VCU officials say the 2013-2014 budget includes $2.5 million annually in savings from budget cuts. The university also announced a new tuition structure for new students. They will now be charged on a per-credit hour tuition structure. The first 14 credits will be based on the normal tuition and fees. Any credits at 15 hours or more are reduced by 50 percent. The change should make annual tuition and fees for typical new in-state undergraduates $12,002. New in-state-undergrads will pay $21,084 with a meal plan and student housing. New out-of-state undergraduate students is $29,473 in annual tuition and fees and $38,555 if they also live in student housing with a meal plan.