The Virginia Commonwealth University Board of Visitors today approved a 2013-2014 budget that includes a tuition increase, a new market-based tuition pricing structure for incoming students and significant measures to cut costs and reallocate savings to the university’s core academic mission.
The board’s actions were taken against a backdrop of continuing fiscal challenges stemming from the economic crisis of five years ago when VCU suffered the largest loss of state appropriation in its history.
“Despite recent increases in state funding for higher education, for which we are grateful, we are managing a sustained loss of nearly $52 million below the $205.6 million appropriation in 2008,” said VCU President Michael Rao. “To meet strategic goals as a nationally competitive research university we require sufficient revenues to support faculty recruitment and retention and student success. We especially are focused on improving baccalaureate graduation rates and financial assistance for academically qualified students with legitimate need.”
The 2013-2014 budget includes cost-cutting and operational efficiency changes resulting in a projected savings of more than $2.5 million annually that will be directed to financial aid and other core academic support. The budget also includes:
· An annual $414 or 4.19 percent increase in tuition and mandatory fees for in-state undergraduate students. Out-of-state undergraduates will pay a $951 or 3.98 percent increase.
· A per-credit hour tuition structure for new undergraduate students – freshmen and transfers – based on the 2013-2014 tuition and fees rate for the first 14 credits taken. Additional credits at 15 hours or more are reduced by 50 percent. Based on 30 credits per academic year, annual tuition and fees costs for typical new Virginia undergraduate students will total $12,002. The average cost for a new Virginia undergraduate living in student housing with a meal plan will be $21,084. The average cost for new out-of-state undergraduate students is $29,473 in annual tuition and fees and $38,555 if they also live in student housing with a meal plan.
· Current block pricing structure for returning students, who will continue to pay one price for a block of 12 to 18 credits, with overload pricing at 19 or more credits. Typical returning Virginia undergraduates will pay annual tuition and fees costs of $10,299. The average cost of a returning in-state undergraduate living in student housing with a meal plan will be $19,381. The average cost for out-of-state returning students will be $24,863 for tuition and fees and $33,945 if they live in student housing with a meal plan.
The board approved several other rate increases for the upcoming academic year, including those for advanced degrees. More information can be found at www.budgetupdate.vcu.edu and http://www.mytuition.vcu.edu.
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