A UW System official told the Board of Regents Thursday that financial aid for students is becoming increasingly important as the nation trends toward decreasing public funding to higher education, forcing institutions to hike tuition.
The Regents also approved the second phase of construction at UW-Madison aimed at enhancing Camp Randall’s academic and training facilities for student athletes and construction of a heating and cooling plant on the West side of campus.
Financial aid is not increasing as quickly as tuition hikes are, so the average student today graduates with about $27,000 in loan debt, System Interim Senior Vice President for Academic Affairs Mark Nook said.
“Those of us trying to find new methods to fund our mission of public higher education nationally need to take a close look at financial aid and student cost,” Nook said.
Nook said as the system ultimately hopes to increase the number of jobs in the state by increasing the number of college graduates, it should look into how financial aid helps students graduate with less debt.
“We can’t do any of those things if we don’t educate a broader swath of the population in the state of Wisconsin, and that means making sure the tuition, room and board, all of the fees that these students have to pay are affordable.”
UW-Madison financial aid director Susan Fisher said some of the students who struggle the most with loan debt are students who fall just short of qualifying for national need-based aid.
“They are really hurting,” Fisher said.
Also at the meeting, the regents approved the second phase of renovations to the UW-Madison student athletic performance center.
The center is currently undergoing the first phase of renovations, which the Regents approved in October.
Phase II will include renovating the McClain indoor training center and installing new LED boards in Camp Randall.
Total construction is estimated to be $77 million, funded by Athletic Department revenue and private donations.
The Board also approved the West Campus Cogeneration Facility Chiller Addition and Instillation project, expected to cost about $65 million.
