RICHMOND, VA (WWBT) - VCU's Board of Visitors approved a four percent tuition increase at their meeting Friday.
The new budget will cost in-state undergraduate students $414 per year, or 4.19 percent more than current rates. With meal plan and student housing, a returning in-state-student will pay $19,381. Out-of-state students will pay $951, or 3.98 percent, more. With meal plan and student housing, a returning out-of-state-student will pay $33,945.
"Despite recent increases in state funding for higher education, for which we are grateful, we are managing a sustained loss of nearly $52 million below the $205.6 million appropriation in 2008," said VCU President Michael Rao. "To meet strategic goals as a nationally competitive research university we require sufficient revenues to support faculty recruitment and retention and student success. We especially are focused on improving baccalaureate graduation rates and financial assistance for academically qualified students with legitimate need."
VCU officials say the 2013-2014 budget includes $2.5 million annually in savings from budget cuts. The university also announced a new tuition structure for new students. They will now be charged on a per-credit hour tuition structure. The first 14 credits will be based on the normal tuition and fees. Any credits at 15 hours or more are reduced by 50 percent. The change should make annual tuition and fees for typical new in-state undergraduates $12,002. New in-state-undergrads will pay $21,084 with a meal plan and student housing. New out-of-state undergraduate students is $29,473 in annual tuition and fees and $38,555 if they also live in student housing with a meal plan.