RICHMOND, Va. (WRIC) — The Virginia Commonwealth University Board of Visitors approved the budget for 2017-18 on Friday.
The budget includes an increase in tuition and mandatory fees of 3.8 percent for in-state undergraduate students.
This means in-state undergraduate students enrolled in 15 credits per semester will now pay $494 more, which totals $13,624 in tuition and mandatory fees for the 2017-18 academic year. Additionally, full-time Virginia undergraduate students enrolled prior to fall 2013 who are under the block schedule tuition model will see an increase of $404 in tuition and mandatory fees and out-of-state students paying under the block schedule tuition model will pay $1,129 more.
According to VCU’s press release, the budget also provides a $5.1 million increase in university-funded financial aid to students and includes more than $12 million for the state-approved raise for faculty and staff.
The $3.8 million budget gap remains, though, which VCU says will be addressed at the unit level across the university.
“To be certain, this is a lean budget that addresses unavoidable academic and operational costs and focuses on our highest priority needs,” said VCU President Michael Rao, Ph.D. “We are mindful of the cost and burden on students and their families and have increased the amount of university financial aid to students. We are also mindful that we must provide a quality education expected by high-performing students at a major public research university. This is what our students expect and deserve.”
For more information on the budget, visit here.