The affordable housing initiative is a goal set by the University to release 1,000 to 1,500 University-owned housing units to be developed into affordable housing in Charlottesville and Albemarle County over the next decade. With that number dropping to 30 units in the 2024-25 academic year as part of the affordable housing initiative, rates for faculty housing will increase by 5.1 percent. ![]() Currently, the University has 80 housing units available for faculty. The Committee also voted to increase the cost of faculty and student housing. Davis said the endowment is “critically important” to the University, as it has contributed $244 million to this year’s budget alone. Ryan said the program's expansion will be funded by the endowment, which has added about $4.5 million from recent fundraising. “We know there are incredible students in those schools who would do well here and who would help others do well here - they're just not currently raising their hands for the University,” Farmer said. Farmer said that these students are qualified but may not know what financial aid is available. Vice Provost for Enrollment Stephen Farmer said the University has seen a 43 percent increase in applications from last year in the early decision and early action fields from the low-income Virginia high school students that this financial aid program targets. “We're doing everything we can to communicate to families that our doors are wide open.” “If we can explain it in a way that's very easy for people to understand, they're more likely to realize that they could afford U.Va.,” Ryan said. University President Jim Ryan said that because the existing program is simple to understand, it could help students realize that the University is affordable. The Board approved a policy ensuring Virginia families making less than $150,000 a year will be offered a $2,000 grant, families making less than $100,000 a year will be offered free tuition and fees and families making less than $50,000 a year will be offered free tuition, fees, room and board.Īs of 2019, the University offers free tuition and fees for Virginia families making less than $80,000 a year and free tuition, fees, room and board for families making less than $30,000 a year. Members also voted to expand University-provided financial aid based on family income for the 2024-2025 academic year. “Tuition is obviously a critical component to making sure that we can meet our objectives that we've stated,” Davis said. The plan includes initiatives such as housing all second-years on Grounds and developing the Emmett-Ivy corridor. On the low end, an accelerated masters Engineering student will see a 14.2 percent decrease in tuition, whereas a fourth-year PhD student in the School of Data Science will see an increase of 6.7 percent.ĭavis also said that tuition increases are important for maintaining course on the 2030 “Great and Good” plan, a plan approved by the Board in 2019 that aims to make the University the number one public school in the nation. Graduate schools - whose tuition is set to change for the 2025-26 academic year - will see varying rates of tuition change. “So there's the inability then to raise salaries.” “In the last seven years we have maintained tuition, which is a natural lever to fund compensation increases, below even the rate of inflation,” Davis said. ![]() During last September's meeting, Davis referred to this challenge as a “war for talent” between higher institutions.ĭavis said that while keeping tuition increases lower than the pace of inflation improves affordability for more students, it has constricted the University’s ability to increase faculty salaries. Patricia Jennings, faculty member of the Board and Education prof., noted that the University’s faculty salaries are lower than those at peer institutions, contributing to faculty moving to other universities. “Overall, we're controlling costs, we're even cutting costs, maintaining affordability for our students and families and targeting philanthropy to allow us to improve access by redoubling our commitment to support Virginians,” Davis said.ĭavis said that 40 cents for every dollar the University receives through tuition and state appropriations directly contributes to instruction, including faculty salaries. She says this helps maintain the University’s affordability for students. ![]() Davis, executive vice president and chief operating officer, said while the University is increasing tuition by three percent in most places, the rate is still lower than the national rate of inflation. For the 2025-26 academic year, third-year Engineering students will see a tuition increase of three percent, and fourth-years’ tuition will increase by 7.3 and 4.7 percent for in-state and out-of-state students, respectively.
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