The board of visitors of the University of Virginia has reauthorized the AccessUVA financial aid program. The program, which was launched in 2004, has allowed large numbers of low-income students to enroll at the University of Virginia, with 100 percent of their financial aid needs met.
In its first year, the university contributed $11.5 million to the AccessUVA program. Since that time federal financial aid programs have remained flat or decreased. In addition, after the major recession of 2008-09, many more families require financial aid than had been the case in the past. As a result, during the 2012-13 academic year, the university contributed $40.2 million to the AccessUVA program.
Due to the rising cost and increased demand for financial aid, the university will now be including loans as part of the financial aid packages. But the plan caps loans at $28,000 over four years for non-Virginia residents and $14,000 for in-state students.
Teresa Sullivan, president of the University of Virginia, stated, ““Our commitment remains ensuring access to the University of Virginia for the best students, regardless of their financial challenges. At the same time, we have an obligation to responsibly manage limited resources. These adjustments to the AccessUVa program provide the balance needed to accomplish both goals.”