Bill > S663

This bill, titled "Providing tuition retention at the University of Massachusetts," aims to grant the University of Massachusetts (UMass) greater control over its tuition revenue and how it is used. Key provisions include allowing UMass to retain all "student charges," which are defined as in-state and out-of-state tuition and mandatory fees, but not specific course fees or charges for room, board, or health insurance. The university will set these charges, with in-state tuition needing to remain affordable for residents and out-of-state tuition balancing financial needs with competitiveness and cost coverage. All collected student charges will be held in a revolving trust fund, meaning any unspent money at the end of a fiscal year will carry over to the next, rather than reverting to the state's general fund. The bill also clarifies that certain tuition waivers, grants, and scholarships will be treated as "student tuition credits," which are reductions in student charges for eligible students, and establishes that UMass will now set its own tuition rates, subject to approval by the council, but not requiring the council's approval for rates at the University of Massachusetts itself. Additionally, the bill mandates that fringe benefits and collective bargaining costs for employees paid from retained tuition will be funded as if their salaries were supported by state appropriations, and requires UMass to report annually on the share of education costs covered by the commonwealth versus students, aiming for a 50/50 split, and to detail cost-saving initiatives. Finally, tuition and fee waivers exclusive to UMass will only require approval from the university's board of trustees.