The Board of Visitors convened by teleconference yesterday to set next year's tuition, which will increase by 8.8 percent for in-state students and 6.2 percent for out-of-state students.
The tuition increase, the smallest in the last three years, is expected to be the last time the Board sets tuition on an annual basis as the University moves toward a five-year tuition plan that will lock in future increases.
A five-year tuition plan discussed at the Board's February meeting proposed fixing the annual increase in estimated total cost of attendance at 8 percent for in-state students and 6 percent for out-of-state students.
The Board deferred setting tuition at the spring meeting that concluded two weeks ago in order for the budget office to recalculate in-state tuition slightly. The recalculation resulted in a $40 decrease from the projected tuition at the meeting.
"The challenge was to bring the increase down," University spokesperson Carol Wood said. "The president was concerned that in the last few years, with tuition fluctuating rapidly, we wanted to hold down any increase."
Administrators expressed confidence that this year's tuition increase represents the University's best effort to provide students with a good value.
"This is the best that it has been any year in the last few years, and the smallest increase in three years," said Leonard Sandridge, University vice president and chief operating officer. "I think you'll see that this is still a real bargain. It's something that we're proud of, and it's responsible given the quality of education that students expect here."
The Board reaffirmed its commitment to expanding financial aid in light of the tuition increases in the hopes of countering cost-wary, lower-income prospective students.
"I have no issue with the increases, but I think it's really important that we communicate the financial aid component," Board member Warren Thompson said. "Otherwise, we run the risk of being perceived as unaffordable."
Next year, the amount the University spends on financial aid will increase approximately 17.5 percent. The sharp increase in financial aid incorporates the final phases of the implementation of Access U.Va., the University's debt reduction initiative.
"We are committed to fully funding an increase in aid," said Collette Sheehy, University vice president for management and budget.
Undergraduate first years' total cost of attendance for next year will be $13,759 for in-state students and $30,679 for out-of-state students.
"When you compare the University to institutions around the country, both public and private, we are quite reasonably priced," Sandridge said.
The proposed five-year tuition plan is contingent upon the management agreement the University is expected to enter with the Commonwealth as a part of the restructuring of Virginia's higher education over the next year. The University is expected to propose such an agreement by October.
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