AccessUVa, the University’s need-based financial aid program, is generous compared to peer universities, an ongoing study has found. The Board of Visitors will discuss whether or not changes need to be made to the program in their February meeting.
The study modeled the impact of price increases on AccessUVa and found that, especially for out-of-state students, incremental increases in tuition would not have any significant affect on students’ decision to attend the University, according to a University press release.
“One of the conclusions reached was that we are underpriced,” said Colette Sheehy, Vice President for Management and Budget. “Our students in particular seem to be much more sensitive to aid rather than the actual price.”
AccessUVa, which started in 2004, meets full demonstrated need for all students and does not include work-study or student contributions when calculating expected family contribution. For that, and several other reasons, some view the aid program as the best in the nation.
“Relative to its peers, U.Va. has a much higher percentage of aid recipients who are middle income, and over the past two years U.Va. has experienced the highest rate of budget growth and cost per student aided,” according to the University press release.
These findings were presented to the Board Friday morning in a joint meeting between the Educational Policy Committee and the Finance Committee. The Board discussed the implications of the report and set February’s meeting as the date to hear recommendations. Board members will then decide if they want to raise tuition in April’s meeting.
“We don’t really know what this would do to increase tuition,” Sheehy said. “There are other circumstances that we need to worry about when we consider tuition rates besides just the AccessUVa piece.“
The study is being conducted by Baltimore based group Art & Science Group LLC and was commissioned by the Board in June of last year. Most of their findings come from surveys given to prospective students.
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