The Finance Committee of the Board of Visitors met Wednesday to discuss a proposed four-year financial plan, including possible tuition increases and a new fee structure.
The committee asked for more information regarding a potential tuition increase of 2.9 percent for in state students and 3.9 percent for out of state students with changes set to take effect next fall. These increases are low in comparison to previous years — in 2010, students saw a 9.7 percent tuition hike, and in 2011 it increased an additional 8.8 percent.
Patrick Hogan, the executive vice president and chief operating officer, said the need for tuition increase is due in part to a 3 percent faculty salary increase mandated by the Virginia General Assembly in February. The salary increase alone is estimated to cost the University $3.8 million.
“Everybody was very focused on the faculty freeze for five years,” Hogan said. “The General Assembly felt this was the year to address that … The General Assembly did not fully fund those increases, and the University has to find ways to fund those increases.”
In addition to the across-the-board increases, the proposal also includes targeted fees for specific classes and schools. Rising third- and fourth-years in the College, Nursing, Architecture, Batten and Curry Schools will pay an additional $500 Upper Division Fee. This fee will increase by $500 increments annually until it reaches $2000 in fiscal year 2017.
Everyone in the Engineering and Nursing Schools will also be hit with extra fees in order to keep up with those schools’ rising technology costs. The Commerce School tuition differential is also expected to rise from $4000 to $5000.
“The University’s administration and Board are committed to holding tuition down as low as possible consistent with maintaining the quality of the University’s exceptional academic program and the value of a University of Virginia degree,” Board member Frank Atkinson said in an email. “Both quality and affordability are imperative, so those considerations will guide the tuition decision that the Board will make next week.”
The Board will make its final decisions about tuition increases on April 18, and will discuss the University’s overall operating budget next month.
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