University officials are thinking about giving students the option of splitting their tuition payments in order to assist them with the rising cost of education.

“We owe it to our students to do better,” said Ryerson president Sheldon Levy.

Last week, Levy also said he would recommend a five per cent tuition increase – the maximum allowed under provincial legislation ­­– to the board of governors.

He said the fee hike is necessary because of the university’s rising costs and it will prevent the school from running a deficit. He also said the spike will benefit students because it will keep budget cuts to a minimum.

“I’m very supportive of the idea (of splitting tuition),” Levy said, adding the university will make a stronger effort to implement this policy for the fall 2009 term to help students cope with an average increase of about $300 if the tuition increase is approved.

Splitting tuition fees means that students will be allowed to pay a percentage of their fees in the first semester, with the remainder due in November. Ryerson’s current rules require students to pay their fees in full by the end of the first week of the fall semester.

“I don’t think it’s going to be 50-50, but it certainly shouldn’t be 100-zero,” Levy said.

Heather Lane Vetere, vice provost of students, also said that the university will continue to explore tuition splitting options.

“The president and provosts are invested in making this better for students,” Lane Vetere said.

She added that interest accumulated on tuition payments goes into the university’s operating budget, and the the university “would rather see that it wasn’t.”

Rebecca Rose, RSU vice-president of education, thinks this is a cop-out.

“The university promised representatives of the RSU that tuition fees would be split in 2008-09, but they went back on that promise,” she said.

“What it comes down to is that the university is making a lot of money off students who can’t pay tuition,” Rose said. She also said she hopes the university lives up to its word.