The University of Virginia Board of Visitors voted Saturday to reauthorize AccessUVa, one of the most successful and effective financial aid programs among the nation’s public colleges and universities.

Approval of the resolution extends the program launched in 2004 to continue to meet 100 percent of the demonstrated need of undergraduate students, regardless of their financial circumstances. The board’s vote also instituted a program adjustment designed to maintain the program’s effectiveness and availability while placing its institutional costs on a sustainable path.

“Our commitment remains ensuring access to the University of Virginia for the best students, regardless of their financial challenges,” UVA President Teresa A. Sullivan said. “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.”

“This valuable financial aid program has enabled many students to attend UVA,” Rector George Keith Martin said. “The program costs have increased dramatically since it was implemented in 2004, while both the demand for financial aid by families has increased and federal support has flattened or declined. The board adopted a more balanced approach to make sure AccessUVa will be around to help future students and families for the long run.”

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