"They also have that fixed designated tuition portion of their bill and that portion will be fixed for four years," said Fowle.
For continuing Mustangs the increase will be 2.55 percent.
"To me, they seem very reasonable. We're still low in the state on what we're charging. So, we are still very affordable," said Fowle.
University officials said some of the money will go to adding more student service positions and about $50,000 more in tutoring dollars.
Student commuters are also going to have to pay a little more, parking fees went up from $50 to $70 per year.
The fee increase is going to be used to pay off the parking lot that is being built near the new residence hall.
MSU board members said the parking price may continue to go up $20 every year, and they hope to use this revenue for a new parking garage that could cost anywhere from $14,000,000 to $20,000,000.
The board of regents also approved a $38,000,000 budget for the Health Science building project, adding new labs and more space.
Renovations will also be taking place in order to be in compliance with safety codes in the Fine Arts building, Bolin Hall and the Hardin administration building.
The $58.4 million provided by the Tuition Revenue Bond was reviewed.
It will be used for library renovations and using the Bridwell building for student service activities testing and counseling.
"The institution is actually guaranteeing the bond with tuition dollars, but tuition dollars aren't being used to pay the bond the state is appropriating the money to pay for the bond," said Fowle
Every year the university gets money from the state, and for the bonding purpose, they guarantee it with local tuition.
The new residence hall's name was approved at the meeting. The Legacy Hall, named by students, will have 500 beds and six staffing positions have been added to work in the new dorms.
The MSU Board of Regents went over their five year plan for construction, which is like a wish list for the campus.
They hope to expand the Bolin Science building, build a parking garage, add another residence hall, and a sports stadium for the Mustangs also made the list.
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