Gov. Bill Ritter and Colorado State University President Tony Frank announced today at the Capitol a new program to make a college education more affordable for Colorado students from middle- and lower-income families. The effort will give them a leg up at what Frank described as one of the “nation’s top research universities,” by offering discounted and free tuition.
Beginning in the fall of 2011, students attending CSU who are pursuing their first bachelor’s degree will pay half of the standard tuition—full tuition is currently $5,200 plus fees—if their family’s combined annual income is less than $57,000, amounting to a savings of $2,600 annually. For those students from even lower-income families qualifying for a Pell grant, tuition will be free and the fees—currently $1,300 annually –will be waived, amounting to a savings of $6,500 annually. The full cost of attending CSU without the tuition deductions, including housing, meals, and books, is estimated to be just over $18,000 per year.
Ritter applauded the university system for taking the step–branded CSU’s “Commitment to Colorado”–and told the audience attending the announcement that the ability to receive an education is a personal issue for him.
“Access to a high-quality, affordable education is one of the hallmarks of the American Dream. It was the key to my success,” said Ritter.
Said Frank, “We’re making this commitment, in part, as an investment in Colorado as our state’s economic future depends largely on the kinds of education CSU provides as the campus that graduates more students in science, technology, engineering, and mathematics than any other campus in the state.,”
In order to fund the program, CSU officials said, by the end of fiscal year 2011-12, they will have cut 23 percent in expenses over three years, and their employees are entering their third year without salary increases. They are also counting on an expansion of federal stimulus bridge funds to keep their books balanced.
The recently enacted Senate Bill 3, introduced by Sens. John Morse, D-Colorado Springs, and Josh Penry, R-Grand Junction, has given higher-ed institutions more latitude in managing their financial affairs, including allowing for possible tuition increases, which Frank said may or may not play a part in subsidizing the program into the future.