Last week, Michigan Governor Rick Snyder signed the state’s 2017-18 state budget. Included is a 2 percent increase for higher education, which provides an additional $960,700 for Michigan Technological University.
The University’s state appropriation totals $49,052,200, which is 20 percent of its $205,382,566 operating budget.
“We appreciate the appropriation increase," said Michigan Tech President Glenn Mroz. “With technology advancing at an ever-increasing pace, it is our challenge to use resources so that our students are learning what's necessary to be relevant and compete in the marketplace. Placement rates upwards of 94 percent and starting salaries among the top 10 public institutions show that investing in the faculty and staff of Michigan Tech is a good investment for the State, for students and families."
Michigan Tech’s financial aid budget will increase by $1.6 million during the coming year, funded in part by reallocation of existing University resources to high-priority needs.
Included in the state budget is $2.7 million in relief for the seven universities—including Michigan Tech—who are still paying for Michigan Public School Employee Retirement System (MPSERS) employees.
The state budget set a tuition increase cap of 3.8 percent. Michigan Tech’s tuition for the 2017-18 academic year averages $14,774 for Michigan residents, keeping the University under the tuition cap. Tech has never exceeded the state-set tuition cap since it was first established in 2011-12.
Michigan Technological University is a public research university, home to more than 7,000 students from 54 countries. Founded in 1885, the University offers more than 120 undergraduate and graduate degree programs in science and technology, engineering, forestry, business and economics, health professions, humanities, mathematics, and social sciences. Our campus in Michigan’s Upper Peninsula overlooks the Keweenaw Waterway and is just a few miles from Lake Superior.