Out-of-state students attending the University of Memphis will see a significant cut in tuition next semester after a new rate structure was approved by the university’s board in September.
The new four-tier system sets tuition rates for Tennessee residents, out-of-state residents, international students, and U of M Global or online students. Last school year, full-time out-of-state students had to pay a little over $21,000 in tuition and fees a year. Now, they’ll save about $10,000 on average a year.
Out-of-state students will pay an additional $160 per credit hour over what in-state residents pay, while international students will pay an extra $320 per hour. Online students and Tennessee residents, including those from five bordering counties (DeSoto, Marshall, Tate and Tunica in Mississippi and Crittenden in Arkansas) won’t see a change next semester under the new structure.
U of M President M. David Rudd said money is often the barrier that keeps students from pursuing a higher education.
“The number one barrier to receiving a college education is cost,” said Rudd. “This initiative is an effort to make tuition more affordable and to grow the University’s regional, national and international appeal.”
Rudd also said that the new tuition structure will allow the university’s admissions process to be more selective.
Karen Weddle-West, U of M Provost, said the new tuition structure is in step with the university’s commitment to providing affordable education.
“The mission, vision and core values of the University of Memphis focus on delivering high-quality, affordable, academic programs of excellence through various modes to the best and brightest students across the globe,” Weddle-West said. “The four-tier tuition structure, following the announcement of the zero tuition increase in 2018, is another exemplar of the University’s continuing commitment to facilitate accessibility to higher education to produce graduates who are innovative, entrepreneurial and well-prepared to meet workforce needs, and serves as a testament to the visionary leadership of President M. David Rudd.”
Lowering the costs for students will help the U of M increase its student base, the university’s CFO Raaj Kurapati said.
“We recognized that we as a University needed to take the issue of cost head-on,” Kurapati said. “We believe that going forward the way to continue to keep costs down for all students is to build our overall student base.
“We do so by recruiting the best and brightest students from Tennessee and nationally, by offering high-quality programs at the lowest possible price point. Our new tuition structure aims to do just that while we continue to make strategic investments to build and sustain first-rate academic programs.”