Kiplinger's Personal Finance magazine has ranked the University third in its 2006-2007 rankings of the "50 Best Values in Public Colleges." The rankings were based on a set of criteria weighing both academic standards and affordability.
The academic criteria ranged from the percentage of incoming students testing above 600 on both the math and verbal sections of the SAT, to the University's four- and six-year overall graduation rates.
The University's admissions standards are among the highest of the colleges listed in the Kiplinger article. However, it is the University's affordability in conjunction with its high academic standards that contributed to its high ranking, according to Leonard Sandridge, executive vice president and chief operating officer..
"We have, for a number of years, been considered a 'best value' institution, and we expect to remain a best value for our students in the future," Sandridge said. "The U.Va. faculty and staff work hard to provide a high quality academic experience at a reasonable cost," he added.
Kiplinger's addressed such issues, reporting that "even though the total cost of tuition, fees, room and board and books was about $16,000 ... [the University] also increased [its] aid packages--with need-based aid averaging more than $10,000, bringing the cost after aid down below $6,000 for the year."
Yvonne Hubbard, director of student financial services, said the University meets all demonstrated financial need for both in-state and out-of-state students.
"We don't gap anyone," she added.
Kiplinger's reported the University is one of a growing number of schools that is boosting its need-based financial assistance, noting the University's willingness to meet all demonstrated financial need of a student if his or her family's annual income is under $40,000.
If a family is at or below 200 percent of the poverty level, the student receives an all-grant package called "Access U.Va."
According to Sandridge, Access U.Va. has been integral in attracting an economically diverse student body, and the University hopes to improve its efforts.
"Our students and their families deserve nothing less," he said.
The two schools Kiplinger's ranked as constituting a "better value" than the University were University of North Carolina at Chapel Hill and the University of Florida.
--Stephanie Fees contributed to this article.
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