The Virginia Commonwealth University Board of Visitors this week approved a budget for 2015-2016 that includes an increase in tuition and mandatory fees of about 3 percent.
The budget supports the highest priorities of VCU’s strategic plan, Quest for Distinction, which emphasizes academic quality and student success.
“The budget reflects a sensitivity to the cost of higher education at a major public research institution and our responsibility to provide a high quality education so that our students receive a strong return on their significant investment,” said VCU President Michael Rao, Ph.D.
Typical in-state undergraduate students enrolled in 15 credits will pay $12,772 in tuition and mandatory fees, which represents a 3 percent or $374 increase. Out-of-state undergraduate students’ tuition and mandatory fees are set at $31,463, a 3.3 percent or $1,004 increase.
Full-time, Virginia undergraduate students enrolled prior to fall 2013 who are under the block schedule tuition model will see an increase of $315 in tuition and mandatory fees. Out-of-state students paying under the block schedule tuition model will pay $847 more.
The block schedule undergraduate tuition model will be discontinued beginning in fall 2018.
The average cost for a new Virginia undergraduate student living in on-campus housing with a meal plan will be $22,358. The average cost for a new out-of-state undergraduate student living in on-campus housing with a meal plan will be $41,049.
Mandatory fees remain unchanged with the exception of the student health service fee, which is increasing by $11 due to higher demand for services and the costs associated with state-mandated salary increases, and the out-of-state student capital outlay fee that is increasing by $13 to meet state requirements.
A significant amount of the revenue raised by the tuition increase will be used for financial support for students, innovative academic programs and campus safety. Revenues also will address Title IX, deferred facility maintenance and human resources infrastructure needs.
The state mandated and is sharing the cost of an average 2 percent salary increase for VCU’s faculty and staff. Through the reallocation of existing university resources from all units, an additional 2.5 percent performance-based salary increase pool is being created for teaching and research faculty.
The board approved other rate increases for the academic year, including those for advanced degrees, housing, dining and parking rates. More information can be found at www.budgetupdate.vcu.edu and www.mytuition.vcu.edu.
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