The Old Dominion University Board of Visitors unanimously approved a tuition and fee increase for the 2022-23 academic year during its April 22 meeting.
The increase is the University's first since 2018; the board froze tuition and fees during the height of the coronavirus pandemic. Even with this increase, the University is still the most affordable public doctoral research institution in the commonwealth.
"Old Dominion University will be able to invest in our world-class faculty, facilities and leadership in research," said President Brian O. Hemphill, Ph.D. "We are committed to maintaining an affordable and accessible path for all students to gain an excellent education at one of the nation's leading research institutions."
The board approved a 2.99% tuition increase for full-time, in-state undergraduate students. At the graduate level, the board approved a 3.06% tuition increase. Out-of-state tuition rates will remain flat for the 2022-23 academic year.
In his presentation to the board, Vice President for Administration and Finance and Chief Financial Officer Chad Reed said the University faces cost increases, including ongoing inflation, the escalating costs of utilities, and promotion and tenure contractual commitments for teaching and research faculty.
With the increased funds, the University can continue to offer a high standard of education and experience to students and compete for talented faculty and staff. In 2022-23, the University plans to dedicate funds to public safety retention, merit scholarships, higher wages for student workers, and enhancement of counseling and mental health services, among other planned strategic investments.
While the Virginia General Assembly has not yet approved a biennial budget, both the House of Delegates and Senate have proposed compensation increases for state employees. The University's share of the compensation increases is projected to be $13.6 million but is offset by an anticipated $6.7 million in state funding, leaving the University to pay the remaining $7 million.
"You're not going to find another institution in the Commonwealth of Virginia that has the dedicated faculty, research facilities, infrastructure or such outstanding athletic programs at this price," Reed said.
For the 2022-2023 academic year, full-time in-state undergraduates will pay $11,630 in yearly tuition and mandatory fees, representing a 2.99% tuition increase and 5.57% auxiliary student fee increase. The total increase equates to an additional cost of $470 per student for those taking 30 credit hours a year.
In September 2021, U.S. News & World Report ranked ODU in the top tier of nearly 1,500 higher education institutions evaluated. For the third year, the University was ranked as a top performer on social mobility, which measures an institution's success in graduating underserved students and those from economically disadvantaged backgrounds.
In December 2021, ODU earned the Research 1 Classification, indicating "very high research activity," from the Carnegie Classification of Institutions of Higher Education, placing it among the highest level of research institutions in the United States.