The Board of Trustees met August 17 to discuss an increase in tuition and fees. Credit: Lantern File Photo
Last month, just a few weeks before students began to arrive on campus, the University Board of Trustees approved a raise in tuition and fees for both Ohio State’s incoming freshman class, and all out-of-state undergraduate students.
According to public meeting materials, the 3 percent increase for freshmen is set to cost Ohio residents around $12,859 a year for tuition and fees, resulting in a near $374 change. Ohio law mandates a maximum undergraduate tuition fee increase of 3 percent for incoming in-state undergraduates.
New and returning non-Ohio residents will see a more notable increase at 5.2 percent, set to cost around $38,365 a year for tuition and fees. This makes Ohio State the seventh most affordable university in the Big Ten for in-state and out-of-state undergraduates.
During a board of trustees meeting Thursday, Michael Papadakis, senior vice president of business and finance and chief financial officer for the university, said the in-state freshmen who got a 3 percent increase are locked in at that number for four years due to the Ohio State Tuition Guarantee, but that is not the case for out-of-state students.
“Out-of-state students actually got a 5 1/2 percent increase for undergrad, and so those folks will kick in here in their freshman year as well,” Papadakis said. “And then any out-of-state students who are with us again are not a part of the tuition guarantee, so those folks also see the same 5 1/2 percent increase.”
This is the seventh consecutive year the university has increased the cost of attendance, according to The Columbus Dispatch.
According to presented documents, the raise in tuition and fees account for about 57 million dollars in the university’s budget for fiscal year 2024.
“Again, we continue to be very, very focused on access and affordability,” Papadakis said. “And again, we believe that (Ohio State’s) tuition is, again, very competitive in the marketplace and significantly lower than many of our peers across the country.”
Some of the increase — 0.4 percent —in undergraduate tuition will go to “investments in student wellness and mental health services,” according to public meeting materials.
The investments will expand peer-to-peer mentoring, educational programming, mental health awareness and response training, and suicide prevention and screening programs, according to a release.
Graduate student tuition, which is not protected under the Tuition Guarantee Program, is also increasing. Both online and in-person programs will see a 3.8 percent rise for both new and returning graduate and professional students.
Tom Mitevski, chair of the Finance & Investment Committee, said the committee worked for several months to balance the financial implications, accessibility and future potential of the cost increases.
“Inflation has been increasing over 7 percent the last couple years, and so we want to make sure this is affordable and competitive and at the same time allows us to invest and reinvest,” Mitevski said.
