The Virginia Commonwealth University administration presented a range of tuition increases from 3% to 6% for undergraduate students, along with a 3% to 6% tuition increase for graduate students for fiscal year 2022-23, at a meeting of the VCU Board of Visitors today.
VCU senior leaders guided board members through the financial implications for a range of tuition increase proposals and the need for an increase, citing inflation, state-mandated salary increases and a need for more student financial aid.
Budget recommendations for students also include an increase of $145, or 4.8% in mandatory fees, including a $112 increase in the university fee, a $14 increase in the technology fee, a $5 increase in the health service fee, a $10 increase in the academic support services fee and a $4 increase in the library fee, citing needs and growing costs similar to the ones associated with the tuition increase proposals. VCU’s mandatory fees remain among the lowest for Virginia colleges and universities.
Under the recommended range, typical in-state undergraduate students enrolled in 15 credits per semester would pay $15,641 at 3% to $16,017 at a 6% increase in tuition and mandatory fees in the 2022-23 academic year, an increase of $523 to $899. Out-of-state undergraduate students’ tuition and mandatory fees would be set at $37,587 to $38,573, an increase of $1,131 to $2,117.
The proposed budget anticipates a 5% average merit pool increase for faculty and staff compensation. Adjunct faculty would also receive a 5% salary increase.
“The recommended increase allows VCU to pay its share of state-mandated salary increases for employees, increase student financial aid and address faculty promotion, salaries and tenure,” said Karol Kain Gray, senior vice president and chief financial officer for VCU. “VCU froze tuition for the last three years but that is not sustainable as salaries, financial aid/waivers, and the cost of maintenance, technology and utilities have increased.”
Michael Rao, Ph.D., president of VCU and VCU Health System, credited lawmakers for recognizing VCU’s value to Richmond, the state and the world.
“We thank our lawmakers for their proposed investments in Virginia higher education, and VCU specifically. This support is critical to our mission to put student needs first. We are committed to increasing financial aid for our students and compensation for our talented team members, who lead our efforts to provide high-quality education and research,” Rao said.
The Board of Visitors invites feedback on the proposed budget. The full proposed budget and the feedback form are available at https://president.vcu.edu/
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