The Board of Visitors approved undergraduate tuition raises Wednesday for the 2014-15 academic year. In-state students entering the University in August will face an increase in tuition and fees of 4.3 percent, while out-of-state students will face an increase of 5.9 percent.
“The University of Virginia remains a tremendous value for students from all walks of life,” Board Rector George Martin said in a University press release. “The tuition plan approved today helps sustain and enhance success by supporting investments in priorities such as our superb faculty and an even more distinctive residential culture.”
In dollar costs, in-state tuition will increase by $540, to $12,998, and out-of-state tuition by $2,340, to $42,184. After considering room and board, dining and other academic costs such as books, the change represents a 3.6 percent increase for in-state students and a 5 percent increase for out-of-state students.
According to the press release, the increases will be used to cover increased required payments into the Virginia Retirement System, fund faculty salary increases and help pay for the University’s recently passed Cornerstone Plan, a strategic plan with the goal of “sustaining and enhancing excellence.”
“We must support a faculty that will position the University for sustained excellence as we approach our bicentennial and prepare for U.Va.’s third century,” University President Teresa Sullivan said in the press release. “This will mean retaining and recruiting young talent as well as experienced scholars in a broad array of disciplines.”
At a meeting last Friday between student leaders and University administration, Colette Sheehy, vice president for management and budget, said the increase will most burden students who are not receiving financial aid. She also said the University is looking for more ways to make its financial aid program, AccessUVa, affordable.
“We are looking for more private sources to fund AccessUVa,” Sheehy said at that meeting.
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