The Virginia Tech Board of Visitors has set tuition and fees for the 2021-22 academic year.
Following two years of a tuition freeze that held the in-state undergraduate tuition rate level for three years in a row and an out-of-state undergraduate tuition freeze last year that held that tuition level two years in a row, the board approved a 2.9 percent increase in tuition for resident and non-resident undergraduate students for 2021-22.
The board reached this decision after considerable discussion and deliberation.
“Each and every board member takes the responsibility of setting tuition and mandatory fees extremely seriously,” said Ed Baine ‘95, chair of the Finance and Resource Management Committee. “It is very difficult to balance access and affordability to the students and families who must bear this cost with preserving the quality of a Virginia Tech degree and investing in world-class faculty and campus programs. I believe today’s decision, though very challenging, strikes that balance.”
“It is important for the board to support Virginia Tech’s strategic priorities and strengthen its stature as a leading global land-grant research university,” said Rector Horacio Valeiras ‘80. “It is also critical to our success that we make a Virginia Tech education accessible to all students, regardless of their economic circ*mstances.”
Tuition and mandatory fees for Virginia undergraduate students will increase $426, to $14,175 annually, and out-of-state undergraduate tuition and mandatory fees will increase $964, totaling $33,857 annually. This includes a $90 increase in the comprehensive fee.
Annual room and board charges will increase by 3.3 percent, or $320 per year, to a total of $9,876.
In addition, for the first time, the board approved a Graduate Candidacy Status discounted tuition rate for Ph.D. students who have completed their preliminary exam and are engaged solely in research and dissertation work. These students will receive a 10 percent tuition discount for up to two years to incentivize faster time-to-degree time periods.
To offset increases and to support low- and middle-income families who seek a Virginia Tech education, the university will allocate approximately $2.7 million in additional resources toward undergraduate financial aid programs next year, raising the total institutional support to more than $35.5 million for 2021-22.
“The demand for a Virginia Tech degree is greater than it has ever been, but we will do everything we can to keep costs down and provide an affordable, high-quality education for Virginia residents,” said Virginia Tech President Tim Sands. “Over the period of six years through the 2021-22 academic year, the university will have kept tuition rate growth at or below inflation as measured by the consumer price index. Combined with increased financial aid, our commitment to make Virginia Tech accessible has never been stronger.”
Tuition and fees is the primary source of the university’s Educational and General Program (E&G) budget. In the current fiscal year, for example, tuition and fees from both in-state and out-of-state students accounted for $600.3 million (or 71 percent) of the $845.7 million total E&G budget. The state provided $199.0 million (or 23.5 percent) toward the E&G budget, and an additional $46.4 million (or 5.5 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 tuition and fee package for all four years of their undergraduate study at Virginia Tech.
The university’s Presidential Scholarship Initiative will once again provide full four-year scholarships to 85 incoming Virginia students next year, supporting a total program of 327 students.
Including university-funded support, Virginia Tech undergraduates received $137.9 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.
When adding tuition and mandatory fees with room and board costs, the total cost in 2021-22 for a Virginia undergraduate student living on campus will be $24,051, while the total cost of an out-of-state undergraduate living on campus will be $43,733. Virginia Tech ranks 10th of the 15 Virginia public universities in terms of total overall cost for resident undergraduate students.
Tuition and mandatory fees for in-state graduate students will rise by $492 to $16,522 and for out-of-state graduate students by $896 to $31,443.
The total annual cost to Virginia and Maryland veterinary students will be $26,086, an increase of $651, and the total annual cost to out-of-state (and non-Maryland) veterinary students will be $55,687, an increase of $1,119.
Students enrolling at the Virginia Tech Carilion School of Medicine this summer will have a total annual cost of $56,025, an increase of $1,605.
Related
- Overview of March 2021 meeting of the Virginia Tech Board of Visitors
