COLUMBIA, Mo. (KMIZ)
Room and board for students on the University of Missouri's Columbia campus will go up more than $450 after a vote by the board of curators Thursday.
The University of Missouri Board of Curators was meeting Thursday in St. Louis. Among the items on the agenda was a room and board increase across the University of Missouri System's four campuses.
The rates on the MU campus will go up 4.1%, or $453, starting in summer 2024, according to board documents.
Below are the University of Missouri System's housing and dining increases for all four campuses:
- University of Missouri: 4.1% increase
- University of Missouri-Kansas City: 4.0%
- Missouri S&T: 3.2%
- University of Missouri-St. Louis: 3.0%
Reasons cited for the increase are financial, including "debt services, contractual arrangements with third-party vendors, and the relative attractiveness of each option for students."
The rate increases are meant to find a "balance between maintaining financial sustainability of the housing and auxiliary and affordability for students," according to meeting materials. It is also deemed necessary to maintain the facilities to be competitive.
MU is $239 million in debt and the university's housing operations are responsible for 37% of that debt. That is another reason cited for the proposed rate increase.
"We have many residence halls throughout all four universities and the university system built these halls because we were able to provide our students with a modern living arrangement. It was a thoughtful decision to make those investments," UM System President Mun Choi said. "And the increases that we are seeking will help to ensure that they have the deferred maintenance budget to be able to maintain their status."
The university intentionally dropped its rates during the 2019 fiscal year and has kept them the same until Fiscal Year 2022 to increase enrollment.
When enrollment increased again, MU began to raise its housing and dining prices.