UR raises tuition, other costs 3 percent to total of $48,490

University of Richmond students will pay 3.1 percent more in tuition and room and board next school year, bringing their overall cost to $48,490.

"It's the smallest increase in 40 years," UR President Edward L. Ayers said yesterday.

The increase will cover rising costs of expenses such as utilities and food, but UR will use its endowment to protect the university's educational quality, Ayers said.

"That's our highest priority," he said.

Endowment revenue will be used to provide about $18,000 per student in academic support, even for students who are paying full tuition, he said.

Ayers alerted UR families to the increase in a Feb. 6 letter that pledged to maintain the university's overall 8-1 ratio of students to faculty while minimizing the financial impact on families facing economic challenges.

Students this school year pay a total of $47,050. With the increase for next school year, students will pay $40,010 in tuition and $8,480 in room, board and fees.

UR's endowment had dropped 15 percent to $1.45 billion as of October. University spokeswoman Holly Rodriguez said fourth-quarter results are not available yet, but UR is estimating a 19 percent decline in the endowment from the preceding year.

Despite that decline, Ayers said UR is committed to keeping its need-blind admission policy, which means acceptance is not based on an ability to pay. UR is one of only 40 universities in the country with such a policy, he said.

About two-thirds of UR students receive financial aid of some sort. For the current school year, UR awarded $42.2 million in financial aid, Rodriguez said.

UR has a program that provides full tuition and room and board for Virginia residents with family incomes less than $40,000. This year, that benefit went to 41 students.

Ayers said the university is watching closely for students whose families may be facing financial problems because of the recession.

"As far as we know, nobody has left because of finances," he said.

UR has 2,735 full-time undergraduates. Ayers said they represent 45 states and territories and 34 countries.

Ayers' predecessor angered alumni and students when he pushed through a tuition increase of 31 percent in 2005 to make UR an elite private school. Critics said that took the university out of reach of the middle class and away from its Richmond roots.

But a new strategic plan called Richmond Promise will stress affordability and inclusion, as well as make Richmonders more aware of the university in their backyard, Ayers said.

UR may be a national institution, "but we are delighted to have Virginians," he said.

Richmond Promise's goal is "to do our very best to be as affordable and accessible as we can be."

Contact Karin Kapsidelis at (804) 649-6119 or .