The total cost for in-state undergraduates - including tuition, fees, room and board -- will be $19,302, a 5.6 percent increase. Increases will support need-based student financial aid, operating expenses associated with new facilities coming on line, utility rate increases and maintenance of buildings and grounds.
"This budget enables us to provide more need-based student aid during severe financial times, allows us to pay to operate new buildings and protects our academic program," said William & Mary President Taylor Reveley. "Thanks to federal stimulus funds, we are able to keep the undergraduate tuition increase below 5 percent."
Like all state agencies, William & Mary has suffered a series of reductions in state operating dollars as the Commonwealth of Virginia responded to the sinking economy and a multi-billion budget gap. Since 2008, state support for College operations has declined $10.5 million, approximately 20 percent, with $4.3 million of the reduction occurring in FY 2010. The immediate impact of the FY 2010 base reduction is mitigated by the allocation of $3.8 million in federal stimulus funds to the College. These one-time funds allow the College to delay the impact of reduced state support.
"This budget recognizes the one-time nature of the federal stimulus funds and the permanent reduction in state support that we'll be addressing in each budget moving forward," said Sam Jones, vice president for finance. "Funding priorities going into this budget cycle included our commitment to maintain the core academic mission of the College and to balance the revenue need with student affordability. Increasing our amount of student aid was a must."
The College's 2009-10 budget includes a 26.5 percent, or $2.4 million increase in state authorized student aid - and 95 percent of that increase comes from College sources, Jones said. Jones said current student financial assistance totals $11.5 million, which consists of $3.6 million in student funds and $7.9 million provided by the College.
According to budget proposal, out-of-state undergraduate tuition will increase 4.9 percent to $26,180. Total cost - including tuition, fees, room and board, for out-of-state undergraduates will be $39,466, a 5.6 percent increase.
Tuition and fees in 2009-10 for in-state students in the College's graduate and professional programs are as follows: graduate arts and sciences, education and marine science, $10,514, up from $10,260; law, $21,646, up from $20,146; and business, $22,500, up from $21,000.
Tuition and fees for out-of-state graduate students are: graduate arts and sciences, education and marine science, $24,204, up from $23,790; law, $31,846 up from $30,346; and business, $34,500, up from $33,000.