New tuition, fees for 2017-18 OK'd
The University of Arkansas board of trustees approved tuition and fee rates for the 2017-18 academic year.
For the four-year schools, the rate increase ranges from a low of 2̶.̶7̶4̶ 2.75* percent at the University of Arkansas, Fayetteville, to a high of 8.02 percent for the University of Arkansas at Pine Bluff. Students at the flagship campus are currently shelling out $4,409.84 per semester for 15 credit hours and will pay $4,530.68.
Despite UAPB's increase -- which in part will fund a new student union -- the historically black university is the second least expensive within the system's four-year schools, behind the University of Arkansas at Fort Smith, and in relation to its state peers. UAPB in-state students who take 15 credit hours a semester will pay $3,605.75 per semester in the 2017-18 school year, up from $3,338 in tuition and mandatory fees.
For the two-year colleges, the rate increases range from 2.24 percent at the University of Arkansas Community College at Hope to a high of 6.47 percent at Cossatot Community College of the University of Arkansas.
IT, building fixes at UALR advance
The University of Arkansas at Little Rock can strike off its two greatest needs throughout the past decade, an administrator said.
The No. 1 need was to upgrade infrastructure for information technology on campus, Steve McClellan, said. UALR got approval Thursday to either lease or take out a loan for up to $5 million, which it plans to pay back over five years with an interest rate of up to 5.5 percent.
The upgrades include changes to routers and wireless capabilities, along with supports for the current network traffic bandwidth. The university will make payments using an increase in the student technology infrastructure fee, which will increase from $4 to $8 per credit hour in the 2017-18 school year.
UALR's second-greatest need was maintenance of its physics building, McClellan said.
For that, UALR plans to issue $7.5 million in student-fee revenue bonds over 25 years with an interest rate of up to 5.5 percent. That project will mainly consist of a base renovation for the physics building and roof repairs for the Donaghey Student Center and the University Plaza.
The university also got approval from the board of trustees for that project Thursday.
$850,000 approved for Walton College
The University of Arkansas, Fayetteville's central administration will loan the school's business college $850,000 to set up shop in Fayetteville Square.
The Walton College of Business will use the loan -- repaid over five years at annual interest rate of 2 percent -- for the Brewer Family Entrepreneurship Hub at 123 W. Mountain St., the former Fayetteville Chamber of Commerce. The 5,400-square-foot building will now be home to business students wanting to start new companies.
The college has raised $700,000 of the $850,000 appraised value and is still soliciting donations, said Tim O'Donnell, UA's vice chancellor for finance and administration. The college wanted the "inter-fund" loan because the donations will come throughout the five-year period, said UA Chancellor Joe Steinmetz.
The University of Arkansas board approved the matter Thursday.
Metro on 05/26/2017
*CORRECTION: An undergraduate resident student taking 15 credit hours at the University of Arkansas, Fayetteville will pay $4,531.05 for the 2017-18 school year, a 2.75 percent increase from the 2016-17 school year. A previous version of this story incorrectly reported the percentage increase of the tuition and fee rate.