The University of Virginia will raise base undergraduate tuition and fees by over 8% over the next two years, under a tuition plan approved by the school’s Board of Visitors last week.
The school held base tuition steady for this year and last, but will raise tuition and fees for the next two years as a reaction to “rising university costs across a wide range of sectors,” according to a news release from the school.
The board approved a 4.7% increase in base undergraduate tuition and fees for the 2022-2023 academic year and a 3.7% increase for the 2023-2024 academic year.
Laying out rates for the next two years is designed to make tuition decision “more transparent and predictable for UVA students,” the school said.
Currently, tuition for in-state students runs about $14,000 and $46,000 for out-of-state students. When all fees, plus room-and-board are added in, the price tag rises to more than $29,000 for in-state students and $62,000 for out-of-state students.
“We do not take decisions about tuition lightly and we strive to limit increases in tuition to only what is needed to address rising costs, ensure financial stability, and maintain our academic excellence,” said University Rector Whitt Clement in a statement.
The school said increased revenue from raising tuition and fees will be used to “enable UVA to offer competitive salaries for faculty, support a world-class student experience, and maintain its commitment to meeting 100% of the demonstrated need for undergraduate students through AccessUVA, the university’s financial aid program.”
Under AccessUVA, in-state students with a family income of less than $80,000 receive free tuition and fees, while in-state students with family incomes of less than $30,000 earn free tuition and fees, as well as room and board.
“These new tuition rates will help the University balance its annual budget in an inflationary environment, while maintaining our commitment to accessibility and to value,” President Jim Ryan said in a news release.
“We will continue to be one of the few public universities in the country to meet 100% of students’ demonstrated financial need while offering all of our students a world-class education and experience during their time here.”