More out-of-state students help UK increase budget
William T Young Library
June 12, 2013
Staff report | @KyKernel
A rise in the number of out-of-state students has helped UK increase its annual budget by around $71 million.
More than 25 percent of students hail from outside of Kentucky, paying around twice as much in tuition fees as their in-state classmates.
The 6 percent hike in tuition fees for out-of-state students for 2013-14 has helped UK further increase its budget.
In-state students will see their tuition fees raise by 3 percent, the smallest increase in a decade.
The $2.7 billion budget approved by the Board of Trustees on Tuesday includes a $75 million scholarship fund.
UK is more reliant on income through tuition due to a drop in the amount of money received through state funding.
Since 2008, UK has lost around $50 million in state funding. The 2013-14 budget contains the least in-state funding ever at around $284 million.
Income from UK HealthCare has also helped UK balance the books, with revenue from UK’s medical facilities approaching the $1 billion mark for 2012-13.
