LOUISVILLE, Ky. (WDRB) -- The University of Louisville appears likely to raise tuition by 4 percent -- the maximum allowed by state law -- for most of its students for the upcoming academic year.
Full-time undergraduate students who are residents of Kentucky or have in-state rates would pay $11,511 in tuition and fees in the 2018-19 year, up from the current $11,068, if the board of trustees approves the increase.
While tuition rates and the school's budget will not be finalized until next month, U of L board of trustees chairman David Grissom said Tuesday that he has come around to supporting the hike.
Neeli Bendapudi, who takes over as U of L president on May 15, also supports the move, Grissom said.
Grissom, who in recent months has said he wanted to avoid an increase, said Tuesday that the university needs more cash on hand to satisfy the requirements of its accrediting agency, which removed the university from probation in December.
"At the end of day, we need to strengthen our financial situation in a way that doesn't give rise to new accreditation issues," Grissom said. "And as much I want to protect the interests of the student, I think the concern about liquidity and financial strength overrides the concern about the students."
The Kentucky Council on Postsecondary Education last month allowed state universities to hike tuition by up 6 percent over the next two academic years, and by no more than 4 percent in either year.
The increase would bring an estimated $7.7 million in additional revenue in the fiscal year that starts July 1, basically offsetting a projected cut of $7.1 million to $8.4 million in funding from state government.
The Kentucky General Assembly has cut state support for universities every year since at least 2008.
U of L's tuition has gone up every year since 2001 with the exception of the current academic year, in which it was flat from 2016-17:
Sources: Ky. Council on Postsecondary Education, U of L