With a focus on affordability, careers and value, W&M board approves budget

The net price of a William & Mary education - the amount students pay after aid and grants - remains one of the lowest in the state. (Photo by Timothy D. Sofranko)

Balancing affordability and efficiency with the resources needed to launch students into successful careers, the William & Mary Board of Visitors today approved undergraduate tuition rates for the next two academic years.

The two-year scope continues a biennial budgeting cycle that began in 2024, allowing families to better plan for tuition costs. The net price of a William & Mary education - the amount students pay after aid and grants - remains one of the lowest in the state. On average, William & Mary offers the most generous institutional financial aid of any Virginia public university.

Earlier this week, a public hearing on tuition was held to gather community feedback.

"We are mindful of the financial challenges many are facing right now," said Rector Charles E. Poston J.D. '74, P '02, '06. "Our goal has been to make William & Mary affordable and accessible while maintaining the exceptional quality of the educational experience, which leads to successful careers for our graduates. We are achieving this through proactive cost-saving measures, while also providing scholarships and other aid to students and their families."

With Friday's action, the board approved a 2.9% increase to both full-time and part-time undergraduate students. The additional funding addresses rising costs driven by inflation and other factors while advancing the university's most strategic priorities.

The university remains a top value for the education it provides, with strong graduate outcomes.

• Forbes recently named the university a leader for launching careers and, for the second consecutive year, a "New Ivy" in recognition of its excellence in career readiness.
• The Princeton Review last year named W&M the sixth-best public school for internships.
• The Princeton Review also ranked W&M one of the top 20 public universities for career placement.

"William & Mary students graduate as adaptable, critical thinkers," said President Katherine A. Rowe. "It is our job to ensure they are equipped to flourish, whatever path they choose. We want them to land at their next destination with confidence."

The net price picture

The Board of Visitors voted to approve the tuition change while also approving the university's fiscal year 2027 (FY27) operating budget. In addition to tuition, the board approved a 3.1% increase to mandatory fees in FY27 and a 3.5% increase in FY28. Room rates will increase 6.5%, and dining rates will rise 6% in both fiscal years. The changes are in line with the university's six-year plan, which was approved by the board in September.

The net cost of a William & Mary education for many students is much lower when financial aid, scholarships and grants are taken into account.

• 100% of demonstrated financial need is usually met for in-state undergraduates.
• Half of each entering class receives some form of financial aid.
• The average aid amount for in-state recipients from W&M institutional sources is two-and-a-half times the average amount for other Virginia public universities.

Among Virginia public universities, William & Mary is the most affordable school for families making under $75,000 per year and third for those making $75,000 to $110,000. In 2025, The Princeton Review ranked William & Mary 11th among the best value public schools.

According to data from the State Council of Higher Education for Virginia, William & Mary students take out fewer student loans than those at other public universities in the state. Among those that do, they owe less after graduation than graduates of other Virginia public universities. Among W&M's Class of 2025, 33% of graduates had federal loan debt. The median amount owed was $20,500, approximately 20% less than the median amount owed by graduates of all Virginia public institutions the same year.

A good steward

The tuition changes will help allay rising costs from factors such as inflation, energy costs and state-mandated compensation increases while also allowing the university to invest in strategic priorities and capital projects.

Other steps William & Mary is taking to contain costs include: unit-identified reallocation of funds, a hiring slowdown and early retirement incentives. The university is also seeing savings from its investments in energy-efficient building systems, including significant returns from geothermal energy savings.

William & Mary strives to be a good steward of its resources.

S&P Global recently reaffirmed William & Mary's AA credit and bond rating with a stable outlook. The AA status means that the university has a very strong capacity to meet its financial obligations; the rating is just one step below the highest available, AAA.

William & Mary's main sources of revenue include tuition and fees, which bring in about 66% of the university's operating revenue. The state provides William & Mary with about 15% of its total operating budget.

Nearly 80% of William & Mary's expenditures go to core academic, research, support, financial aid and auxiliary functions.

"William & Mary spends with our core mission in mind - to offer a world-class education in a preeminent, public research university," said Executive Vice President and Chief Operating Officer Mike Todd. "The result of this careful stewardship is the continued evolution and elevation of the Alma Mater of the Nation and its graduates."

Staff, University News & Media

• share by email
• share on Facebook
• share on X
• share on LinkedIn

• share by email
• share on Facebook
• share on X
• share on LinkedIn

Related Stories