UVA Board of Visitors Talks Tuition Rates & Financial Aid
An outside consultant says the University of Virginia can raise tuition rates by 6 percent. Friday morning, the UVA Board of Visitors got an update about the university's financial aid program.
UVA officials caution the report is just a recommendation and by no means set in stone, but the board of visitors wants to rapidly move on the concept.
The preliminary review says UVA is underpriced. According a survey, both out-of-state and in-state students said they'd pay more to attend UVA. Low-income prospective students would pay more if more financial aid was in place. A 6 percent jump would increase tuition revenue by $1.5 million.
Colette Sheehy, vice president for management and budget at UVA, said, "They looked at some high-level conclusions about the way we use aid and the AccessUVa program versus tuition, and found that we actually probably have some price elasticity. "
The board will talk about the recommendations in February. Any policy changes to AccessUVa would not be approved until May, and would take effect for the 2014-15 academic year.
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