Three weeks ago, the University announced the authorization of the Cornerstone Grant, an initiative that will provide significant cost-of-attendance relief to qualifying undergraduate students from Virginia. The financial aid program, which costs $15 million over the next three years, will be provided by the Strategic Investment Fund. The Cornerstone Grant is part of a multi-year strategy aimed at enhancing access and affordability for in-state students mostly through private philanthropy, private revenue and private investment sources. The program serves to show the potential value of investing University funds in private companies — provided that they are socially responsible — and the opportunity for greater student access and affordability.
The use of private investment provides our University with the resources it needs to offer students the best academic experience possible. The dividends generated by the SIF will address affordability through programs like the Cornerstone Grant. In addition, privately generated revenue will allow University spending on multipurpose technology, lab equipment, faculty recruiting and student scholarships — resources from which every University department can benefit. In anticipation of stagnant or declining state and federal funding, revenue from private investment will likely become a vital part of maintaining, or potentially improving, the University’s current standing.
The use of private funds in public education will offer students unique opportunities for increased access and affordability. The investment of the University of Virginia Endowment should serve as a model for that of the SIF. Dividends on the private investments of the University’s endowment have helped bring state-of-the-art technology to the Curry School of Education and significantly increased scholarship funds for Darden School of Business. When effectively implemented, private investment can safeguard the University’s pursuit of academic excellence in the face of declining public funding for higher education.
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