MEMPHIS, Tenn. — The Tennessee Board of Regents has approved a plan by the University of Memphis to not increase in-state tuition and slash tuition for some out-of-state students.
Students who live within 250 miles of the school, but are still out-of-state, will see their costs drop from $21,768 a year to $12,456 plus fees.
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 $18,768 a year.
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 $7,056 per year plus fees.
Tuition would also change for law students, going down from almost $37, 864 to nearly $23, 852.
All U of M students, regardless of where they live, will still have to pay $307 more in mandatory fees for 2014-15. The increase was approved by the Student Government Association for the purpose of building a new student recreation center.
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 will cost the university $1.7 million, but they will make up for it by an increase of students and other cost savings measures and increased enrollment.
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.