Tuition and Fee Policy (language only)

Item 136 #3h

Language
Page 91, after line 8, insert:
"D.1. Consistent with the authorization provided in § 4-2.01 b of this act, the boards of visitors or other governing bodies of institutions of higher education shall determine tuition, fees, and charges for each fiscal year of the 2002-2004 biennium, provided that the boards of visitors makes every effort to minimize the tuition and fee increases for in-state undergraduate students.
2. In setting tuition and fee increases for each of the next two fiscal years, the boards of visitors are directed to consider the following:  (a) the consumer price index; (b) the share of cost borne by the student; (c) the maximization of other revenues by setting tuition rates for out-of-state students, graduate students and first professional students at market rate or higher without adversely affecting the access of in-state students to Virginia’s public colleges and universities; (d) the reflection of the amortized cost of the construction and renovation of buildings approved by the Commonwealth of Virginia Educational Institutions Bond Act of 1992, the 21st Century College Trust and the Building Virginia’s Future capital improvement programs in the tuition and fee rates for nonresident students; (e) the feasibility of setting aside a portion of the tuition increase to provide additional financial aid resources, in combination with state, federal, and private resources; (f) the impact of tuition increases on access and the availability of student aid; and (g) the impact of a tuition increase on the composition of the institution’s applicant pool.
3.  In determining tuition and fee charges, the boards of visitors or other governing bodies of institutions of higher education shall (a) benchmark increases to undergraduate Virginia students to the 40th percentile of in-state tuition charges for each institution's public peer group;  institutions that currently exceed the 40th percentile shall limit the tuition and fee increases to undergraduate Virginia students to seven percent; (b) make every effort to achieve potential cost savings as opposed to tuition increases; and (c) not increase the current proportion of nonresident undergraduate students if the institution nonresident undergraduate enrollment exceeds 25 percent.
4.  Two-year public institutions are exempt from the restrictions contained in subparagraph 3 for the 2002-2004 biennium.
5.  Norfolk State University, Virginia Military Institute, and Virginia State University are exempt from the restrictions contained in 3(c) above for the 2002-2004 biennium.
6.  Each institution shall communicate its policy, as approved by its board of visitors, to the Secretary of Education and the State Council of Higher Education by May 15 of each fiscal year."

Explanation
(This amendment modifies the tuition and fee policy for higher education institutions.)