1.06 billion budget includes moderate tuition increase and major boost in financial aid.
Fairfax, Va. – George Mason University’s Board of Visitors today approved a $1.06 billion budget for the 2018-2019 academic year that provides a major boost in financial aid, expands support for student services, and funds strategic priorities outlined in the university’s 10-year plan.
The budget includes a 4 percent increase in tuition, fees, and room and board for undergraduate in-state students, which translates into an additional $908 for in-state students. Out-of-state students will pay $1,922 more, a 4.2 percent increase.
The university continued its support for students with the greatest financial need. The upcoming year’s budget includes a 12.3 percent increase in financial aid, or $8.4 million more than is in the current academic year’s budget. In addition, the budget continues to fund the Stay Mason Initiative, a student support fund to assist Mason students who are at risk of not continuing their education due to unexpected financial situations.
Even with the tuition increase, Mason remains one of the best values for Virginia residents. Mason, the state’s largest public research university, has grown rapidly over the past decade while keeping with its commitment to access, affordability and inclusive excellence and delivering an impressive track record of student success. The university was recently named the state’s most diverse institution by U.S. News & World Report.
“Mason is committed to being a great investment for our students, and that starts with tuition,” said Mason President Ángel Cabrera. “We have an agreement with our Board of Visitors that our tuition will be below the median of the tuition charged by other state doctoral universities. What we charge our students is significantly below that median while their outcomes are well above.”
The budget also includes $4 million for priorities outlined in the 10-year strategic plan, which includes funding for the university’s student experience redesign project, Mason Impact and other important strategic initiatives.
“The university has outlined a strategic path for the future that includes smart growth principles, which the board has endorsed,” said Mason Rector Tom Davis. “We are here to serve students. This budget ensures that we are investing in their success and thinking about the long-term health of the university.”
More than 36,000 students attend Mason from 130 countries and 49 states, plus the District of Columbia.
Mason boasts one of the strongest returns on investment in the Commonwealth. Recent graduates earn the highest median salaries among their peers at other Virginia institutions, according to State Council of Higher Education for Virginia (SCHEV) data. According to the U.S. Department of Education, Mason’s three-year student loan default rate is one of the lowest among Virginia public universities, even though Mason has the sixth-highest average percentage of students receiving Pell Grants.
About George Mason University
George Mason University is Virginia’s largest public research university. Located near Washington, D.C., Mason enrolls 36,000 students from 130 countries and 49 states, plus the District of Columbia. Mason has grown rapidly over the last half-century and is recognized for its innovation and entrepreneurship, remarkable diversity and commitment to accessibility. Learn more at www.gmu.edu.
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