Virginia Tech Board of Visitors sets tuition and fee rates for the 2023-24 academic year
Editor’s note: The Virginia Tech Board of Visitors unanimously approved the 2023-24 tuition and fees resolution. Information in this article currently reflects university rates and charges for the 2023-24 academic year.
April 18 Editor’s note: This story will be updated at the conclusion of the April 21 meeting once the board has voted on the proposed tuition and fees resolution.
When the full membership of the Virginia Tech Board of Visitors meets Friday, April 21, in special session, they will consider a 4.9 percent tuition increase for both in-state and out-of-state undergraduate and graduate students and a $208 increase in the mandatory comprehensive fee.
The proposed increases, in combination with an estimated $3.6 million in base budget reallocations, are needed to support the university’s share of state-mandated compensation actions as well as strategic investments called for by the university strategic plan, The Virginia Tech Difference: Advancing Beyond Boundaries, which guides Virginia Tech’s vision to become a top 100 global research university and to provide access to those who seek a Virginia Tech education.
Pending the final outcome of the state's budget process, the board and university may revisit tuition and fee rates in light of final state-mandated costs, incremental resources, and anticipated needs related to the university’s priority investments.
“Virginia Tech depends on state support and appreciates the partnership we have had with the commonwealth for many years now,” said university President Tim Sands. “Though the state budget process is not yet complete, we believe it is critical we take action now to help students and their families understand college costs before the May 1 acceptance deadline.”
Board of Visitors Rector Letitia “Tish” Long added the university’s and board’s work to maintain a high value education program will continue and are committed to the recently announced access and affordability initiative.
“Higher education is not immune to the impact of continued periods of high inflation,” said Long. “Although this year's rate increases are higher than we've seen the last several years, the return on investment for a Virginia Tech degree remains high, and at a lower cost than many of our peer institutions. Even with that, we recognize that for many low- and middle-income families a college education may seem out of reach, which is why the board remains focused with President Sands on increasing available resources to ensure all students have the opportunity to benefit from a Virginia Tech experience.”
Virginia Tech continues to work to hold cost increases to below the rate of inflation. Over the past five years the consumer price index has increased 21 percent while in-state tuition rates at Virginia Tech have increased 9 percent.
If the proposed resolution is adopted, tuition for Virginia undergraduate students would increase $593, to $12,697 annually. Out-of-state undergraduate tuition will increase $1,556, totaling $33,310 annually.
Comprehensive fees would increase $208 for a total of $2,585 next year. Annual room and board charges would increase by $990 per year, to a total of $11,746.
When adding tuition and mandatory fees with room and board costs, the total cost in 2023-24 for a Virginia undergraduate student living on campus would be $27,222. The total cost of an out-of-state undergraduate living on campus will be $48,439.
Virginia Tech ranks ninth of the 15 Virginia public universities in terms of total overall cost for resident undergraduate students. Virginia Tech continues to have the lowest mandatory fees among all public four-year institutions in the commonwealth.
To further support low- and middle-income families who seek a Virginia Tech education, the 2022 General Assembly planned a $5.6 million increase in undergraduate student financial aid for 2023-24. The university plans to make additional funds available for student financial aid during the 2023-24 budget development process as part of the access and affordability initiative.
Tuition and fees are the primary source of the university’s Educational and General Program (E&G) budget. In the current fiscal year, for example, tuition and fees accounted for $653 million (or 70 percent) of the $938 million total University Division E&G budget. The state provided $239 million (or 25 percent) toward the University Division E&G budget, and an additional $46 million (or 5 percent) came from other sources.
Virginia Tech’s Funds for the Future program provides 100 percent protection from tuition and fee increases for returning students with a family income of up to $100,000, resulting in a predictable and unchanging net tuition and fee package for all four years of their undergraduate study at Virginia Tech.
Including university-funded support, Virginia Tech undergraduates received $151 million in grants and scholarships last fiscal year.
Virginia Tech will continue to discount undergraduate tuition by 10 percent during the summer session and winter session courses in Blacksburg to help students complete degrees at an accelerated pace during nontraditional times.
Tuition and mandatory fees for in-state graduate students would rise by $929 to $18,012 and for out-of-state graduate students by $1,651 to $34,084. The incremental impact of a tuition increase on graduate students is mitigated for the 70 percent of graduate students on assistantship. Nevertheless, the university is in the process of assessing financial support of graduate assistantships and expects to address needs moving forward.
The total annual cost to Virginia and Maryland veterinary students would be $28,156, an increase of $1,258, and the total annual cost to out-of-state (and non-Maryland) veterinary students would be $59,971, an increase of $2,602.
Students enrolling at the Virginia Tech Carilion School of Medicine this summer would have a total annual cost of $60,355, an increase of $2,634.