On Thursday, the Kentucky Council on Postsecondary Education is expected to set a six percent cap on tuition increases at the University of Louisville and University of Kentucky. Both schools are planning for six percent increases, though continued tuition hikes can be risky.
U of L CFO Michael Curtin says increases in tuition, rates and fees are necessary due to poor funding from the state and rising costs. The school has to maintain buildings and pay faculty and staff appropriately. But at the same time, Curtin says U of L can’t charge so much that it keeps students away.
“If you’re going to provide the services the students expect, you have to have the revenues to pay for those services. So that’s the tradeoff we’re dealing with,” he says. “We have to take very small and gradual steps so that we don’t find ourselves in a situation where we’ve out priced ourselves or are not able to recruit the students that we need.”
Curtin says U of L will spend much of the next few weeks determining how much to raise certain fees, then submit their plans to the board of trustees and CPE for final approval in June. U of L raised tuition six percent last year, and increases have ranged from five percent to more than 10 percent in prior years.