The board approved a 2.9 percent increase in tuition and mandatory fees for resident undergraduate students for a second consecutive year, the smallest percentage increases at Virginia Tech since 2001-02. Tuition and mandatory fees for nonresident undergraduate students will increase 3.5 percent.
Tuition and mandatory fees for Virginia undergraduate students will increase $378, to $13,230 annually, and out-of-state students will pay an additional $1,039, totaling $31,014 annually.
Room and board charges will increase by 3.2 percent, or $266 per year, to a total of $8,690 annually.
To offset increases and to support low- and middle-income families who seek a Virginia Tech education, the university has committed to invest approximately $3.7 million toward financial aid programs next year, raising the total institutional support to more than $49 million next year.
“The constraint we have shown in tuition and fee increases over the past several years demonstrates our commitment to provide an affordable, high-quality education for Virginia residents,” said Virginia Tech President Tim Sands. “And we have achieved this fiscal discipline in spite of the fact the state announced earlier that it will reduce its support by $8.6 million in the 2017-18 fiscal year.”
In addition to the state budget reduction, that state will require Virginia Tech to pay most of the increases in health insurance costs and faculty and staff compensation next year, resulting in approximately $9 million in new costs to the university.
Tuition and fees is the primary source of the university’s Educational and General Program (E&G) budget. In the current fiscal year, for example, tuition and fees from both in-state and out-of-state students accounted for $474 .5 million (or 70 percent) of the $683 million total E&G budget. The state provided $166.5 million (or 24 percent) toward the E&G budget and an additional $42 million (or 6 percent) came from other sources.
“Even though we face many fiscal challenges, our commitment to making Virginia Tech accessible to all remains resolute,” said Sands. “Next year, we will continue to grow our financial aid program that supports students and families in need.”
Virginia Tech’s Funds for the Future program protects low- and middle-income students from increases in tuition and fees and provides 100 percent protection for returning students with a family income below $75,000. Returning students with a family income of less than $100,000 are eligible for partial protection from future tuition increases.
The university’s Presidential Scholarship Program will provide full four-year scholarships to 85 incoming Virginia students next year, an increase of 30 recipients compared to this year.
In addition to university-funded support, Virginia Tech students received $107 million in grant aid and scholarship support last fiscal year.
Virginia Tech will continue the 10 percent tuition and fees discount for summer session and winter session courses to help students complete degrees at an accelerated pace during nontraditional times. This will be the fourth year such a discount is in place.
When adding tuition and mandatory fees with average room and board, the total cost in 2017-18 for a Virginia undergraduate student living on campus will be $21,920 and for a nonresident living on campus will be $39,704.
Next year, tuition and fees for resident graduate students will rise by $540 to $15,072 and for nonresidents by $1,046 to $28,810.
The total annual cost to Virginia and Maryland veterinary students will be $24,197, an increase of $580, and nonresidents will pay $51,996, an increase of $1,243.
— Submitted by Virginia Tech
