In December 2017, the University of Virginia’s Board of Visitors approved a plan enacting a two-step increase in tuition for undergraduate students who will enter McIntire in fall 2018. Pending additional state approval, in-state and out-of-state third-year students entering the McIntire School for the 2018-2019 academic year will be assessed an additional $2,500 in tuition (for a total of $7,500 in differential tuition) beyond McIntire’s current tuition. For the 2019-2020 academic year and beyond, another $2,500 will be added (for a total of $10,000). Students in the Class of 2019 will not be charged the additional increase.
Maintaining and Enhancing McIntire’s Position as a World Leader in Business Education
In late 2017, the McIntire School of Commerce ranked third among the nation’s best undergraduate business programs, according to annual rankings by business education website Poets&Quants. McIntire was the only public institution to rank in the top five. The School also garnered the highest alumni survey results, which asked recent graduates about the perceived quality and value of their academic experience. McIntire earned top marks on several survey questions, including how well the program prepared graduates for work, whether they believe their degree was worth its cost in time and tuition, and how they would rate teaching quality.
The increased revenue will supplement state and private resources and be directed to growing McIntire’s exceptional programming and activities that provide invaluable resources and new opportunities for students. The tuition increase will allow investments to be immediately made into McIntire student-focused programs and services, including Commerce Career Services; Student Services and academic advising; the Office of Diversity, Equity, and Inclusion; and the School’s information technology support functions. Funds will also allow increased course offerings in critical disciplines such as analytics, leadership, and entrepreneurship; innovations in McIntire’s third-year Integrated Core Experience (ICE); and expansion of the School’s diverse global partnerships and study-abroad opportunities.
Impact on Students
For students already qualifying for need-based financial aid: Students who have demonstrated financial need should not incur any increased costs associated with pursuing a McIntire education. The tuition increase will be incorporated into the total cost of attendance, and the financial aid package should be adjusted to accommodate it. Through AccessUVA, the University meets 100% of demonstrated financial need for all in-state and out-of-state students through a combination of scholarships, grants, work-study, and need-based loans. In addition, the University limits need-based loans to $4,500 per year for in-state students and $7,000 per year for out-of-state students; these loan caps will remain unchanged.
For students not qualifying for need-based financial aid: For students whose expected family contribution (EFC) is near the current cost of attendance, the tuition differential may now allow students to qualify for need-based financial aid. For students not currently qualifying for need-based financial aid and believe they might at the forthcoming tuition rate, we encourage these students to apply for financial aid.
McIntire’s Commitment to Affordable Excellence
The McIntire School and the University remain committed to helping low-income students navigate the increasing costs of higher education. McIntire provided $480,000 in need- and non-need-based scholarships in the 2016-2017 school year. Therefore, despite the increase in total tuition cost, students receiving private funding through McIntire may ultimately pay less, as direct assistance from the School often reduces overall loan burden.
Beginning in the 2018-2019 school year, the McIntire School of Commerce will invite incoming third-year McIntire applicants to apply for almost $350,000 worth of scholarships, which will be awarded to students across the two-year period that they attend McIntire, with financial need as a significant consideration for selection. The McIntire Office of Student Services & Academic Operations will inform applicants to the McIntire School of the application process and timeline.
Frequently Asked Questions
Why is the McIntire School of Commerce increasing its tuition?
The McIntire School finds it necessary to assess tuition for two primary reasons: (1) to support and enhance its superb, value-added student services and (2) to help recruit and retain world-class faculty members.
McIntire provides a range of value-added services to students, and the School continuously innovates with respect to these services. In particular, the Commerce Career Services Office, McIntire Student Services Office, Technology Support function, and international programs are well-known for offering services and activities that greatly supplement resources available from core University offices. These services are widely recognized as a point of differentiation and competitive advantage over other colleges and institutions. Their preservation and continued enhancement are a key element in maintaining McIntire’s status as a global leader in business education.
McIntire’s superb faculty also plays a critical role in differentiating the School from its peers. As such, it is essential that the School has the financial means to recruit and retain world-class faculty members who—through their commitment to innovation; emphasis on a strong and caring community; and dedication to preparing our students for lifetimes of leadership, integrity, and success—will ensure the School’s continued excellence.
What is the amount of the tuition increase and how will it be phased in?
Under the plan, in-state and out-of-state third-year students entering the McIntire School for the 2018-2019 academic year will be assessed an additional $2,500 in tuition (for a total of $7,500 in differential tuition) beyond McIntire’s current tuition. For the 2019-2020 academic year and beyond, another $2,500 will be added (for a total of $10,000). Students in the Class of 2019 will not be charged the additional increase.
How will students benefit from McIntire tuition?
Funds generated by tuition will be used to recruit and retain world-class faculty members, as well as to support, enhance, and expand the value-added programs and services that enable McIntire to provide its students with an unparalleled educational experience. Not only will students’ day-to-day educational and career-preparation experience directly benefit from the additional revenue generated by McIntire tuition, but the assessment of McIntire tuition will ensure that their degree from McIntire remains a valuable asset throughout their lives and careers.
Will financial aid be available?
The McIntire tuition amount will be included in the students’ cost of attendance for financial aid purposes, and students will continue to apply and receive aid through the University’s Student Financial Services Office. McIntire will continue to support AccessUVA, the University’s financial aid program, allocating a significant portion of annual tuition revenues generated from the differential to the program on a per-student basis, determined across the entire undergraduate population. The actual amount will be calculated and agreed upon when the financial aid need is known.
Will the 529 College Savings & State Pre-Paid Tuition Programs cover the cost of differential tuition?
The Virginia529 and the Prepaid529 Program contracts state that they cover only the lowest undergraduate cost of tuition at the institution. Thus, the differential amount is considered out-of-pocket, but it does qualify for need-based aid. More information on these programs can be found here.
How can I learn more?
Students and families with questions regarding the impact of McIntire’s tuition increase on their financial aid package should contact:
Undergraduate students with questions about their path to McIntire’s B.S. in Commerce Program should contact:
McIntire Office of Undergraduate Admission
McIntire School of Commerce
University of Virginia
Rouss & Robertson Halls, Suite 142
125 Ruppel Drive
Charlottesville, VA 22903
+1 434-924-3865; firstname.lastname@example.org