State funding for Kentucky’s public colleges and universities will be determined by how many and what types of degrees its students earn under a policy finalized by state regulators.
The Council on Postsecondary Education approved the details of a new state funding model that state lawmakers passed earlier this year.
From now on, 35 percent of state funding for public colleges and universities will be based on the types of degrees awarded. Of that, 5 percent will be determined by the number science, technology, engineering and math degrees; 3 percent based on degrees for low-income students and 3 percent based on degrees for minorities.
The model is based on Republican Gov. Matt Bevin and others’ push for more focus on training people for the types of advanced manufacturing jobs state officials are wooing.
The average cost of tuition for four years at a public Kentucky university will be more than $39,000 starting this fall after state regulators approved increases at all but two institutions, as all but two schools asked for the maximum increase allowed. The University of Louisville did not raise tuition. Kentucky State University’s board of trustees has not met yet to ask for an increase.
Council President Bob King said the board approved the sticker price for tuition and mandatory fees. He said students rarely pay that full price because of financial aid and scholarships. But when adding room and board and other fees, he said the net price of attendance is about $10,200 per year, or $40,800 for four years.
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