A lack of a State Budget in Illinois means you’re paying more at public universities and colleges. Illinois State Senator Pat McGuire says public universities and colleges can’t budget for the year without knowing how much money they’re getting from the state. At Joliet Jr. College tuition has gone up to 19-dollars per credit and 16-dollars of the tuition hike is due to a lack of state budget.
Moody’s Investors Services this week downgraded public universities in Illinois to junk status which means if they want to borrow money they will pay very high interest rates. Those institutions are Southern Illinois University, Northern Illinois University, Governors State University, Northeastern Illinois University and Eastern Illinois University. McGuire says in the past the cost of education was divided into thirds. One third of revenue would come from students, one third from local property taxes and one third from the state. Currently only 6-percent of revenue is coming from the state of which students are picking up the slack.
McGuire in the senate passed a budget that cuts 3-billion in state expenses but has tax increases of 5-billion dollars. The budget also cuts funding for higher education by 10-percent but McGuire says reforms in procurement should save universities millions of dollars.