Board approves increases in room and board rates to cover inflated costs; increases financial aid fund
Incoming freshmen for the 2011-12 school year will benefit from a $3.3 million increase in financial aid following board approval Thursday at the board of trustees meeting.
“There will be an additional $3.3 million financial aid to meet a growing number of students,” University President George Ross said. “The whole budget will be finalized in July.”
The financial aid budget totaled $28 million this school year.
The College of Medicine, room and board rates and the 2011-12 capital budget also were discussed.
“Significant progress continues to be made,” College of Medicine Dean Ernest Yoder said. “We’ve made a substantial four-year curriculum and right now are preparing it for review. This puts us on track.”
Despite a large funding goal and competition with the creation of other medical schools in Michigan, Vice President of External Relations and Development Kathy Wilbur said they are moving forward. About $11.5 million has been raised so far of the $25-million goal, she said.
“This (funding) has taken us less than a year to accomplish,” Wilbur said. “We have achieved this milestone. It is one that was important to reach.”
There will be a campus-site visit in mid-November, and the first class is scheduled to begin in summer 2013. Yoder said there is good progress with external hiring.
“We are processing the first five hires right now,” Yoder said.
Other business Room and board rates for the 2011-2012 school year will increase by 1.5 percent.
“We are pleased to be able to recommend a modest increase,” said John Fisher, associate vice president of Auxiliary Services. “This is a reflection of us constantly looking for efficiency on the cost-side. We are expecting a healthy occupancy for next year.”
The capital budget for 2011-12 also was approved. The deferred maintenance fund received $5.7 million, and the campus improvement project received $1.4 million.
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