The University of Vermont’s Board of Trustees today approved freezing tuition and fees at current rates for a fifth consecutive academic year, an initiative begun by President Suresh Garimella in 2019 to keep UVM affordable and accessible for students and families from Vermont and across the nation. To complement the frozen tuition rates, which apply to all students, the university held room and board fees level for a fourth straight year.
To further reinforce UVM’s commitment to affordability and access here in Vermont, Garimella announced the “UVM Promise,” a new program that guarantees full tuition scholarships to all dependent Vermont students in households with incomes of up to $60,000. Eligible Vermonters will receive these full tuition scholarships for four years of study, beginning with the first-year students entering next fall.
“Most families are struggling with inflation in today’s economy,” said Garimella. “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 governor agrees.
“UVM is taking important steps to make the university more affordable for Vermonters,” said Governor Phil Scott. “The UVM Promise is a welcome addition to the university’s investments in Vermont’s future.”
The financial benefit of the tuition freeze to students and families over four years of study is substantial compared to average 3 percent annual increases in the decade prior to 2019. At the individual level, savings range from over $6,000 for Vermont undergraduates to almost $14,000 for out-of-state undergraduates. The savings are similar for graduate students and even greater for medical students.
The cumulative total savings for all students enrolled at UVM over the five academic years ending next year will exceed $163 million.
“That’s millions less in student loans,” said Vice Provost for Enrollment Management Jay Jacobs. “And, millions less tapping into families’ savings, retirement accounts, and other assets to pay for a UVM education. Our families are grateful for the savings.”
The UVM Promise is expected to further increase the savings for students and families. Nearly half of all Vermont households will be eligible. The state’s median household income is $63,477, according to 2020 U.S. Census data.
“It’s clear that our cost-reduction initiatives are having a measurable impact for the benefit of students and families,” said Garimella. “We want every Vermonter who chooses UVM to do so with confidence.”
Garimella said the tuition initiatives are particularly important because a college education is one of the largest expenditures that families face, and it is an investment that is increasingly important to securing a young person’s future success. He believes strongly that yearly tuition increases are not sustainable and are not a solution to the budget pressures facing higher education. When Garimella first recommended a zero tuition increase in his first semester at UVM, it was a historic announcement. The university had not frozen tuition in more than 40 years.
“This endeavor is not easy for our institution,” said Garimella. “I recognize that faculty and staff have had to reimagine how we serve our students and our state. They have done so for the past several years with great creativity and innovation and I know UVM’s students and families are thankful for their efforts.”
“News that UVM is continuing its tuition freeze is very much appreciated,” said Richard Wood of Danbury, Conn., whose daughter is a UVM junior. “This move provides good news for all UVM parents dealing with inflation hitting levels not seen for decades.”
UVM’s frozen tuition and fees will make it possible for both the Class of 2023 and the Class of 2024 to complete four years of study at UVM paying the same for tuition as they did when they arrived.
