The Board of Trustees approved housing rates and student fees applicable for the next academic year during Thursday’s meeting on the Chicago campus.

Next year, students will pay a total of $2,746 for the entire academic year, $142 more than they pay currently. This is an increase of 5.5 percent, and it’s the lowest fee increase in the past three years, according to Board meeting minutes.

“Again, these fees are to pay for auxiliary facility operations including salaries, utilities and essential goods and services, new or expanded student programs, library technology and infrastructure requirements,” said Walter Knorr, chief financial officer and comptroller.

Students living in University housing will also have to pay additional money since the Board approved to increase housing rates by 5.9 percent.

Knorr said the rates being presented were based on a standard double room with a classic 14-meal per week meal plan.

Students who currently live in University housing pay $4,099 each semester; however, next year, that rate will jump to $4,342, and students will be paying $243 more.

Newly-elected chairman of the board Niranjan Shah spoke out against the increase in housing rates for students.

“Frankly the housing rates should remain steady,” Shah said.

His sentiments were directed toward rates on the Urbana campus, and he asked that Chancellor Richard Herman look into the matter to see if there were any ways money could be saved.

Shah’s concern about costs were echoed by several trustees and presenters, and it was made clear the economy and the University’s financial situation are all worries for administrators.

“Since November, the senior leadership of the University has been working on a plan for the remainder of fiscal year 2009 and what could be a difficult fiscal year 2010,” said University President B. Joseph White.

He said the top concerns are to maintain the academic integrity of the University and ensure that students and their academic interests are protected.

Knorr said the University is taking steps to cut expenses and combat their economic problems.

To do this, he said the University is being careful with human resource actions and the hiring of new employees and travel expenses are to be reduced, along with non-essential equipment purchases.

“It’s a grim picture,” Knorr said. “And we’re going to have to deal with it.”