UVA Lowers In-State Undergraduate Tuition Increase for Next Academic Year to 3%

June 2, 2023 By McGregor McCance, cmm9vg@virginia.edu McGregor McCance, cmm9vg@virginia.edu

The University of Virginia Board of Visitors on Friday voted to reduce the previously approved base, undergraduate tuition and mandatory fee increase for the next academic year from 3.7% to 3%.

The board also voted to reduce the base, undergraduate tuition and fee increase at UVA’s College at Wise from 3% to 2%.

“The University of Virginia has a reputation for offering students a world-class education while keeping tuition costs low,” said Rector Whittington W. Clement. “Today’s decision is a reminder that that reputation is well-earned. On behalf of the Board, I am grateful to President [Jim] Ryan and his team for their prudent stewardship of the University’s finances and for the incredible effort that went into making this tuition change possible.”

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University officials said reduced revenue from the new rates will be made up through savings from cost efficiencies or through additional state appropriations if they become available for the next fiscal year. The level of state funding to the institutions is currently not known, as the Virginia General Assembly and Gov. Glenn Youngkin have not yet reached a final budget agreement for the next fiscal year, which begins July 1.

UVA in recent years has held tuition increases low as many families faced challenges from the COVID-19 pandemic. The University held tuition rates steady with no increases in the 2019-20 and 2021-22 academic years.

In December 2021, the Board of Visitors took a different approach, electing at that time to set tuition rates for two consecutive academic years to provide students and families more transparency and predictability regarding overall costs of attendance. It approved a 4.7% increase for the 2022-23 year and a 3.7% increase for the coming academic year.

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Excellence Here Goes Everywhere, To Be Great and Good In All We Do

Tuition is a major funding source for faculty and staff salaries, the University’s renowned student experience, daily operations and the AccessUVA financial aid program. UVA is one of only two public institutions in the country to meet 100% of the demonstrated financial need of all undergraduate students.

“I am grateful to the Board of Visitors for approving this resolution, which will make a UVA education even more affordable for Virginia students and their families,” said President Jim Ryan. “This change would not have been possible without the work of many people across the University to realize cost savings without compromising our commitment to excellence and accessibility.”

Named the No. 2 Best Value public university in the country and the No. 1 public institution for financial aid by Princeton Review, UVA provides free tuition and fees for in-state undergraduate students with family income of less than $80,000 and covers tuition, room and board for Virginians from families with incomes less than $30,000. The University caps need-based loans over four years at $4,000 for low-income Virginians, and at $18,000 for other Virginians with need.

Two-thirds of UVA undergraduates earn their degrees without incurring any need-based loan debt.

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McGregor McCance

Darden School of Business Executive Editor