The New Mexico State University Board of Regents has approved a 3 percent increase in tuition for the 2020-2021 academic year for NMSU’s Las Cruces campus. There was not an increase in tuition for NMSU’s community colleges.
University leaders said the revenue was needed to support additional student scholarships and because of continued uncertainty with the state’s budget contribution to the university for the coming year.
“It is unfortunate that we have to make a decision on tuition without a clear picture of the level of financial support we’ll receive this year from the state of New Mexico,” said NMSU Chancellor Dan Arvizu. “Under any scenario, however, a tuition increase was going to be necessary.”
New Mexico is an oil exporter and its state budget relies heavily on the price of oil. Due to multiple economic factors around the world, the price of oil has dropped dramatically over the past several weeks.
Even with the increased tuition rate, NMSU’s net price – the amount students pay to attend the university, minus scholarships and financial aid – continues to be the most affordable in the state and among the most competitive in the nation.
“We have received some very student-centric guidance from our Board of Regents,” Arvizu said. “They have made it clear how important it is for us to keep higher education accessible for our students. That’s why all of this additional revenue will go back into scholarships for our students.”
Even with the tuition increase, the university still projects a deficit for the coming year. The size of the deficit will depend on how much funding the university receives from the state Legislature, and will be addressed through careful financial stewardship.
Author: Justin Bannister – NMSU
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