University of Memphis tuition up 7 percent to $4,117 per semester

University of Memphis is hiking its tuition again, this time by 7 percent for the 2012-13 school year.

The Tennessee Board of Regents has approved tuition hikes that will result in a 7 percent increase for the University of Memphis? ? University of Memphis Latest from The Business Journals All roads pointed to a career in logistics for Brandon Sartain Social Madness competition narrowing as 12 companies move onGov. Haslam eyes Tennessee college affordability Follow this company and a 4.8 percent increase for Southwest Tennessee Community College? ? Southwest Tennessee Community College Latest from The Business Journals Gov. Haslam eyes Tennessee college affordabilityLast chance to vote in Social Madness challengeRegents recommend tuition hike at Tennessee schools .

The new tuition rates are effective for the 2012-13 school year.

Students taking 15 hours at the University of Memphis will pay $4,117 per semester, while Southwest students will pay $1,858, according to the Board of Regents. Students at the Cecil C. Humphreys School of Law will see a 7.3 percent tuition increase this fall to $8,357 per semester.

The Board of Regents has increased tuition for the last three years; U of M saw its tuition rise 11 percent last year based on a 12-hour schedule.

The tuition increases have coincided with reductions in state funding to schools. Tennessee has cut funding to the U of M by $41.7 million in the last four years. Another $1.8 million will be cut this fiscal year.

?Adequate funding is necessary for the University of Memphis to continue its primary goals of providing a high quality education and graduating our students in a timely manner,? Shirley Raines, president of the University of Memphis, said in a statement. ?Still, it is unfortunate that our students must continue to bear the responsibility for closing the gap in state funding and our funding requirements.?

Michael Sheffield covers bioscience and biotechnology; manufacturing; tourism and hospitality; and sports business. Contact him at msheffield@bizjournals.com.

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