RICHMOND, Va. (WTVR) – VCU students can expect to pay at least 4 percent more for tuition next year. Today the Virginia Commonwealth University Board of Visitors approved a 4.19 percent increase in tuition and mandatory fees for in-state undergraduate students and 3.98 percent increase for out-of-state students.
The university said in dollars terms that is $414 and $951 respectively.
The board also approved a per-credit hour tuition structure for next year’s freshmen and undergraduate students who transfer into VCU. The university said that structure is based on the 2013-2014 tuition and fees rate for the first 14 credits. After 15 credits, each hour will be reduced by 50 percent.
VCU said based on 30 credits per academic year, the cost to attend VCU (tuition and fees) for the “typical” new in-state undergraduate student is $12,002.
That cost increases to $21,084 once housing and a meal plan are added. Those costs are $29,473 and $38,555 for out-of-state students, according to the university.
VCU called the hike necessary based on funding cuts from the state.
“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,” VCU President Michael Rao said in a statement. “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.”
The university said it will save more than $2.5 million next school year after cutting some costs and making “operational efficiency changes.”