Temple University’s board of directors voted at a meeting on Tuesday to increase the school’s in-state and out-of-state tuition for the 2021-2022 school year by 2.5%.

This interest rate hike marks the first increase in tuition fees in the state since the 2018-2019 school year. University of North Philadelphia Press Center.

The basic tuition for full-time state students is now $16,488 per year-an increase of $408 from the previous $408. Previous interest rate 16,080 USD.

Out-of-state students will pay an extra $720 each year because the new annual basic tuition is $29,712, which is higher than $28,992 Last school year.

Certain collegesLike science and technology colleges, tuition fees are higher, which means that as tuition fees increase, students in the state will pay $20,568 a year, while students outside the state will pay $33,792 a year.

The university said it avoided raising tuition due to the pandemic in order to reduce the financial burden on students.

“The COVID-19 pandemic has challenged all of us. This has been the main driving force for keeping tuition fees unchanged for the past two years“ Said Ken Kaiser, Temple’s vice president, chief financial officer and treasurer. “This small increase indicates that we are returning to a normal cycle, in which the tuition part pays for the ever-increasing education costs, while also ensuring that our students have access to high-quality and affordable education, which is the hallmark of Temple University.“

Caesar tells why The additional cost is to make up for the rising compensation rate of the 11 contract negotiation units of the university.

The university said it implemented a 3% budget cut to reduce tuition increases. Approximately 18.5% of undergraduate income will be used for bursaries, which the university estimates is about 100 million US dollars.

Temple said it allocated $69 million in federal stimulus funds to help students’ economy.

“We know that this is still a difficult economic time for students and families, so we strive to strike a balance between a slight increase in tuition fees and a slight budget cut. This helps us to ensure that we do not harm the student’s educational experience at Temple. This year is especially important because we expect the campus to regain its vitality before the pandemic,” Caesar said.

The school received $158.2 million from the state, which is the level of the past three years.