(Memphis) The University of Memphis hopes to slash tuition for some students in order to compete with other schools.
U of M leaders want to cut tuition for all out-of-state students, and drastically chop the price for students who live within 250 miles of the school, but are still out-of-state.
“Man that would be awesome. It would help students out I know with financial aid and they won’t have to borrow as much,” said U of M student Jahmil Davis.
Right now out-of-state U of M students, who live within 250 miles of the university, pay more than $21,000 a year.
Under the new plan that will drop to around $12,000.
The school says this impacts more than half of their out-of-state students.
The tuition radius includes Little Rock, Birmingham and St. Louis.
Out of state students living more than 250 miles from campus would see a decrease of $3000, bringing their new tuition to about $18,000 a year.
“I think the university is growing and that will be a good step to make it grow some more,” said Ryan Badgley.
Tuition would also change for law students, going down from almost $38,000 to nearly $24,000.
For in-state students, tuition will stay the same, at around $7000.
All of this depends on the approval from the state’s board of regents.
The school says the new prices will bring them more in line with what competitors in the region are charging for tuition and it will also increase its student pool and national exposure.
The U of M says this move could cost the university $1.7 million, but they will make up for it by an increase of students and other cost savings measures already underway.
The University’s interim present also says it’s important to recruit out-of-state students, because more than half of them will stay and work in the Memphis area.
U of M students who live in border counties which include Crittenden Desoto, Tate, Tunica, and Marshall Counties already pay in-state tuition.