UVA boosts financial aid for in-state students

The cost of a UVA education will be within reach for more middle- and lower-income families with the expansion of the University’s financial aid program. UVA will funnel $1 million in donations over the next year to pay for the effort, a cost that is expected to decrease in future years as family incomes rise, Vice Provost for Enrollment Stephen Farmer said. 

Through its AccessUVA financial aid program, UVA already meets 100 percent of undergraduate students’ demonstrated financial need, providing grants and scholarships to reduce reliance on loans. For some Virginian students, however, UVA covers all or most of the costs because of their family’s income level. 

The updated program, announced in December, raises those income ceilings.

Now UVA will award grants and scholarships that equal or exceed tuition, fees, housing and dining for in-state students with a family income of $50,000 or less. That’s up from $30,000, originally set in 2018. 

The University will provide grants and scholarships that equal or exceed tuition and fees for in-state students with a family income of $100,000 or less—up from $80,000, also set in 2018.

And it will give at least $2,000 in need-based grants to Virginia students with a family income of $150,000 or less—up from $125,000, set in 2017.
The new aid thresholds will apply to all Virginians enrolled during the next academic year, no matter what year in school they are, Farmer said. 

At least two of UVA’s peer schools have announced similar threshold changes. In June, Duke University announced that undergraduates from the Carolinas with family incomes of $65,000 or less will receive full tuition grants, along with financial aid for other costs, such as housing and meals. Those with family incomes of less than $150,000 will receive full tuition grants. 

In October, the University of North Carolina, Chapel Hill, also announced that it would cover tuition and mandatory fees for North Carolina students with a family income of less than $80,000.
UVA’s broadened program reflects growing stress on families from inflation, along with an uptick in the federal poverty threshold, which is based on the cost of food, clothing, shelter and other essentials. In 2018, a family of four living in a rental unit was considered to be impoverished if it earned $28,100, according to the U.S. Bureau of Labor Statistics. In 2022, the number was $34,500.

During the 2023-24 term, the total in-state cost for a first-year College student was about $38,000. UVA’s Board of Visitors in December approved a 
3 percent spike in base tuition for undergraduate students for the next two 
academic years.

Additional financial aid support, Farmer said, will not only encourage more Virginians to consider UVA, but it will also help admitted students who receive the support persist, thrive and graduate. “This is a way for us to honor our obligation to the people of Virginia,” he said. “It’s a way for us to continue to strive toward excellence at the University. Those two things together are reason enough to do this.”