Updated: 10/12/2012 1:50 PM KSTP.com By: Kate Renner
The University of Minnesota Board of Regents voted unanimously to freeze tuition rates for in-state undergraduate students for the 2014-2015 school year.
The vote was a part of approving President Eric Kaler's biennium budget.
The budget ties state funding to this tuition freeze.
The university will ask the legislature for $14.2 million each year, in exchange for a hold on tuition.
"This is an extraordinary bargain we're offering," said Clyde Allen, U of M Regent.
According to the Board of Regents, the idea is to link state funding to the university's achievement.
The state will be allowed to withhold $ 11.5 million if the U of M doesn't meet certain requirements; like awarding more degrees and increasing financial aid.
"This specific commitment to accountability that we are offering up, not because it's demanded of us necessarily by any other body, but because it's appropriate for us to be accountable to the people who fund us," said Laura Brod, U of M Regent.
The U of M will now submit its request to the state by Monday.
That proposal will be discussed during the 2013 legislative session, and will need approval from the state.