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UT regents reject tuition increase
System will tap into endowment fund for fast cash
Updated: Thursday, 03 May 2012, 5:37 PM CDT
Published : Thursday, 03 May 2012, 1:24 PM CDT
AUSTIN (AP) - University of Texas System regents froze tuition rates for most students at the flagship Austin campus for the next two years, voting instead on Thursday to provide a short-term boost of cash from its multi-billion dollar endowment fund.
The University of Texas asked for tuition increases ranging from about 2.6 percent to 3.6 percent starting in the fall of 2012. But regents voted instead Thursday to hold down costs for undergraduate resident students by dipping into the Permanent University Fund.
The regents said there is no guarantee the endowment money will be available in the future and ordered the school to keep looking for ways to cut costs.
Regents approved higher tuition rates at the other eight system campuses, but said those schools should look for ways to mitigate the higher costs.
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