In an effort to keep higher education affordable, many schools are finding ways to prevent rising tuition costs. During these tough economic times, many academic institutions want to ensure that earning an advanced degree remains accessible to all students.
Eastern Michigan University announced this week the approval of its $280 million budget by the school's Board of Regents, which includes a commitment to keep educational costs - such as tuition, fees, room and board - from increasing. Last year, the school had the lowest tuition increase, at 3.82 percent, among all public and private academic institutions in the state.
The school also plans to increase financial assistance by $1.4 million. During the last three years, the university sponsored financial aid has grown from $9 million to $30.4 million, resulting in a 42 percent increase.
Michigan Governor Jennifer M. Granholm stated that "keeping higher education affordable and accessible is critical to our goal of doubling the number of college graduates in Michigan." She added that the commitment to affordable schooling "keeps the dream of a college education alive, because of what it means in individual lifetime earnings and the state's economic future."
In 2009, those with bachelors degrees earned about $1,121 per week, while individuals who only had a high school diploma made $638 per week, the Bureau of Labor Statistics reports.
