UNC to explore increasing tuition for 2023-24

University of Northern Colorado trustees voted Friday to approve President Andy Feinstein and leadership to look at a tuition increase of up to 6% for the next academic year, although a final decision from the board on any hikes will not come until June.

The board of trustees OK’D the investigative step during a 35-minute virtual meeting. The board initially heard from university leadership about the potential need for a tuition increase last month.

Board of Trustees Chairman Dick Monfort, also the owner of the Colorado Rockies, made it clear at the beginning of Friday’s meeting that the only action of the board would be to allow Feinstein and other university leaders to assemble materials to explore an increase of up to 6%.

“It provides us with flexibility as we go through the budgeting process,” Feinstein said. “We have to signal to the Joint Budgeting Committee, I believe, early next week that we would like the flexibility of increasing tuition up to 6%.”

The board of trustees will continue discussions on increases at its May meeting and hold a formal vote in June.

“I do not see any harm in at least putting that out there to the governor’s office, or whoever you have to do it and for you to come back and we can discuss it at the next meeting,” Monfort said.

Last month, Vice President for Finance & Administration and Chief Financial Officer Dale Pratt said Gov. Jared Polis recommended to the Joint Budget Committee a 4% tuition rate increase cap for state colleges and universities for next year.

The Joint Budget Commitee is charged with “studying the management, operations, programs and fiscal needs of the agencies and institutions of Colorado state government,” according to the committee’s page on the Colorado General Assembly website.

The Joint Budget Committee will make a recommendation on any tuition cap to the General Assembly for final say later this year.

At Friday’s meeting, Pratt said a 4% tuition increase for undergraduate resident students would come out to $8,621 or $332 more than the current year (fiscal year 2023) rate at $8,289.

The option to increase tuition up to 6% would bring the total to $8,787 — or $166 over the 4% increase.

With tuition and fees, the total cost of UNC next year at a 4% tuition hike would be $11,366 per year with 5% fee increase.

At a 6% tuition increase, with 5% increase in fees, the cost of attending the university in Greeley would be $11,532 for fiscal year 2024.