Tuition, housing rates, and fees at the University of Memphis will see a slight increase next year, as the university's Board of Trustees voted to raise those costs today.
A 2.6 percent tuition increase for the undergraduate, graduate, and law schools was approved by the board today, which will result in a near $4 million in additional revenue for the university per year.
The board's Governance and Finance Committee reports that these additional funds will be invested partially in scholarships and "strategic initiatives," but will be used largely to fund salary increases for the university's faculty and staff.
The board voted today for tenured and tenured-track faculty to receive a 2 percent increase in salary, with a 1 percent merit pool, while staff, non-tenured and adjunct faculty's salaries will all increase by 3 percent.
Majority of funding for salary increase pool comes from State-appropriated funds, meant for readjusting salaries at the discretion of the receiving higher education institution.
The board also voted in favor of a 5 percent increase in student housing rates, in which all revenue would be used for housing operating costs, like maintenance and repairs.
Additionally, the board moved to raise the university's housing contract cancellation fee from $450 to $750, in an effort to improve retention in on-campus residences.