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.