The Virginia Commonwealth University Board of Visitors voted on Friday to provide one-time scholarships to offset a 3% tuition increase for all in-state undergraduates in the 2022 academic year. -23, now effectively a zero percent tuition increase for a fourth consecutive academic year.
In May, the board unanimously approved a 3% increase to cover student support services, employee salary increases and inflationary maintenance and utility costs. But since the state budget was not yet finalized, the board scheduled today’s meeting to make a final decision on the university’s budget based on state allocations.
VCU President Michael Rao, Ph.D., said keeping tuition flat with a net zero percent increase for in-state undergraduates for the fourth time reinforces VCU’s commitment. VCU in access and affordability for all Virginia students.
“The Board and I are pleased with the tremendous and generous support in the final state budget, which includes more general funds than anticipated. We extend our sincere thanks to Senate and House leadership, especially to members and staff involved in crafting higher education funding in the budget, and to the Youngkin administration,” Rao said. “Based on the generous support of the state, we are better placed to offer these unique scholarships to undergraduate students across the state. It will be difficult financially, but we believe it is the right thing to do.
VCU enrolls the largest number of students in the state and the most need-oriented students among Virginia’s top three research universities. About 20,000 undergraduate students in the state will receive the one-time scholarships, which will require an estimated one-time adjustment of $6.7 million to VCU’s fiscal year 2023 budget. In addition, a permanent reduction of $10.8 million is required to balance the budget.
Fees for the academic year, including those for housing, food and parking, can be viewed on the Student Financial Services website. More information about the budget is available at budget.vcu.edu.
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