that in mind, what you will hear from us is, I think, a 2.66 percent tuition and fee increase.”
Oldham said Tennessee Higher Education Commission filed an expected increase of tuition in Tennessee ranging from zero to three percent. Governor Haslam accepted the increase rate.
THEC decided in May to accept the zero to three percent increase as well, Oldham said.
The increase in tuition is not definite until the Audit & Business Committee and the full Board of Trustees reviews the proposed increase.
“We take this very seriously, and we always have. I mean, affordability is a very important component in our strategic direction of Tennessee Tech. The balancing act between cost and quality are very tricky at times,” Oldham said. “But ultimately it is extremely important. We know that a number of our students are very price sensitive.”
Tennessee Tech decided to go forward with the 2.66 percent increase. Oldham said keeping increase at zero percent would ultimately hurt next fiscal year’s budget.
“My argument would be is that students are actually going to suffer from that. Students are going to be hurt in that,” Oldham said. “It may sound good. It may play well on the evening news, but it would hurt students.”
The new budget takes the tuition and fees increase into account.
The budget will be brought before the board at the next board meeting on June 26.