Michigan State introduces loan elimination program for neediest Michigan freshmen
EAST LANSING, Mich. – The Michigan State University Board of Trustees has approved a new program that makes MSU a national leader in financial aid by offering grants and work study to eliminate loans for the neediest Michigan students enrolling this fall.
At its July 17 meeting, the board approved, as part of the university’s 2006-2007 budget, the Spartan Advantage, a program that will ensure grant aid and work study equal to the average tuition, fees, room and board, and books.
To be eligible for the Spartan Advantage, the student must be a first-time incoming freshman from Michigan, enrolled full time in a baccalaureate program, eligible for federal Pell grants, and have a total family income at or below the federal poverty level ($20,000 for 2006).
“Offering access to world-class opportunities for success is an important part of the value of an MSU education, and this program is a beacon for those Michigan students with the greatest financial need who want the benefits of a world-class education,” said MSU President Lou Anna K. Simon. “We define value as a synergy between affordability and quality. Since about half of our students receive some kind of financial aid, we’re really excited about the Spartan Advantage, a bold step to reduce the amount of debt our neediest students will accumulate during their time here.”
Overall, the budget calls for student financial aid increases of $4.2 million, approximately 8.5 percent more than last year.
The fiscal 2006-2007 budget also includes a baseline tuition increase of 5.9 percent for in-state undergraduate students and 6.9 percent for out-of-state undergraduates.
Under the new budget, a typical returning freshman or sophomore from Michigan will pay $8,170.50 in tuition and fees, or $453 above last year.
A new full-time, in-state lower-division student will pay $8,793 in tuition and fees, or $491 above last year.
A typical returning lower-division student from out of state will pay $20,815.50 in tuition and fees, or $1,346 above last year.
A new full-time out-of-state lower-division student will pay $21,438 in tuition and fees, or $1,383.50 above last year.
“The tuition increases will allow Michigan State to enhance the internationally competitive education for which it is known,” said Simon. “They also will allow us to sustain opportunities, particularly in terms of financial aid; expand our traditional land-grant role as an engine for economic development; and enhance the broad positive impact that MSU historically has on quality of life in Michigan.”
In April, the MSU board approved a 5.25 percent increase in housing rates for the 2006-07 academic year. Through years of cost control, MSU has significantly kept down its housing rates and has the lowest residence hall rates among Michigan’s public colleges and universities.
For more details on the impact of the budget on tuition, go to http://special.newsroom.msu.edu/tuition/0607/.
Michigan State University has been advancing knowledge and transforming lives through innovative teaching, research and outreach for 150 years. MSU is known internationally as a major public university with global reach and extraordinary impact. Its 14 degree-granting colleges attract scholars worldwide who are interested in combining education with practical problem solving.