Florida State University aims to become the nation’s top public research university with the lowest student debt by increasing scholarships, maintaining stable tuition, and expanding research efforts.
Florida State University (FSU) is striving to achieve a new distinction: becoming the nation’s top public research university with the lowest student debt upon graduation.
Currently, about 32 percent of FSU undergraduates graduate with debt, with an average of $14,500, a figure less than half the national average of $29,400. The university’s strategy to reduce student debt includes increasing scholarships and grants, expanding financial literacy programs, and offering paid internships and work opportunities.
Joe O’Shea, Associate Provost and Dean of Undergraduate Studies, noted that 86.3 percent of full-time undergraduates received some form of non-loan financial aid during the 2022-2023 academic year. He also pointed to FSU’s high four-year graduation rate of 75 percent as a factor in minimizing student debt, as students who graduate on time avoid the costs associated with extended enrollment.
“Our students are not staying for five or six years and accumulating debt. Our focus on timely graduation is a key part of our strategy,” O’Shea said. “This is part of FSU’s commitment to making sure our education is as accessible as possible.”
FSU President Richard McCullough described the goal as ambitious but within reach, stating that the university is already among the top 12 public research institutions for low student debt, with aspirations to reach the number one spot in the coming years.
“I think it’s really important that we not only deliver an amazing education to our students, but we also do it in a way that’s the lowest cost,” said McCullough.
FSU’s research efforts are supported by alumni, donors, and legislative allies, who university leadership says have helped increase the university’s scholarship funding, allowing FSU to distribute more than $105 million in scholarships last year. The university has also kept tuition stable for the past 11 years.
Earlier this year, the State University System Board of Governors reported an increase in research expenditures at FSU for the 2022-23 academic year, reaching $400 million — a $75 million rise from two years prior.
“This is incredible progress that the university has made, and it’s the faculty,”McCullough said during his ‘State of the University’ speech in November.
McCullough also told faculty members that FSU’s expenditure goal for next year has been revised to $500 million following 2023’s numbers and that the university would continue to build its research infrastructure to lend support to the objective.
As FSU bolsters its internal research ambitions, outside entities have entered the fold, including the Triumph Gulf Coast Board, which in November greenlit the funding for a $98.4 million project to develop aerospace and manufacturing facilities in FSU’s Panama City campus.
FSU will contribute $65 million over the next 10 years towards the project and aims to secure more than $230 million in contract and grant work. Economic analysts forecast that the project will generate $10 in economic activity for every $1 spent.
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