The West Virginia University Board of Governors approved a $980 million budget for the next fiscal year. This means that students will see a tuition increase for the main campus $252 per semester for residents and $396 for non-residents.
The board also approved increasing financial aid at a higher percentage rate than tuition and fees, adding $1.5 million for scholarship aid.
This budget is a result of reductions over that last two years totaling nearly $20 million. With the changes in the new budget, the university’s dependency on state funding dropped to 19.6 percent, changes in state funding will have a more significant impact on WVU.
“While we recognize that increasing the tuition even one dollar is a concern for our current and prospective students, a West Virginia University education remains one of the best investments you can make,” President Gordon Gee said. “Even with the rising cost of higher education, the return over a lifetime remains substantial – even into the millions of dollars."
Also included in the budget are salary increases effective July 1. Meal plans and on-campus housing are also expected to rise.
WVU’s tuition still remains to be one of the lowest in comparison to other institutions in the region and nationwide. Resident tuition and base fees currently are at $3,480 per semester, while out-of-state students pay $10,212 per semester.
The building of the fiscal 2015 budget was based on several guiding principles, said Liz Reynolds, associate vice president for planning and treasury operations:
· Protect the core academic mission.
· Invest in the institution’s Strategic Plan.
· Attend to infrastructure, including technology and facilities.
· Strive to give raises in FY15.
The budget "has a positive bottom line after our normal adjustments and continues our commitment to financial stability, positive cash balance and continued investments in our strategic plan, our infrastructure and our employees and students," Reynolds said.
Other topics discussed at the meeting included applications from high achieving students, an updated policy governing sexual and domestic misconduct, and the board re-elected its current officers for one year terms.