The University of Virginia Board of Visitors today approved a one-time $690 credit to in-state undergraduate students for the 2022-2023 academic year. The credit is equivalent to the 4.7% increase in tuition that was adopted in 2021 for this academic year.
Tuition and mandatory fees for 2022-2023 were approved by the Board of Visitors in December 2021.
University leaders said the decision to issue a credit reflects changing conditions that include significant additional state funding for higher education (including funds specifically designated to support affordable access for in-state undergraduate students), cost efficiencies, and the recommendation from Gov. Glenn Youngkin for all Virginia public colleges and universities to find ways to hold tuition flat for the current academic year.
“Setting tuition is one of the most important decisions the management and board of any university makes,” said Whittington Clement, the rector of the University Board of Visitors. “Over the past several months, we have done careful work to evaluate the governor’s request and several other key factors that made it easier to proceed with this credit, while maintaining our University’s strong financial position. This step is a positive outcome for the University and for the Commonwealth of Virginia.”
Following the governor’s request, the Board of Visitors reconstituted its Subcommittee on Tuition and charged the group with gathering information and making a recommendation about any changes to tuition that may be warranted due to changing circumstances like increased state funding.
“Our highest priority is maintaining excellence, access and affordability here at UVA,” said University President Jim Ryan. “By taking the time and evaluating new streams of revenue, we were able to offer this credit in a manner that protects those important priorities. I want to thank the members of the University Board of Visitors and the UVA leadership team for the careful and deliberative work that went into this important decision.”
Earlier this week, UVA rose to the No. 3 best public college in the nation in U.S. News and World Report’s 2023 Best Colleges ranking. The University was also ranked by U.S. News as the top public college for graduation and retention, a testament to its commitment to provide students with a quality education and ensure on-time graduation. Students graduating on-time is one of the biggest values of a UVA education, saving families years of additional tuition by leading the country in graduation rates.
Last April, The Princeton Review ranked UVA as the best public university in the country for financial aid, and the No. 3 best value public school. In May, Money Magazine ranked UVA the No. 3 best value college in the United States.
Students will receive a credit on their student accounts for the fall 2022 and spring 2023 semesters.
The Board of Visitors also voted to approve a one-time credit of $182 for the 2022-2023 school year for in-state undergraduates at UVA Wise, which previously had approved a 3% increase in base tuition for the current academic year.