After freezing tuition (but not room, board or fees) this academic year, the University of Virginia Board of Visitors is considering raising tuition and fees between 3.5% and 4.9% for the 2022-23 academic year and the year after that, reports The Daily Progress.
The Board had considered a 3.1% boost in tuition last year, but deferred the rate increase out of concern that the COVID pandemic had created financial hardship for many students. Meanwhile, in the past year there has been a spike in inflation-driven operating costs such as utilities and faculty/staff salaries.
Offsetting inflation, UVa saw a 49% return on its investment portfolio last year, boosting the size of its endowment to $14.5 billion. It might be difficult justifying a significant tuition hike after adding $4 billion to $5 billion to its endowment.
Between tuition, fees, room and board, the estimated cost for an in-state undergraduate student to attend UVa this year is about $34,560. The cost is about $70,000 for out-of-state students.