Michigan State University will not raise tuition or housing fees in 2021. The decision comes as MSU tries to stave off a steep projected revenue shortfall.
In its first virtual public meeting, the Board of Trustees unanimously approved the tuition and housing rate freeze.
President Samuel Stanley, Junior said MSU has already enacted a hiring freeze, banned travel and cut consulting services.
He said the university’s budget shortfall next year could be much higher than it is now.
“So, the impact for this first year (2020), we estimate between $50 million and $60 million,” says Stanley. “The estimate for next year is between $150 million and $300 million. So, we’ll have more work to do to get our budget balanced in this kind of pressure.”
The MSU executive leadership team has taken a three to seven percent pay cut.
Stanley himself has taken a 10 percent reduction.
He says scaled salary reductions may be a possibility across the entire campus.