Bill > H1074

This bill establishes new provisions for tuition and fees at the University of Massachusetts, granting the university the authority to retain all collected student charges, which include in-state and out-of-state tuition and mandatory fees, but exclude course-specific fees or charges for housing, meals, or health insurance. The bill mandates that in-state tuition and fees remain affordable for residents, while out-of-state charges should balance the university's financial needs with competitiveness, aiming to cover at least the cost of education for those students. It also introduces the concept of a "student tuition credit," which is a reduction in student charges for eligible students, and clarifies that existing tuition waivers, grants, and scholarships will be treated as these credits. The university will manage these retained funds in a revolving trust fund, which will not revert to the General Fund at the end of a fiscal year and will be subject to audit. Furthermore, the bill removes the requirement for the council to approve University of Massachusetts tuition rates, making them subject only to the university's board of trustees and specific sections of law, and requires the university to report on the cost-sharing between the commonwealth and students for education and to articulate cost-saving initiatives.