Trustees approve FY '25 budget, tuition rates
TRAVERSE CITY — A balanced budget and tuition rates and fees for the 2024-25 academic year were approved unanimously by the Northwestern Michigan College Board of Trustees Monday.
Most tuition rates will rise 3 percent, below the May 2024 inflation rate of 3.3 percent. In-district (Grand Traverse County residents) tuition rates will increase from $122 to $126 per contact hour. Fees will increase $1 per contact hour, from $33 to $34 per contact hour.
For the average in-district student taking 24 contact hours in a two-semester academic year, that means an increase of $120 ($96 in tuition, $24 in fees).
|
Category |
2023–2024 rate/contact hour |
2024–2025 rate/contact hour |
|
In-District |
$122 |
$126 |
|
Out-of-District |
$261 |
$269 |
|
Out-of-State |
$340 |
$350 |
|
International |
$383 |
$394 |
A table of tuition rates for all residencies and programs is available here (p. 75). NMC tuition is about one-third the cost of in-state tuition at a four-year public university.
“NMC is committed to offering a strong educational value. We also are actively exploring other ways to increase revenue, to offset the rising costs we face,” said NMC President Nick Nissley.
For example, also at Monday’s meeting trustees approved a 10-year master plan which calls for significantly expanding student housing to boost that revenue stream. Earlier this year trustees also approved a new, lower dual enrollment tuition rate in an effort to increase enrollment among high school students. Local school districts, not families, pay for dual enrollment tuition.
Tuition amounts to 42 percent of NMC’s budget. State aid (29 percent) and property taxes (25 percent) are the two other primary revenue sources.
Thanks to community donors the college also awards more than $1 million in institutional scholarships annually. Adults over 21 who don’t already have a degree are eligible for a state scholarship, Michigan Reconnect, which pays 100 percent of in-district tuition. The high school class of 2024 is also eligible for up to $2,750 per year through the Michigan Achievement scholarship.
Release date: June 25, 2024
For more information:
Cari Noga
NMC Communications Director
cnoga@nmc.edu
(231) 392-1800 (Call or text)