Springfield- The University of Illinois System is proposing a partnership with the state to help keep students in Illinois.
The university system announced the Invest in Illinois, or Triple I program, an amendment to the proposed Investment, Performance, and Accountability Commitment (IPAC) bill. This measure would provide predictable funding for university operations over the next five years. In turn, the university would agree to meet tangible performance goals that serve the needs of the state.
The newest amendment would earmark $170 million in annual financial aid for for in-state students. If approved, over the course of the five-year agreement, $850 million would be provided to students in financial aid. This plan is being formulated to stop the out-migration of students leaving the state to go to college. “We’re trying through these mechanisms to drive student debt down for our graduates, enable more students who would otherwise be leaving the state to participate. We need to be competitive on cost, we are already really competitive on quality.” said Tim Killeen, University of Illinois President.
According to President Killeen, in surveys of students admitted to the U of I system who chose another college, financial barriers were cited for eight out of the ten top reasons.
Under this new performance based funding model the state would provide a FY 2018 appropriation of $647 million, with funding increasing with the rate of inflation. In return, the university would commit to holding tuition and mandated fee increases for in-state students to no more than the rate of inflation, admissions thresholds to build enrollment of Illinois undergraduates and high retention and graduation rates.
IPAC is currently awaiting hearing in a Senate committee.