Higher Education Briefing
IN THE BUDGET
Keeping college affordable for Michigan’s students is a key priority for Governor Snyder. In his FY 2016 budget, the governor recommends critical investments in key areas. With this budget, total funding for higher education is more than $1.5 billion.
Governor Snyder proposes capping unfunded accrued liability (UAL) payments for universities that are participating members of the Michigan Public School Employees Retirement System. Under his proposal, member universities would have their UAL payments capped at 25.73 percent of payroll, similar to actions taken for public school districts, district libraries, and community colleges in 2012.
Student Financial Aid
A total of $105 million is recommended for student financial aid. In addition, $6 million in new funding is recommended in the community colleges budget for Independent Part-Time Student Grants.
For greater transparency, public universities and community colleges are asked to continue their transparency and performance dashboard websites. These public sites report on various financial and academic indicators.
STATE BUILDING AUTHORITY RENT
The state will make payments to pay down debts for recently constructed community college and university building projects.
The recommendation calls for limiting tuition increases to 2.8 percent or less in order for universities to receive the funding increase.