The University has again bolstered its reputation as one of the country's best bargains in higher education, recently receiving high marks from two national publications.
For the second consecutive year, The Princeton Review ranked the University the No. 1 "Best Value Public College," while Kiplinger Personal Finance Magazine rated the University third in its similar list for the fourth time in five years.
In compiling its annual list, The Princeton Review considers academics, tuition costs and financial aid from surveys by school administrators and students from nearly 700 institutions, said David Soto, Princeton Review director of college ratings.
"The list combines selective schools that offer strong academics with a relatively low sticker price or offer a great financial aid package," Soto said. "These schools eliminate a lot of the worry for students in the paying for college process; they're true to their word and title. As far as academics go, U.Va is up there with the top private colleges."
Soto also noted that the University's financial aid program, AccessUVa, was one of many factors that drove it to the top of the list. AccessUVa promises to meet 100 percent of a student's demonstrated need.
"U.Va has a very solid academic reputation," Soto said. "They rank in the top 96th percentile in terms of selectivity, and once you get in, U.Va does a good job in providing financial aid for those students who need it ... The average student graduates with only $19,000 in debt over four years."
Director of Financial Aid Yvonne Hubbard also attributed the University's high ranking partially to the school's AccessUVa program, which has received national attention since its debut.
"It's not a single-dimensional financial aid program," Hubbard said. "It looks at the student holistically and looks at different students from all backgrounds and is designed to meet needs of all low-income students."
Leonard Sandridge, University executive vice president and chief financial officer, noted that AccessUVA helps make the University a more attractive institution to attend, adding that the recent magazine rankings serve as valuable resources for prospective students and their families.
"These rankings are important because of what they mean for our students and applicants and their parents: That these students will have access to a superior education at a good price, with the financial support they need to be able to graduate without a burdensome loan," Sandridge stated in an e-mail. "I think that students appreciate this opportunity, judging from the record number of applications U.Va. received for the class of 2014."
Rankings such as those found in The Princeton Review are important resources to counter the often negative coverage of the costs associated with higher education, Hubbard noted.
"When they talk about being affordable, it's about changing the perception that students and parents have about institution costs," she said. "Often students from lower-income families self-select themselves out of the process because they think they can't even look to coming to the University. These types of surveys ... promote the idea that it's worth looking into and that it's possible to be here."
Some students, however, such as second-year College student Marcus Hall, did not put much weight on college rankings before deciding to attend the University.
"It wasn't until I got to U.Va that I found out about their reputation," Hall said. "I wouldn't say that the rankings really made a difference in my decision, but I'm really glad I'm here right now. U.Va excels in academics as well as student life."
Currently, there are about 3,600 students receiving aid through AccessUVa - about 31 percent of University undergraduate students, said George Stovall, University director of institutional studies.\n"We're dedicated to keeping loan debt down," Hubbard said. "The Princeton Review's algorithm is what the loan debt is at graduation and how much financial aid schools are providing. Our philosophy is to help students control their debt and keep them in control of their fiscal lives."
Additionally, Hubbard noted that though the University administration provides the funding for AccessUVa, President John T. Casteen, III maintains oversight and makes changes to the program as he sees fit, such as the change from work-study to full-tuition grants. Hubbard also added that conversations with President-elect Teresa Sullivan about AccessUVa are in the works.
"She addressed that it's one of her goals to ensure its sustainability," Hubbard said. "I'm looking forward to see what she can do when she's here"
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