University of Vermont students on the green. Photo courtesy University Communications
BURLINGTON – The trustees of the University of Vermont on Saturday approved a 3.4 percent tuition increase for the coming academic year.
Also approved by the trustees is a 6.3 percent increase in financial aid, according to a statement from the university about the two-day trustees’ meeting, Friday and Saturday, at UVM.
The Budget, Finance and Investment Committee voted the increases out of committee on Friday afternoon; Saturday morning the full board voted in favor of the tuition and financial aid increases for the 2015-16 academic year, said Jeff Wakefield, spokesman for UVM.
For in-state students, tuition will increase from $14,184 to $14,664, according to the university. For out-of-state students, the annual cost will go from $35,832 to $37,056.
For Vermont residents, the per-credit hour rate will be $611; for out-of-state students $1,544.
The resolution adopted by the trustees will see in-state tuition for the UVM medical school increase from $32,020 to $33,460 per year; and for out-of-state medical students, from $56,060 to $58,020.
In a statement about the committee’s preliminary approval on Friday, before the full board’s vote, the university stated that the increase is “one of the lowest in the past decade.”
“The new rate was offset by a significant increase in overall financial aid of 6.3 percent that will reduce the overall cost of attendance (tuition, fees, room and board) for Vermonters from $26,120 to $16,655 for an average discount of $9,465. For out-of-state students, the financial aid increase helped reduce the overall cost from $47,048 to $33,057 for an average discount of $13,991,” the university announcement stated.
UVM says the total amount of non-loan financial aid for Vermont students for fiscal year 2014 was $25.8 million. Total financial aid for all students is expected to exceed $111 million for fiscal year 2015. Approximately 40 percent of Vermonters graduate with no debt and 46 percent of Vermonters attend UVM tuition-free, according to UVM.
“Even as the sticker price goes up, we’re working to bring the real cost of attendance down,” stated Provost Dave Rosowsky. “That’s the real story and the cost that matters to students and families.”
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