After putting off the decision for nearly a month, the Virginia Tech Board of Visitors voted Thursday to raise tuition and fees for the coming school year.
Tuition will increase by 3.9 percent.
Virginia Techs' Board of Visitors met Thursday in Arlington at the Virginia Tech Research Center.
The gang of 14 voted unanimously to up tuition and fees for in- state and out of state students.
The rate this past school year for instaters was $10,509. Next year it goes up 3.9% to $10,923.
That's an increase of $414 dollars.
Officials at Virginia Tech say the school put off making a decision as long as it could, hoping it could move enough funds around to reduce the tuition increase.
But in the end the school said it had to raise tuition and fees, to keep the Hokie nation competitive from an academic standpoint.
Governor McDonnell had asked state schools to keep any increase at or below 2.7%.
Virginia Tech says even with a 3.9% increase, the university's billion dollar annual budget is short by more than $13 million.
If Virginia Tech can't come up with an extra $13 million , the school says it will consider cutting back on information technology, student financial aid, and long distance learning programs.
Annual tuition and mandatory fees for in-state students at Virginia Tech are rising by 3.9 percent next academic year.
Meeting in Arlington on Thursday, Tech's Board of Visitors approved the increase, which translates to an annual cost of $10,923. That's up from $10,509 from the just-completed academic year
Room and board will also rise.
Tech's Board of Visitors considered three tuition and fee options, and decided to go with the mid-range increase.
Even so, President Charles Steger said his administration will have to cut or restructure the university's $1 billion-plus operating budget to reflect the 3.9 percent increase.
Public higher education officials have been pressed by Gov. Bob McDonnell to hold down in-state tuition increases for the 2012-13 academic year.
Here is the news release from Virginia Tech:
The Virginia Tech Board of Visitors met today at Virginia Tech Research Center -- Arlington and approved a resolution to set the university's tuition and fees for the 2012-13 academic year.
Tuition and mandatory fees for a Virginia undergraduate student will be $10,923, an increase of $414. Tuition and mandatory fees for a non-Virginia undergraduate student not living on campus will be $25,915, a $1,435 increase.
The approved resolution of 3.9 percent increase for resident undergraduate students is the lowest at Virginia Tech in a decade.
Total average annual costs for a Virginia undergraduate student living on campus rose from $17,365 to $18,177. The total cost of a non-resident student living on campus increases from $31,336 to 33,169.
Graduate tuition and fees for Virginia residents will increase from $11,705 to 12,413 and move from $21,723 to $23,266 for out-of-state students. Tuition and fees for Maryland and Virginia residents attending the Virginia-Maryland Regional College of Veterinary Medicine will be $21,434, up from $20,636. Non-resident veterinary students will pay $46,366 annually.
To read the 2012-13 tuition and fees resolution, visit the Virginia Tech Board of Visitors website click here.
Virginia Tech's Board of Visitors is set to consider several options for tuition and fee increases for the upcoming academic year.
Board members are scheduled to meet Thursday in Arlington to weigh three options to raise in-state assessments. They include increases of 3.2 percent, 3.9 percent and 4.9 percent.
The Roanoke Times says Tech President Charles Steger and the university's chief financial officer, Dwight Shelton, will present the choices.
Visitors are also expected to approve increases for non-resident students, for room and board and advanced degrees.
Gov. Bob McDonnell has asked the state's higher education leaders to hold down in-state tuition increases for the 2012-13 academic year.