The Texas Tech Board of Regents finance committee approved a 1.95 percent net increase in tuition and fees Thursday pending a final vote on Friday.
The university estimates that the increase will cost students an additional of $88.75 for 15 semester credit hours beginning this fall.
The Board of Regents say increases are necessary in order to grow the university from 30,000 to 40,000 students and to add hundreds of faculty and staff.
Tech's 10-to-15 year timeline includes adding 500 additional faculty, 300 staff and 1,000 graduate assistants. The pay for those individuals will be raised two percent annually. The university also plans to build one million square feet in additional research space, along with renovating residence halls and upgrading faculty equipment.
"The numbers we saw this morning were several billion dollars for this region and the state. I think this could be a great thing," said Board of Regents Chairman Jerry Turner.
In one year, Tech hopes to become a tier-one university and eventually a member of the Association of American Universities. With those prestigious statuses, Tech will receive more research money to develop new technologies.
"We have a commercialization technology division and they take patients and try and commercialize those. We are trying to find someone in our staff that will come up with a patient that will be big time. For example, Florida is still making money off of Gatorade," said Texas Tech Chancellor Kent Hance.
The tuition percentage increase is the second lowest in the last 20 years while the dollar increase is the fourth lowest over the same period. According to the university, early estimates rank Texas Tech seventh among state peers in tuition and fee costs for fiscal year 2013 and ninth among current Big 12 member institutions.
"As we continue to grow, the university needs to retain and hire quality faculty to help increase student engagement and retention," said Guy Bailey, Texas Tech president, in a press release. "When evaluating our options in increasing tuition and fees, we made very conservative decisions to minimize the impact on our student body."
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