The Iowa Board of Regents is studying whether to implement a tuition guarantee program that would lock in rates for four years, potentially helping families better plan for college expenses.
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The program would allow students to pay the same tuition rate throughout their four-year college career, similar to programs offered by other universities across the country. The Iowa Legislature directed the Board of Regents to examine the pros and cons of guaranteed rates for in-state students.
For families like Bridget Penick's, tuition could provide relief. The Glenwood native and Des Moines mother has four daughters; two recently graduated from state universities and a third started this year.
"Obviously, stability in any of the numbers will be helpful to plan," Penick said.
When Penick's oldest daughter started at the University of Iowa in fall 2018, tuition and fees cost roughly $4,600 per semester. For her daughter entering Iowa this fall, the cost jumped to a little more than $6,000 per semester, not including additional fees.
"Then there are at least 10 fees, " said Penick. "So, yeah, that adds on β I'm doing my math hereβ $1,000 on top of tuition," she said after listing all the fees on her third child's tuition bill.
Penick worries that universities might increase fees to compensate for tuition rates.
The Board of Regents hasn't made a final decision, and any program wouldn't begin immediately.
"To maintain financial viability, the regent institutions are going to have to cut people," said Regent Kurt Tjaden during the Nov. 12 Board of Regents meeting.
However, the possibility hasn't been ruled out.
"But, I think if the tuition piece alone could be locked in, that gives some peace of mind," Penick said.
The study also identifies recent cuts in federal funding and state tax cuts as potential financial hurdles, along with mixed results from other colleges with similar programs.
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