University of Virginia Library

Federal Funds

Federal funds, Mr. Eldridge stated, have
kept up with growth. He said he felt that the
reason these funds have been provided, is that
he has been able to request increased amounts
for the University based on increasing student
need.

Allotment of state funds in currently under
major review. "The state realizes the need to
keep up with growth," Mr. Eldridge continued,
adding that the state legislature has ordered a
state plan to be drawn up.

The third major source of scholarship funds
is contributions from private sources. Mr.
Eldridge said that the University has a
considerable private endowment. Efforts will
need to be expanded in this area, he added, if
sources of financial aid are to keep up with the
growth of the University.

Richard L. Godein, newly-appointed
Director of Development, will be involved with
developing funds through alumni sources.

The Office of Financial Aid, Mr. Eldridge
said, is currently able to meet he needs of all
students applying for aid. The amount of aid a
student receives is calculated according to an
estimated minimum cost-of-living figure of
$2,200 for in-state students and $2,700 for
out-of-state students.

An analysis of need is based on such factors
as the Parents' Confidential Statement and the
amount that he Office o Financial Aid feels the
student himself is able to contribute. The
University then provides the amount it feels the
student needs. The form in which the funds are
provided - scholarship, work-study, or loan -
is based on the student's academic performance
at the University.

About 2,000 students are currently receiving
aid. The largest one expenditure of the
University involves federal loans, which total
$630,000.