EL PASO, Texas (KTSM) – The NMSU Board of Regents approved a three percent tuition increase on Tuesday.
The increase is for Fall 2020 and Spring of 2021. University leaders say the revenue is needed as the university is not sure how much state funding they will receive due to the pandemics economic impact.
“What we need to do is plan for the worst-case as we hope for the best,” said NMSU President John Floros.
As KTSM has reported oil prices have dropped to their lowest in history, which is something that NMSU leaders say could have an impact on the states budget. That has left university officials wondering how much state funding the university will receive.
NMSU Chancellor Dan Arvizu mentioned that the drop in oil prices could impact the State of New Mexico’s Budget.
“I think the rate at which oil and gas revenues will be replenished or come back to levels that we have seen in the past will take multiple years to achieve but that’s all again speculation no one really knows for sure,” said NMSU Chancellor Dan Arvizu.
President Floros adds that the university is still one of the most affordable int the state.
A table made by NMSU shows that this past academic year NMSU students paid an average of $9,462.
Compared to other four year schools, the most expensive being New Mexico Tech at $14,641.
However, the three percent increase is still worrisome to some students.
“There’s a little bit of fear there I’m scared for what the future holds. I know that I will still be able to attend NMSU but I won’t be able to enjoy certain things that I had enjoyed a lot more last semester,” said Gabriel Chavez and NMSU Junior.
With the 3 percent increase, an undergraduate student who is a New Mexico resident and taking 15 credit hours will pay about $117 more.
For non-residents taking 15 credit hours it’s about $373 more.
According to NMSU Chancellor Dan Arvizu, there will be funds available for students from the federal goverment.
“Our intent is to turn that around fairly quickly and allocate that $7 million dollars we would get system wide to students,” said Arvizu.
As well as money that was donated to the Aggie Student Emergency Fund. The fund was created to help students struggling financially during this time.