The Associated Press
Created: April 22, 2020 11:39 AM
LAS CRUCES, N.M. (AP) — Regents at New Mexico State University have approved an increase in tuition for the next school year amid uncertainties about how much money the school will receive from the state.
Chancellor Dan Arvizu said Tuesday that under any scenario, a tuition increase was going to be necessary given the financial effects of the dramatic drop in oil prices. The state’s budget relies heavily on the price of oil.
The revenue that will come from the 3% increase will be needed to support additional student scholarships. Arvizu said regents have made it clear how important it is to keep higher education accessible for students.
“That’s why all of this additional revenue will go back into scholarships for our students,” he said.
Even with the tuition increase, the university still projects a deficit for the coming year. Officials said the size of the deficit will depend on how much funding the university receives from the Legislature.
The tuition hike will apply to the main campus in Las Cruces, not NMSU’s community colleges.
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