(WFXR) — After discussing its tuition and fees, the Virginia Tech Board of Visitors voted to approve an increase for the 2023-24 academic year.

On April 21st, the board met to discuss a 4.9 percent increase in tuition for both in-state and out-of-state undergraduate and graduate students, which included a $208 increase in Virginia Tech’s mandatory comprehensive fee. These proposed rates were in combination with an estimated $3.6 million in base budget reallocations. This approval will increase tuition for undergraduate students from $593 to $12,697. Out-of-state undergraduate tuition will also increase by $1,556 for a total of $33,3310 annually.

“Virginia Tech depends on state support and appreciates the partnership we have had with the commonwealth for many years now,” said university President Tim Sands. “Though the state budget process is not yet complete, we believe it is critical we take action now to help students and their families understand college costs before the May 1 acceptance deadline.”

Additionally, this will boost comprehensive fees by $208 to a total of $2,585 next year. The annual room and board charges would increase by $990 per year. However, these boosts will total to $27,222 for undergraduate students living on campus and for out-of-state undergraduates living on campus $48,439.

Tuition and mandatory fees for in-state graduate students would rise by $929 to $18,012 and for out-of-state graduate students by $1,651 to $34,084.

With these upsurges, Virginia Tech says it will continue to discount undergraduate tuition by 10 percent during the summer and winter sessions to assist students in completing their degrees at an accelerated pace. According to the university, tuition and fees are the primary sources of the university’s Education and General Program budget.

The university says it is in the process of assessing financial support for graduate assistantships and expects to address financial needs moving forward.

Although this year’s rate increases are higher than we’ve seen the last several years, the return on investment for a Virginia Tech degree remains high, and at a lower cost than many of our peer institutions. Even with that, we recognize that for many low- and middle-income families a college education may seem out of reach, which is why the board remains focused with President Sands on increasing available resources to ensure all students have the opportunity to benefit from a Virginia Tech experience,”

-said said Board of Visitors Rector Letitia Long