NATCHITOCHES, La. – The Board of Regents approved the FY 2025-2026 budget request for public postsecondary education during Wednesday’s October Board meeting on the campus of Northwestern State University.
While full funding for higher education would require a State General Fund increase of $765M, the FY 2025-2026 budget request, developed in consultation with the systems, is $142.3M. This includes targeted funding to support critical education, training, and research needs along with workforce alignment, $20M for statewide dual enrollment, funding to double Louisiana’s successful adult financial aid opportunity, the M.J. Foster Promise Program ($10.5M), and $10M in funding to support Louisiana’s pursuit of the National Cancer Institute designation. The budget submission also includes information regarding a potential state cut to higher education, given the current uncertainty of the state’s fiscal status.
“We know that major funding cuts to higher education will result in fewer graduates, potential layoffs, and less talent development,” said Board Chair Misti Cordell. “As we submit our budget request to meet the needs of our students and the institutions that educate and support them, we look forward to working with the Governor and Legislature, and regional workforce and economic development leadership to make the case for these critical needs.”
Regents will transmit the approved higher education budget request to the Division of Administration by November 1, 2024, as required by state law.
The Board also approved the FY 2025-26 Capital Outlay budget recommendation, which includes 75 continuing projects and 11 new project requests. This information will also be submitted to the Division of Administration for consideration.
In addition, the Board received reports on two statewide financial aid programs – the M.J. Foster Promise adult financial aid program and TOPS (Taylor Opportunity Program for Students), authorizing both reports to be submitted to the appropriate legislative committees.
M.J. Foster Promise is a $10.5M program providing aid to adults seeking to earn high-demand, short-term credentials through Louisiana’s community and community technical colleges.
In its second year, the program supported the education and training of 3,038 students. Nearly half of the students (47%) were 30 years of age or older, and almost 65% earned less than $28,000 per year prior to enrolling. Of those students, 82% were women and 67% were African American. More than 1,270 M.J. Foster Promise recipients completed their credentials in 2023-2024, with an overwhelming majority of completers in healthcare and transportation occupations. On average, the credential earned enabled a completer to increase their annual salary by more than $20,000.
“The M.J. Foster Promise Program is clearly meeting a need in our state, removing affordability barriers to under-resourced adults who are earning credentials in high-demand workforce areas,” said Commissioner of Higher Education Dr. Kim Hunter Reed. “We are delighted to see the wage growth for graduates and the increased demand for the program. These economic benefits support our request for increased funding to expand opportunities.”
The report on TOPS tells a familiar student success story. Students who receive TOPS support are much more likely to complete their degrees, and in a shorter timeframe, than their peers who do not. This year’s report shows continuing strong graduation rates and record retention rates. Yet, despite these strong graduation statistics, the proportion of eligible students who choose to accept their TOPS award continues to decline, as it has done for the last decade.
Both financial aid reports can be accessed here.
The Chair also named the nominating committee, assigned to recommend the 2025 slate of officers. In addition, the Board was notified of an upcoming bylaw change that will be requested to align officer selection to current state law.
The Board of Regents will hold its final regularly scheduled meetings of 2024 on December 11, beginning with a joint meeting with BESE, followed by its December committee and Board meetings.
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Contact
Chris Yandle, Ph.D., APR, Associate Commissioner for Strategic Communications
chris.yandle@laregents.edu • 985-373-5845