June 24, 2022
VCU Board of Visitors approves one-time scholarships for all in-state undergraduates to offset 2022-23 tuition increase
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The Virginia Commonwealth University Board of Visitors voted Friday to provide one-time scholarships to offset a 3% tuition increase for all in-state undergraduate students in the 2022-23 academic year, effectively keeping a zero percent tuition increase for a fourth consecutive academic year.
In May, the board unanimously approved a 3% increase to address student support services, employee salary increases and inflationary costs related to maintenance and utilities. But because the state budget was not yet finalized, the board scheduled today’s meeting to make a final determination about the university’s budget based on state allocations.
VCU President Michael Rao, Ph.D., said that holding tuition flat with a zero percent net increase for in-state undergraduate students for the fourth time furthers VCU’s commitment to 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 expected. We offer our sincere thanks to the leadership of the Senate and the House, especially those members and staff involved in shaping higher education funding in the budget, and to the Youngkin administration,” Rao said. “Based upon the state's generous support, we are better positioned to provide these one-time scholarships to in-state undergraduate students. This will be difficult financially but we believe it is the right thing to do.”
VCU enrolls the most in-state students and the most need-based students among Virginia’s top three research universities. About 20,000 in-state undergraduate students will receive the one-time scholarships, which will require an estimated $6.7 million one-time adjustment to VCU’s fiscal year 2023 budget. Additionally, a $10.8 million permanent cut is needed to balance the budget.
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