Financial aid for colleges and universities primarily comes from the federal government through the PELL grant program and low-interest student loans.
The House Appropriations Committee does provide funding to support several state level financial aid programs for Virginia college students in both the 2-year and 4-year setting. These programs include the Virginia Commonwealth Award, Virginia Guaranteed Assistance Program, Virginia Tuition Assistance Grant Program, Two-Year College Transfer Grant, Workforce Credential Grant, G3 – Get Skilled, Get a Job, Give Back Program, and the Virginia Military Survivors and Dependents Education Program.
Budget Overview
State financial aid programs are supported with general fund resources. Over the last 25 years from FY 2000 to FY 2024, In-State Undergraduate State Financial Aid General Fund grew by about $321.7 million or over 600% at 4-Year public institutions and about $140.0 million or nearly 1200% at 2-year public institutions. At 4-year institutions over half that growth occurred in the FY 23-24 biennium while at 2-year institutions the FY 23-24 biennium accounted for nearly two-thirds of the overall growth in the program.
The Virginia Military Survivors and Dependents Education Program (VMSDEP) Waiver program has grown nearly 700% in the last five years (FY 2019 to FY 2024) in terms of dollars waived. Program recipients grew by 500% over that same period. By contrast in the previous ten year period from FY 2010 to FY 2019, the amount waived grew by about 190% with recipient growth less than 30%.
Program/Policy Highlights
- The Virginia Commonwealth Award
Provided to students in all public colleges and universities based on need to offset tuition costs
- Virginia Guaranteed Assistance Program
Provided to students in all public colleges and universities based on need and requires full-time enrollment and merit qualifications
- Virginia Tuition Assistance Grant Program
Provided to Virginia students in private colleges and universities to offset tuition costs with a maximum award of $5,250 in state assistance
- Two-Year College Transfer Grant
Provides up to $2,000 for students enrolled in a 4-year college a year after receiving an Associate’s degree from a Virginia 2-Year public institution with at least a 3.0 GPA and financial need
- Workforce Credential Grant
Provides 2/3rds of the cost of non-credit training program in occupations with a defined need in Virginia’s labor market
- G3 – Get Skilled, Get a Job, Give Back Program
Last dollar financial aid award for Virginia students enrolled in a community college and seeking a degree in a field with a high number of job openings in Virginia
- Virginia Military Survivors and Dependents Education Program
Provides education benefits to spouses and children of military service members from Virginia killed, missing in action, taken prisoner, or who became at least 90% disabled as a result of military service in an armed conflict. Virginia waives tuition and fees at public institutions and provides a stipend, based on available funds, for other educational expenses