GV's net cost of tuition goes down
With the beginning of first semester classes officially here, the idea on every opportunistic student’s mind is getting the most for their money. But what are the details of Grand Valley State University’s tuition rates for the 2014-2015 school year?
With changes in the economy, as well as within the university, tuition rates have increased, but it may not be as bad as it sounds.
“In this year’s budget we increased the university’s commitment to financial aid, and we earmark nearly all of our state appropriation to tuition reduction,” said Matthew McLogan, vice president for University Relations. “The result is that the net cost of tuition for the typical Grand Valley student is less in 2014 than in 2013.”
Net cost is a student’s tuition bill minus financial aid and scholarships that do not have to be repaid.
For additional student benefit, nearly every student employee has been given a raise and more jobs are available for students who wish to work.
“We’ve kept in place the university’s tuition discount plan in which students can enroll for up to 15 credits for the cost of 12,” McLogan said. “And the ‘Grand Finish’ program awards $1,000 to students who complete 90 credits at the end of their junior year as a reward for staying on track for timely graduation. The more quickly a student graduates, the less their degree will cost. Last year, more than 30 percent of our students graduating in four years did so with no debt.”
This year, GVSU students experienced a 2.85 percent tuition increase, one of the lowest in the state, with the highest tuition increase of 3.20 percent affecting students of Northern Michigan University.
Helping to keep the tuition increase low was the increased funding from the state for the university. The university is receiving state funding of $63 million, some of which is a reward for GVSU’s top scoring reputation. Families at GVSU pay 82 percent of the GVSU budget, the other 18 percent coming from the state.
Currently, GVSU students that are Michigan residents pay anywhere from $10,750 to $11,304. Out of state students pay in the range of $15,408 to $15,984 for undergraduate studies.
Compared using credit hours, that’s anywhere from $448 to $471 per credit hour for in state students and $642 to $666 for out of state students. This rate is much lower than many other public universities across Michigan, showing the board’s efforts to create the best experience for the lowest cost for students.
“Quality, affordability and accessibility: the university’s budget, tuition and management strategies are tied tightly to these goals,” McLogan said. “One measure of our success is that Grand Valley’s tuition is ranked 10th of Michigan’s 15 public universities despite the fact that Grand Valley receives the least amount of state funding per student.”