BOARD OF VISITORS APPROVES TUITION INCREASE
Old Dominion University will raise its annual tuition and fees for in-state undergraduate students by 6.6 percent, effective with the summer 2003 term.
The university's Board of Visitors approved the increase today, following a discussion on how increases would impact programs, services and students.
Full-time, in-state undergraduate students will pay $4,928 for 30 credit hours, a $304 increase over this year's rate inclusive of the annualized tuition surcharge. In-state graduate students will have a 3.1 percent increase in tuition and fees, paying $5,798 for 24 credits. Room and board rates will increase 2.5 percent, or $134.
"Raising tuition and fee rates for our students is a difficult decision. A lot of planning and consideration of the fiscal impact these increases would have on our students went into this decision," said Robert L. Fenning, vice president for administration and finance. "The increase will enable the university to sustain programs and services by addressing the additional $3.9 million general fund reductions from the state budget cuts, as well as expand programs, such as scholarships and financial aid, to benefit our students."
In addition to covering the reduction in general funds, the university must also fund a portion of the state-mandated 2.25 percent raise and health-care benefit increases for employees, plus unavoidable increases such as leases, insurance and technology infrastructure replacement.
According to President Roseann Runte, the tuition and fee increases will allow the university to invest in students, faculty, and selected institutional priorities and strategic initiatives.
"We will add seven full-time faculty members, expand financial aid and scholarships for students, restore funding for library materials and research collections, address important faculty retention initiatives, and support recruitment and retention programs for high-achieving students," she noted.
Out-of-state undergraduate students will see a 3.1 percent increase in yearly tuition and fees, from $13,654 to $14,078; out-of-state graduate students will pay $14,640 for 24 credits, or 3 percent more than this year.
The fee increases are for student health services, activities and general service, which has never had an increase since it was instituted in 1994-95. All full-time, out-of-state students will be charged a $50 annual capital fee mandated by the General Assembly for state capital outlay costs associated with their education. The revenue from this fee will revert to the commonwealth's general fund.