University of Missouri system President Elson Floyd announced Wednesday at the UM Board of Curators meeting in Rolla that he will recommend a cap of 3.5 percent on educational fee increases for the 2005-06 academic year.
If implemented, this would be the lowest increase for the UM system in the past three years. Educational fees increased by 7.5 percent in 2004-05, by 19.8 percent in 2003-04 and by 14.8 percent in 2002-03.
These increases were much higher than inflationary rates, but Floyd’s new recommendation matches the expected inflation rate for next year.
“This recommendation is in response to the concern people have that the price of higher education is increasing too quickly, especially for students coming from lower income families,” said UM system spokesman Joe Moore. “Dr. Floyd knows that this is a concern and intends to do everything to ensure that educational fee rates do not increase above the rates of inflation for next year,” Moore said.
In a news release, Floyd said the system must do all it can to keep a college education within the reach of all Missourians.
“I believe that setting next year’s educational fee increase at 3.5 percent or below will show our intention to keep fees as low as possible, consistent with prudent financial management of the university and the preservation of the quality of the academic enterprise,” Floyd said in the release.
Floyd is expected to make his official recommendation to the curators in the spring when it usually approves educational fee increases.