George Mason University’s Board of Visitors today approved a $1 billion budget for the 2017-18 fiscal year that includes more money for financial aid, faculty and staff compensation, and student support.
The budget includes a 5.5 percent increase for tuition and fees. The increase, which will amount to $624 for resident undergraduate students and $1,788 for out-of-state undergraduate students, still leaves George Mason, Virginia’s largest public research university, as one of the most affordable options among the state’s major doctoral universities. Overall, Mason’s tuition and fees are eighth among the state’s 16 public four-year institutions.
The board also voted to increase funding for students, including more money to support a program that helps the university’s most financially vulnerable.
“George Mason continues to offer one of the best values in higher education,” Mason President Ángel Cabrera said. “We are committed to providing programs of the highest quality to meet the needs of our diverse student body while at the same time remaining accessible and affordable.”
Mason has seen its academic reputation rise over the past several years. In 2016, Mason was named to the highest tier of research universities as assessed by the Carnegie Classification of Institutions of Higher Education. Forbes and Kiplinger’s have ranked Mason a best-value college.
In the new budget, financial aid from various sources will increase by $4.4 million, including $1.3 million for Stay Mason, a university program that provides direct and immediate support to the most financially vulnerable students.
Faculty and staff will receive a 3 percent salary raise on average, as well as other fringe benefit enhancements, as part of the ongoing efforts to improve the university’s ability to retain talent in an increasingly competitive region.
Further, $1.5 million will be invested to support university strategic priorities, including the Student Experience Redesign Project intended to provide better support for students both in and out of the classroom.
“This budget will help us make needed investments and better serve our students,” Mason Rector Tom Davis said. “This budget also demonstrates a commitment to remain an affordable option in Virginia and provide support for economically vulnerable students.”
Mason has an impressive track record of student success. There is no disparity in six-year Mason graduation rates among racial and ethnic groups, and of May 2017 graduates who reported, 35 percent are first-generation students. Since 2010, the rate of students landing jobs within six months of graduation has risen from 66 to 74 percent.
George Mason was named a standout university for graduation of Pell Grant students by The Education Trust, and the university’s three-year student loan default rate is one of the lowest among Virginia’s public universities, according to the U.S. Department of Education.