UM-Flint's 2024-25 budget increases financial aid by $2.2M

UM-Flint's 2024-25 fiscal year budget will increase the amount of institutional financial aid offered to students while allowing the university to continue its curricular innovation and build on increases in total enrollment, according to a $125.2 million general fund budget approved by the Board of Regents June 20.

The FY '25 budget outlines spending for the fiscal year beginning July 1 and assumes a state appropriation of $27.1 million, a $396,000 increase from the previous year. The actual state appropriation will be known after the state budget is announced later this month.

Tuition and fees for in-state undergraduate students will increase by 4.9% to $7,445 per semester for the most common lower-division rate. Graduate tuition and fees will increase by 4%. 

The budget's centerpiece is its focus on access to affordable education. The university will increase institutional financial aid by $2.2 million, for a total of $14.3 million.

"UM-Flint's tuition remains the third lowest and its housing rates are the second lowest among the 15 public universities in the state of Michigan," said UM-Flint Interim Chancellor Donna Fry.

"We have emphasized curricular innovation in this past year, introducing nine new, industry-informed degree offerings in 2023-24. Our top priority is the success of students, faculty and staff while emphasizing affordability and accessibility." 

Lori Vedder, UM-Flint's director of financial aid and interim vice provost of enrollment management, said that this year's budget will make a substantial impact for students. 

"The $2.2 million increase of institutional aid in this fiscal year's budget nearly doubles the growth of aid year-over-year. This growth enhances UM-Flint's longstanding commitment to providing a world-class education at an affordable cost," said Vedder.

"UM-Flint is a top choice for first-generation college students and other learners who desire an internationally recognized degree at a cost that makes sense for their futures."

Also approved during the meeting were 5% increases for UM-Flint's housing and meal plan rates.

First Street Residence Hall costs, including the required meal plan, will start at $10,831. Rates for the Riverfront Residence Hall, which does not require a meal plan, begin at $7,289.

"UM-Flint's mission to prepare leaders and best in their fields, professions and communities is well-supported by this budget. With an increase in total enrollment this past fall, our downtown campus creates a vibrant experience for students while we work to continue increasing our recruitment efforts, and retention and graduation rates," Fry said.