The University of Virginia will expand its financial aid program to cover tuition and fees for in-state students from households with an annual income of $100,000 or less, according to a Friday statement from the university.
The financial aid expansion comes as the university’s Board of Visitors voted to approve the 2024-25 and 2025-26 academic year tuition rates, which are 3% higher than the current tuition.
The university’s existing AccessUVA financial aid program provides Virginia families making $80,000 or less with grants and scholarships to equal or exceed tuition and fees. It covers tuition, fees, housing and dining for Virginia families with an income of $30,000 or less; under the expansion, families making up to $50,000 a year will be eligible for that aid.
The expansion will also give Virginia families with an income of $150,000 or less at least $2,000 in need-based grants; previously, eligibility for this aid was capped at $125,000.
These changes are meant to account for high inflation and an increase in the federal poverty level threshold, according to the university’s statement.
“Our mission is to welcome talented students from all walks of life, and these expanded grants and scholarships will help us do just that,” Vice Provost for Enrollment Stephen Farmer said in the statement. “Once Virginians from middle- and lower-income households earn admission to UVA, these scholarships will make it possible for them to join us. When they do, they’ll make everyone around them better.”
The expansion was funded by philanthropic donations, according to the statement.
The university will continue to cap need-based loans over four years at $4,000 for low-income Virginians, $18,000 for other Virginians with need and $28,000 for non-Virginians.