Fredericton, NB – In an announcement made yesterday evening, the Government of New Brunswick stated that they had officially come to terms with three of the province’s four publicly funded universities to sign Memorandums of Understanding (MOUs) through to the 2020-2021 academic year. Central to the MOUs is the implementation of a stable tuition schedule for students studying at the universities, which guarantees predictable tuition rates for the length of a student’s degree. Under this new agreement, nearly 90% of students studying in New Brunswick will now be covered by the new tuition model.
Since 2015, the New Brunswick Student Alliance (NBSA) has advocated for the creation of predictable tuition schedules, implemented through MOUs between the universities and Government. This announcement signifies a major step forward in ensuring the financial accessibility of the province’s postsecondary institution in the future.
The MOUs also impose a tuition cap on the universities, but unlike the cap seen in 2014, university operating grants will be increased to meet the loss in revenue. Over the next four years, operating grants will be increased by 5%, with a 1% per year for the first three years followed by 2% in the final year. This should ensure a stable source of revenue for universities without relying on increased tuition rates.
“These agreements represent the culmination of nearly three years of work in ensuring all students that chose to study in New Brunswick have the information they need to financially plan for their education”, said Samuel Titus, Acting Executive Director of the NBSA. “The NBSA is happy to see three of the four universities sign an MOU.”
As of right now, St Thomas University is the only institution to not sign an MOU with the province, citing an unsatisfactory increase in the operating grants as the main reason. The province has claimed that are continuing to work with St Thomas to get them to sign the MOU. “We look forward to seeing St Thomas sign an MOU in the near future”, added Titus.