New Funding Formula Aims to Prevent College Tuition Hikes - 8 News NOW

New Funding Formula Aims to Prevent College Tuition Hikes

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LAS VEGAS - Nevada's college students are getting a real-life lesson on university finances, and it's leaving a bitter taste for those just starting out.

"There's a lot coming out of our pockets for parking, all the little fees over and above tuition," UNLV student Donald Romero said.

"When I was talking to my advisor, I was looking into stuff," said UNLV student Jasmine Bradford. "They were like, ‘I'm sorry. They're not offering it anymore.' So, it was very unfortunate."

"The institution only cares about the money you give them," added another UNLV student. "That's all they care about."

In December, the Board of Regents approved an eight percent tuition hike because of a massive state budget deficit. Parents and students have had no choice but to bear the rising costs for a decade. Wednesday, higher education administrators updated legislators on a plan to fix the university system's financial house.

"It's going great. I mean, there's a lot of work to do on these things, and the devil is always in the details," University System Chancellor Dan Klaich said.

Klaich briefed lawmakers in Carson City Wednesday. Last month, higher education officials threw out their funding formula for the Nevada's universities and colleges and started from scratch.

Klaich says institutions will no longer receive money based on enrollment and a complicated system nobody understands.

"The new formula measures the work we do in teaching by completed student credit hours, and it puts a price on them," he said.

The new funding formula is designed to spread the wealth - allowing schools to keep money paid by their students on campus. It also allocates dollars based on graduation and performance.

"Quite frankly, that's one of the real equity problems we've got to address," Klaich said.

Klaich says students will not see the effects of the new formula until 2014.

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