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by Jennifer Donovan, director of public relations
HOUGHTON
- The Board of Control has announced a significant increase in financial
aid for students struggling to afford a college education.
In
special remarks delivered at the Board's regular meeting today, Finance
and Audit Committee Chairman Steve Hicks said that Michigan Tech will
increase financial aid by approximately 10 percent for next school year.
Financial aid totals $38 million, 20 percent of the University's budget.
The board has asked President Glenn Mroz and his administrative team to
include this increase in the fiscal year 2010–11 budget.
"The
board members recognize the dramatic impact of the recent economic
downturn on the ability of students and their families to pay for higher
education," Hicks said. "We empathize with them and decided to make an
early commitment for next school year to ensure that students who seek a
truly exceptional educational experience at Michigan Tech have that
opportunity."
Nationally, rising tuition costs and the economic
recession have combined to force students to lower their educational
sights and seek out lower-priced options. This is especially true in
Michigan, where this year the state's retraction of the Michigan Promise
Grant left many students lacking sufficient support. Michigan Tech's
response was to pick up that commitment from the state and fund the
Promise grants from its own coffers for the first semester.
Hicks
emphasized the University's resolve to help students. "We are making our
own promise to prospective and current students who face rising
financial pressure. Providing access to a Michigan Tech education at an
affordable price is a top priority, and we are putting our dollars
behind the promise. The State of Michigan needs our kind of graduates,
proficient in science, engineering, and technology, to propel it to a
stronger economic future."
President Mroz affirmed that message.
"People are our priority. We want every student who values what Michigan
Tech offers to come here. Today the Board has sent a message that we
will go out of our way to make it financially possible."
The
Board of also approved a program price of $38,000 for a new, two-year
online Master of Business Administration (MBA) program. It will make
Michigan Tech’s MBA curriculum and faculty available to distance
learners worldwide, starting with the fall 2010 semester.
Like
the campus MBA program, the new online program will focus on innovation
and technology management.
"Faculty, in our MBA programs on
campus and online, understand scientists, engineers and others who work
in similar areas," said Ruth Archer, director of graduate business
programs at the School of Business and Economics (SBE). "We want to help
them gain a competitive edge and advance their careers."
MBA
online students will attend two extended weekends on campus and one
weeklong international residency where they will learn about the
development of technology-related businesses in another culture. The
international residency will give students a global perspective on
innovation and technology management.
"During the on-campus
residencies," said SBE Dean Darrell Radson, "students will develop a
strategic perspective and reinforce collaboration and communication
skills while interacting with their cohort and faculty members." In a
cohort program, students move through all classes and phases of the
program together as a group, from beginning to graduation.
In
other business, the Board
* Voted to award the Melvin Calvin
Medal of Distinction to Raymond L. Smith, sixth president of Michigan
Tech. Smith, for whom the ME-EM building is named, is recognized as one
of the most authoritative authors and lecturers on minerals and metals.
The Melvin Calvin Medal is the highest honor that the University bestows
on individuals who have exhibited truly distinguished professional and
personal accomplishment and have been associated with Michigan Tech.
* Approved residence hall and apartment room-and-board rates for the
2010-11 academic year, including increases ranging from 4.10 to 4.33
percent for the residence halls and 4.62 to 7.95 percent for Daniell
Heights apartments. A single room in the new residential apartment
building will cost $8,400 for the year, with a 50-meal per semester food
plan.
* Learned that the Graduate School is piloting a National
Service Graduate Fellowship Program to better meet the needs of students
who have provided significant service to the US. Active military
personnel, honorably discharged veterans, military retirees, and Peace
Corps and Americorps volunteers who have successfully completed their
service are eligible for the fellowship.
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