Average cost of college went up for students in Richmond city in 2022-23 school year

Hakim J. Lucas, Ph.D, President | Virginia Union University

By Richmond Leader

Sep 26, 2024

College tuition fees rose 3.3% in Richmond city in the 2022-23 school year, according to the latest disclosure from the National Center for Education Statistics.

Data shows that students paid $22,359 on average to attend higher education courses at the time, $709 more than the previous school year.

Among the three institutions in the county, the University of Richmond stood out with the highest tuition fees, reaching an average of $60,330. Virginia Commonwealth University followed with an average of $17,172 per year. Virginia Union University students were offered the lowest annual tuition fees at $14,305.

At the time, a total of $77.7 million in grants or scholarships were awarded to full-time undergraduates who started at the Richmond city universities in the 2022-23 school year. Additionally, federal student loans reached $19.3 million.

Currently there are three higher education institutions in Richmond city, including Virginia Union University, Virginia Commonwealth University, and University of Richmond.

Undergraduate education costs have seen a significant increase over the past few decades. Data shows a 169% rise in the average total cost, including tuition, fees, room, and board, between 1980 and 2020.

According to a 2023 College Board report, in-state students at public universities paid an average of $11,260, while out-of-state students paid $29,150 in the 2023-24 academic year.

Meanwhile, student loan debt has steadily increased over the last 30 years, reaching $1.75 trillion in 2024, averaging a total of $28,950 per borrower. Federal loans make up 92% of the debt, with over half of students at both public and private four-year colleges graduating with student loans.

Available data sometimes exceeds 100% due to rounding and administrative calculations.

Total Student Aid in Richmond city Universities in 2022-23 School Year

Institution	Number of Students Receiving Grants	Total Amount of Grants Received	Average Amount of Grant Per Student	Number of Students Receiving Loans	Total Amount of Loans Received	Average Amount of Loans Per Student
Virginia Commonwealth University	4,094	$50,898,800	$12,433	2,014	$15,582,423	$7,737
Virginia Union University	260	$3,835,207	$14,751	167	$1,062,163	$6,360
University of Richmond	547	$23,001,296	$42,050	277	$2,670,351	$9,640