Virginia Tech Board Of Visitors Enacts New Tuition And Fee Rates
The Virginia Tech Board of Visitors has approved new tuition rates for the 2003-04 academic year.
Annual tuition and mandatory fees will rise by $359 for in-state students from $4,736 to $5,095 per academic year. Out-of-state students will see costs rise by $677 from $14,352 to $15,029 per academic year.
"We don't want to raise tuition and mandatory fees. However, our students and families understand that a tuition increase means faculty stay in the classrooms. Offsetting part of our state losses prevents further program reductions. We have made deep cuts, but we are preserving core academic programs," said university president, Charles W. Steger.
Virginia Tech followed directions from the 2003 General Assembly, which capped tuition increases for in-state undergraduates at five percent, but allowed additional increases to cover the university share of faculty salaries and increased medical insurance.
Room and board costs will rise $14 from $4,070 to $ 4,084 annually. Therefore, total costs for an on-campus undergraduate Virginian will be $9,179, a 4.2 percent rise, while a non-resident will pay $19,113 if living on campus, a 3.8 percent rise.
Also per the 2003 General Assembly, non-residents must assume some of the state's capital outlay for new buildings. This will result in a $50 annual increase for out-of-state residents for debt service.
In-state on-campus graduate tuition and fees will rise from $6,431 to $6,944 and out-of-state on-campus graduate tuition and fees will rise from $9,666 to $10,663 annually.
Tuition and fees for the Virginia Maryland Regional College of Veterinary Medicine will rise for Virginia and Maryland students from $10,994 to $11,746 per year. All other veterinary students will pay $27,916 annually.
Tuition has risen over the last two years in response to unprecedented losses in state funding. Virginia Tech lost $61.5 million of state support in FY 02-03 and will lose an additional $10.9 million in FY 03-04.
University officials continue to benchmark Virginia Tech tuition and total costs against peer institutions and see that the university compares favorably. "We remain a good value in absolute terms and also when compared to other schools. We have worked hard to hold down room, board, and mandatory fees. As a result, our total package cost is very competitive," said chief operating officer, Minnis Ridenour.
Other school prices are not yet available for the upcoming academic year, but Tech traditionally has cost less than comparable schools. Fall 2002 tuition and fees for in-state students at Virginia Tech was 25 percent less than the average for public peer universities. Virginia Tech out-of-state student tuition and fees were 15 percent less than the average at peer public universities for the same period.
When factoring in room and board, the total cost of a Virginia Tech education for an in-state resident was the least expensive among 25 peer schools. Non-residents fared almost as well for total cost ranking 20 of 25 peers.
