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The William & Mary Board of Visitors unanimously approved the university’s fiscal 2017 budget Friday.
The budget includes new initiatives designed to increase diversity on campus, continue to innovate in the liberal arts curriculum and improve the college’s already strong retention and graduation rates.
The budget also reflects new and ongoing support for commitments the university made as part of the 2013 adoption of the William & Mary Promise, including increasing the availability of financial aid, decreasing student debt for low- and middle-income Virginia families and providing additional support to recruit and retain superb faculty.
“In its first four years, the William & Mary Promise has been crucially important to the university’s financial ability to meet critical needs in faculty and staff compensation and in funding vital initiatives,” President Taylor Reveley said in a recent news release.
As part of the Promise’s four-year tuition guarantee for in-state students, rates for Virginia students remain constant through all four years. Therefore, the adopted budget includes no tuition increases next year for rising in-state sophomores, juniors or seniors, according to the release.
In November, the Board set the four-year guaranteed tuition for incoming in-state freshman students at $15,674. By setting the in-state tuition rate in the fall, the Board provided Virginia families advance tuition information during the application period.
Out-of-state undergraduates will see a 2.9 percent increase in tuition in fiscal 2017 to $36,158.
William & Mary continues year-over-year increases in financial aid investment in the fiscal 2017 budget, adding an additional $2.7 million (8.7 percent) to the pool of available financial assistance for a total of $33.5 million.
Since 2012, the university has increased this fund by 49 percent, and the university has more than doubled in-state grant aid.
Other highlights of the budget include:
- $1.1 million over two years to enhance diversity efforts on campus.
- An average 3 percent merit-based pool for faculty, professional and operational staff and a 3 percent increase for classified staff.
- $325,000 to improve graduation and retention rates, which are already among the highest in the nation.
- $126,000 to support the Center for the Liberal Arts, which was formed in 2014 to support and develop the new undergraduate general education College Curriculum.