University undergraduates currently shelling out big bucks for their degrees may soon find it difficult to complain about their wallet-slimming expenses: Turns out, the cost of tuition today is not as lofty as it might be in six to 10 years.
A University six-year financial plan recently submitted to the State Council of Higher Education for Virginia detailed three scenarios -- best, "middle-of-the-road" and worst -- for projected tuition and fee hikes, according to University spokesperson Carol Wood. Wood emphasized that the tuition increases are largely dependent on the levels of state funding offered to the University during the next six years.
Jim Alessio, director of restructuring at SCHEV, said Virginia public higher education institutions are required to submit such plans every two years, in accordance with the 2005 Restructured Higher Education Financial and Administrative Operations Act.
Wood said the best-case scenario outlined tuition increases assuming that the state funding commitment is fully met and the $9.6 million recently cut from the University's budget by the Commonwealth is added back throughout the next six years.
The "middle" scenario was based on projected, partially-met funding levels, she added.
According to Colette Sheehy, vice president for management and budget, the worst-case scenario assumed that "we don't get one more dollar from the state for the next six years than we currently do."
According to the "middle-of-the-road" scenario, Sheehy said, in-state tuition and fees for the 2013-14 academic year -- not including room and board -- would equal $10,227. At best, this figure could be reduced to $9,609, and at worst, it would be closer to $13,931, she said.
Sheehy said out-of-state students, who currently pay $26,071, might have to pay as much as $43,924 in 2013-14 under the worst-case scenario.
"It's a little hard to say which [scenario] is more likely," Sheehy said. "It's just the second time that we have done this plan. But, over the period from '05 to '07, it was actually the best-case scenario that played out."
Sheehy said she anticipated the actual amount of the tuition increases to fall somewhere in the middle, with a slight bias toward the best scenario.
Both Wood and Sheehy said the University's AccessUVa financial aid program would not be negatively affected as a result of possibly substantial tuition increases.
"We are fully committed to AccessUVa," Sheehy said.
Wood added, however, that the University is looking for "philanthropic support" for its financial aid program.
Wood also noted that the University would like to make the rising cost of college a planned one for families.
"What we hope for is a predictable and reasonable rate [of tuition increase]," Wood said.
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