During a special session held online Wednesday, the Virginia Tech Board of Visitors voted to authorize a one-time tuition and fee rebate and to approve a two percent compensation program effective Dec. 10.
These actions follow the approval of the amended state budget signed into law by Gov. Glenn Youngkin on Sept. 14.
In February, the 2023 General Assembly session adjourned passing only minor amendments to the budget, none of which impacted higher education. In April, the board approved tuition and fee rates for 2023-24 understanding that future state budget actions could create the need to modify tuition and fee rates.
The General Assembly reached agreement on full amendments to the budget last month, which were subsequently approved by Youngkin. The amended budget includes an additional 2 percent mid-year compensation program increase as well as new operating support for Virginia Tech.
“Now that the final impact of the state budget on major revenue and cost changes are known to us, the university was able to develop and recommend one-time tuition and fee rebates for the current academic year,” said Executive Vice President and Chief Operating Officer Amy Sebring on Wednesday. “The final state budget was very supportive of higher education and our state employee workforce, and university leadership and the board felt it was important to focus the state’s additional investment in Virginia Tech directly on our faculty, staff, and students. The actions taken today fulfill the promise we made to our community in April.”
All full-time regular session students will receive a one-time $275 rebate of their tuition payment. Part-time students will receive a $15 per credit hour rebate.
In addition, full-time students will receive a one-time $20 rebate of their comprehensive fee payment. Students who live on campus or who have purchased a meal plan will receive a $19 to $32 room and board rebate depending on which room and board plan they have.
This financial relief will be applied in spring 2024. Students enrolled for only a portion of the year will receive prorated relief.
Effective Dec. 10, eligible Virginia Tech salaried faculty and staff will receive a two percent salary increase. The university also will advance the graduate assistant stipend scale by two percent. These increases are in addition to the five percent compensation program approved by the board in June.
Specific to Virginia Tech, the amended state budget includes $9.2 million of ongoing general fund support for affordable access to support inflation, student support services, programs for workforce needs, and to minimize student costs. In addition, the budget included $3.1 million of ongoing General Fund support for student financial aid to provide need-based undergraduate financial aid to reduce the amount of tuition revenue used for financial aid. These new resources help support the university’s cost of the compensation increase and make possible the one-time tuition rebate approved by the board today.
The next full Virginia Tech Board of Visitors meeting will be held Nov. 5-6 in Blacksburg. More information on the Virginia Tech Board of Visitors may be found online.
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