The Virginia Tech Board of Visitors approved tuition and fees for the 2016-17 academic year.
The board approved a 2.9 percent increase in tuition and mandatory fees for both resident and non-resident undergraduate students, the smallest increase percentage since 2001-02.
Tuition and mandatory fees for Virginia undergraduate students will increase $367, to $12,852 annually, and out-of-state students will pay an additional $846, totaling $29,975 annually.
Room and board charges will increase by 2.4 percent, or $198 per year, to a total of $8,424 annually.
“We are grateful to the Governor’s Office and the General Assembly for making the most significant investment in higher education and Virginia Tech of this century,” said President Tim Sands. “Because of their investment, we are able to set next year’s tuition and mandatory fees at a level that maintains the quality and value of a Virginia Tech degree and minimizes the impact on students and families who are directly affected by these decisions.”
As the General Assembly concluded its budget process last week, nearly $13 million in new state support for Virginia Tech was included in the budget. More than $7 million of that total will be directed to initiatives in the instructional budget, enhancing the quality and availability of a Virginia Tech education, while almost $5 million of the total supports proposed statewide compensation and benefit changes. Additional state dollars will support student financial aid and other university initiatives.
Virginia Tech, to provide additional support to students from lower income families, will increase its contribution to student financial aid by more than $2.5 million in the next fiscal year, bringing total institutional support to more than $20 million.
“I am particularly gratified that we will be able to enhance our Funds for the Future program,” added Sands. “This program insulates low- and middle-income students from increases in tuition and fees and now will be expanded to provide 100 percent protection for returning students from families with incomes below $75,000.”
Students who have a total family income of less than $100,000 will be eligible for partial protection from future tuition increases.
Another university financial aid program, the Presidential Scholarship Initiative, provides full four-year scholarships to 55 incoming Virginia students each year. The university will expand this program for fall 2016, supporting 85 new incoming Virginians.
In fiscal year 2015, Virginia Tech students received $182 million in grant aid and scholarship support.
The 2016-17 tuition-and-fee package will continue the 10 percent discount for summer session and winter session to help students complete degrees at an accelerated pace during non-traditional times. This will be the third consecutive year such a discount will be in place.
When adding tuition and mandatory fees with average room and board, the total cost in 2015-16 for a Virginia undergraduate student living on campus will be $21,276 and for a non-resident living on campus will be $38,399.
Next year, tuition and fees for resident graduate students will rise by $416 to $14,532 and for non-residents by $783 to $27,764.
The total annual cost to Virginia and Maryland veterinary students will be $23,617, an increase of $523, and non-residents will pay $50,753, an increase of $1,107.