Virginia Tech recently received $10 million for a new initiative to help more Virginia residents with financial need afford tuition, as well as room and board. The university is also kick-starting a 10-year fundraising effort to raise $500 million dollars.
The initiative, called Virginia Tech Advantage, was first announced last year by Virginia Tech President Tim Sands. He and the Board of Visitors have been working with several task forces to address affordability, especially for those most in need.
Professor Matt Holt, co-leader for Virginia Tech Advantage, said that while Virginia Tech is a great education with a good return on investment, the university lags behind when it comes to helping lower income families afford education.
“We aren’t doing as much to support students that come from the most undeserved backgrounds, that have the most unmet financial need,” Holt said.
They're hoping to raise $500 million within ten years, much of which will go towards helping students afford tuition, as well as other expenses. It’s estimated that 5,500 hundred Virginia residents would benefit per year.
In addition to philanthropy, Holt said the University will also look to provide additional institutional support. “And we hope for additional state and federal assistance. We have already received some additional assistance from the state,” Holt said.
The university’s initiative will also look at making support systems more available for first generation students and those from lower-income families. Things like access to emergency loans, so if a student who works a part-time job suddenly has an unexpected car repair, or other expense, they can get help.
“Simply having access to a $500 loan can make the difference to a student staying in school or not,” Holt said.
They’re also exploring expanding peer mentoring programs. “That will allow these students to in some sense help each other be successful,” Holt said.
Two alumni recently donated $10 million towards the effort, which will create a scholarship to help 70 students each year.
