There’s a friendly Ice Age at the University of Vermont — tuition for 2023-24 will stay frozen for the fifth straight year.
UVM’s board of trustees agreed Friday to freeze tuition and fees right where they are, continuing an initiative by President Suresh Garimella to help students and families. The university will also hold room and board fees level for a fourth straight year.
And, citing UVM’s commitment to affordability and access for Vermonters, Garimella announced the debut of the “UVM Promise,” which guarantees full-tuition scholarships to all dependent Vermont students in households with incomes of up to $60,000. Those scholarships will extend through four years of study, beginning next fall.
Nearly half of all Vermont households will be eligible for the UVM Promise, as the state’s median household income is $63,477, according to 2020 U.S. Census data.
“Most families are struggling with inflation in today’s economy,” said Garimella, who sent a video message along with the announcement. “UVM will not add to their challenges. It is more important than ever that we do all we can to help students and families afford a high-quality UVM education, and to keep our university accessible, affordable and competitive.”
The university’s efforts drew praise from Gov. Phil Scott: “UVM is taking important steps to make the university more affordable for Vermonters. The UVM Promise is a welcome addition.”
In the decade before the freeze began in 2019, tuition rose an average of 3 percent per year, UVM officials said, and the university had not frozen tuition in more than 40 years.
The freeze will save more than $6,000 for Vermont undergraduates compared to pre-2019 costs, and almost $14,000 for out-of-state undergraduates, according to the announcement. The savings are similar for graduate students, and somewhat bigger for medical students.
In all, savings for all students enrolled at UVM over the five academic years will exceed $163 million, UVM said in its announcement.
“That’s millions less in student loans,” said Jay Jacobs, vice provost for enrollment management. “And, millions less tapping into families’ savings, retirement accounts, and other assets to pay for a UVM education.”
Garimella said a college education is one of the largest expenditures that families face, but is increasingly important to a young person’s success. He said tuition increases are not the solution to budget pressures facing higher education.
