The Virginia Tech Board of Visitors will meet on Monday, March 20, at 1:15 p.m. in 2100 Torgersen Hall (620 Drillfield Drive, Blacksburg) to consider tuition and mandatory fees for the 2023-24 academic year.
As part of that consideration, Virginia Tech will hold a virtual public comment opportunity on Thursday, March 2, at 1:45 p.m. The link to observe this event or to pre-register to speak will be posted on the Board of Visitors website. Several members of the Board of Visitors will participate virtually as university officials provide an overview of proposed tuition and fees ranges and to receive public comment consistent with guidelines posted to the Virginia Tech Board of Visitors website.
Tuition and fees support the university’s strategic plan, The Virginia Tech Difference: Advancing Beyond Boundaries, within the context of the many budget implications of the state’s General Assembly actions and other major initiatives that impact university costs.
Over the last several years, the board has prioritized the affordability of a Virginia Tech degree while making targeted investments that enhance the value of a Virginia Tech education to both students and the commonwealth and continue to position the university as a leader in teaching, research, and innovation.
With a heightened focus on student affordability, President Tim Sands and the board have launched an access and affordability initiative that will seek financial strategies to ensure a Virginia Tech education is within reach of all Virginia residents regardless of income.
The university will continue to leverage incremental state funding with cost containment strategies, administrative efficiencies, and internal reallocations to maximize available resources and mitigate tuition increases.
As a result of these continued efforts, the board has been able to limit the average in-state undergraduate tuition increase to just 1.8 percent per year over the last five years, and to keep tuition increases well below inflation for the last 10 years. This was achieved while making a sustained commitment to advancing underserved and underrepresented student enrollment, increasing institutional support for student financial aid, and advancing critical initiatives that enhance Virginia Tech’s mission as a leading global land-grant institution.
When the board meets March 20, they will consider a combination of cost containment and revenue enhancement strategies that will address employee compensation and benefit increases (including those for graduate assistants), fixed cost increases, continued investment in academic programs, and the enhancement of high-demand student support services.
To further advance affordability, the university will continue to grow philanthropic support and increase student financial aid programs, including the Funds for the Future program, which offsets the cost of tuition and fee increases for returning students with family incomes up to $100,000.
Decisions made by the board March 20 will be contingent upon the outcome of the General Assembly session, when the total of mandated costs and the level of state support are fully understood by the university.