Iowa’s public universities are asking the state for a $12 million funding increase next fiscal year. The additional money would be committed to resident undergraduate student financial aid.
The request is intended to help with some of the tuition increases that Iowa’s public universities proposed this summer. State-level cuts to higher education funding triggered those proposals.
University of Iowa President Bruce Harreld told the Board of Regents Monday about his request for an extra $5 million.
"As we take tuition up, however, we need to also set aside an increased amount for student financial aid. That only makes sense," Harreld said. "So that $5 million, if we take tuition up, will help offset that."
Iowa State University is also requesting $5 million more, and the University of Northern Iowa is asking for a $2 million increase.
UI and ISU have proposed 7 percent annual tuition hikes in response to state budget cuts. UNI proposed 5 percent increases if there is no additional state support.
The regents also listened to the university presidents describe their recent cost-saving efforts before voting unanimously to approve the funding request. In total, the board is asking state lawmakers for about $622 million in Fiscal Year 2019. That's up 2.6 percent from this year's state appropriation.
The board is planning to vote on a first reading of tuition proposals in October.