University of Virginia Library

RESOLUTION FOR AUTHORIZATION OF ACCESS UVA

The Board approved the addition to the Agenda from the Finance Committee, a resolution authorizing Access UVa, a new concept in student financial aid. The President subsequently that morning announced the plan at a press conference in the Dome Room of the Rotunda.

WHEREAS, need-blind admissions for undergraduate applicants and need-based aid for admitted undergraduate students help ensure access to and affordability of education at the University, regardless of a student's financial circumstances; and

WHEREAS, the continued deterioration of funding from the Commonwealth of Virginia will cause an erosion of the quality of the University's academic program unless there is an increase in other sources of revenue including tuition; and

WHEREAS, artificially restraining tuition below cost results in a financial subsidy for every student regardless of need; and

WHEREAS, the University seeks to ensure access and affordability to students who cannot afford the price of an education by providing financial aid rather than by artificially depressing tuition; and

WHEREAS, the University seeks to attract, enroll and graduate a socio-economically diverse student body; and

WHEREAS, since 1985, the University has offered financial aid in the form of grants, loans and work-study to meet 100 percent of financial need for high-need students; and

WHEREAS, in 2001 the University began to phase-in a program to offer financial aid to meet 100 percent of demonstrated financial need for all qualified undergraduate students by the fall of 2004; and

WHEREAS, students graduating with a high level of indebtedness may be limited in their career and advanced education choices upon graduation;

RESOLVED that the Board of Visitors authorizes the implementation of Access UVa, consisting of the following four components to the University's financial aid program:

• 1. Full implementation in the academic year 2004-2005 of the aforementioned program to offer financial aid to meet 100 percent of demonstrated financial need for qualifying undergraduate students at all income levels;


• 2. Beginning in the academic year 2004-2005, a four-year phase-in of a new commitment to replace need-based loans with grants for qualifying undergraduate students with family income at or below 150 percent of the federal poverty level;


• 3. Beginning in the academic year 2005-2006, a four-year phase-in of a new commitment to replace need-based loans with grants for undergraduate students at all income levels, beyond a cumulative loan cap. The loan cap will be set every year for that year's entering class, at approximately 25 percent of the total of UVa's projected undergraduate in-state cost of attendance over four years; and


• 4. Beginning in the fiscal year 2004-2005, a comprehensive educational program to provide to new students and parents information about financial options and counseling services on debt management.

RESOLVED FURTHER that it is the intent of the Board to allocate tuition and private funds for this purpose, that such allocation will be considered as part of the annual budget process, and that the Executive Vice President and Chief Operating Officer will include in the 2004-2005 operating budget a plan to fund the first component of Access UVa.