The University of Wisconsin-Waukesha could either be getting an upgrade or disappearing altogether, and a meeting next week might determine its direction.

For the past two years, the University of Wisconsin Board of Regents has been investigating the financial implications of a change in Waukesha's format. So far, three options have been discussed: upgrading the two-year school to a four-year university, merging with the University of Wisconsin-Milwaukee or becoming a university center, which offers degrees from other institutions.

According to UW System spokeswoman Kate Dixon, the Board of Regents is expected to hear a presentation on the costs of operating the different options March 8.

"We're studying (UW-Waukesha) because the community may need increased access to degrees or ways to better manage costs," Dixon said.

Currently, UW-Waukesha is intended to act as a "gateway" for students to start their undergraduate degree.

"We're designed as a transfer institution," said Patrick Schmitt, UW-Waukesha's dean of campus and chief executive officer.

According to Schmitt, funding for the school's programs comes from the state, but the buildings and the land they sit on are owned by Waukesha County. He said a previous county official made the push for the change in UW-Waukesha's format so all of its funding could come from the state.

At this point, the most reasonable option (in terms of being fiscally responsible) for UW-Waukesha seems to be making the campus a university center, officials said.

According to UW System spokesman David Giroux, if UW-Waukesha became a university center, external universities would be able to offer degree programs on the UW-Waukesha campus.

In fact, Giroux said the school operates much like a university center already. UW-Milwaukee currently offers three bachelor's degrees and an MBA program at the Waukesha campus.

"A university center is like a food court, but with degrees," Giroux said. "It's one convenient place for people in the community to get the education they need."

Giroux also said the university center model is ideal for non-traditional students, such as those with careers who may be looking for a change.

Students participating in the external degree programs would pay the tuition of the university offering the program.

"I think we need to think about implementing a university center here. It's the educational model for the 21st century," Schmitt said. "We can borrow the wheel rather than reinvent it."

According to findings from a study group that examined the potential costs of different possibilities, creating a university center at UW-Waukesha would cost $10.5 million to operate annually. It is the most fiscally responsible option when compared to a merger, which could cost as much as $25.8 million annually, or making UW-Waukesha a four year university, which would cost $25.9 million each year.

Dixon said she suspects the board will be most receptive toward whatever option is the most cost-effective.

At its meeting on March 8, the Board of Regents does not have plans to take any action regarding UW-Waukesha – only plans to discuss it.

"The bottom line is that all things cost money," Giroux said. "We're showing people that we're ready, willing and able to do this, here's the price. Money is a very important consideration."