The initial cost of attending the University of Virginia is going up next year—but not by quite as much as originally anticipated.
The University’s Board of Visitors met on Friday afternoon to approve increases in fees, room, and board. Under the agreement, tuition and basic fees for the 2012-13 academic year for an in-state first-year student will be $12,006—up 3.7 percent or $430 from this year. For out of state students, tuition and basic fees will be $38,018, an increase of 4 percent or $1,448.
The total cost, including tuition, fees, room, board, and miscellaneous other expenses, is projected to be approximately $25,400, for an in-state student. Non-resident first-year students will be expected to pay about double—$51,600.
But the real increases in the cost of an education at the state’s flagship institution may be found in fees for popular programs.
In addition to raising room, board, and tuition, the board also approved a continuation of the McIntire School of Commerce “tuition differential" by 33 percent. Building on a successful revenue source, the plan calls for third- and fourth-year students to pay a $4,000 tuition differential—an increase from the $3,000 put in place for this year. And UVa hopes to bring the differential to $5,000 per year for the 2013-13 academic year.
Note that that these fees are imposed on all students—regardless of residency status.
The Nursing School’s clinical laboratory fee of $60 per credit hour will be charged on all undergraduate and graduate nursing courses with a clinical component. The impact on students will be rolled out over four years until it reaches $1,440 annually. It is expected that the fee will generate about $300,000.
The Engineering School’s new lab fee of $32 per credit hour will be charged on all undergraduate engineering courses and is expected to bring in close to $1.8 million.
The University anticipates that about 34 percent of in-state students and 31 percent of out-of-state students will qualify for some financial aid and investment in AccessUVa will go up to $95.4 million to keep pace with proposed increases in tuition.
"In setting tuition each year, we have worked hard to remain mindful of the need to keep the cost of a University education affordable," UVa President Teresa Sullivan said. "With the changing economic landscape, including increased pressure on families and a 20-year trend of declining government investment in higher education, that is becoming more difficult with each year."