The cost of a diploma is about to go up at the University of Kentucky, but so are salaries.
UK’s Board of Trustees looked at the proposed $3.5 billion budget for the 2016-2017 fiscal year and will vote on it next week.
Members are expected to pass a 5 percent tuition increase for in-state students, 8.5 percent for students who are out of state. With a three percent increase in on-campus housing costs, Kentucky students will pay just under $26,000 to attend next year. Employees will get a two percent pay raise.
President Eli Capilouto said that despite losing $12.6 million in state funding, UK will stick to its priorities of giving merit raises to employees and increasing institutional financial aid by 12.5 percent, to $117 million. The statement also says the University is pursing priorities that fulfill their mission built on the following principles; ensuring student access and affordability, providing competitive pay for faculty and staff, preventing across-the-board reductions and fostering a diverse campus that is inclusive of perspectives, identities, experiences and backgrounds.