University officials are recommending an overall 3.2 percent increase in tuition and fees, effective Fall Semester 2012-13, which awaits final approval by the Ohio State Board of Trustees, according to a press release.
The tuition increase would impact undergraduate, graduate and non-resident tuition.
This increase would mean OSU undergraduate students will pay an extra $312 over the course of the academic year. The increase brings the annual cost for students each year to $10,036, including $9,615 in tuition and $421 in mandatory fees.
While tuition will increase 3.5 percent beginning Fall Semester, the fee rate will remain frozen, meaning the overall increase is 3.2 percent over the current rate.
Joseph Alutto, executive vice president and provost at OSU, said that while the increase is necessary, measures are in place to keep OSU affordable.
“In asking for these increases, we are mindful of the economic burden this places on students and their families,” Alutto said. “We remain committed to keeping costs affordable for students without sacrificing quality. However, we need these funds to maintain the quality of our academic programs.”
The board approved a $50 million increase in new scholarships and grants over the next four years for students beginning Fall Semester. The university said this financial aid will help keep OSU affordable.
OSU is also exploring ways to generate money for the university. OSU recently announced that 15-year partnership with Huntington Bank will provide $25 million for academic scholarships and educational programming. In addition, the university is accepting bids from companies interested in leasing campus parking. A final decision on parking privatization is expected by the end of the quarter.
The board is expected to approve the tuition increase at its June 22 meeting.