Cost is frequently a major factor in choosing a college. Some families believe that higher tuition at private colleges makes them unaffordable. If a private college appears to be the right choice for you, don't be deterred by the stated cost of attendance. Virginia's private colleges try to make it possible for qualified students to attend. There are need-based and non-need-based forms of financial assistance available.
Need-based financial assistance is available from a number of sources, and it is not limited to families with the lowest incomes. Other factors are considered when determining "need," such as the number of family members in college, family size, or unusual financial circumstances. We strongly encourage all families to apply for financial aid regardless of income.
Need-based financial assistance is usually provided in the form of grants, part-time work, and subsidized loans. The college's financial aid officer can assist in the preparation of the necessary forms.
In 2004, 75% of in-state students attending Virginia's private colleges demonstrated financial need. At some institutions, the average non-loan financial aid awarded was more than $8,000. Last year, Virginia's private colleges (members of the Council of Independent Colleges in Virginia) awarded more than $200 million in institutional funds to enrolled students.
Sources of non-need-based aid include academic scholarships, on-campus employment, low-interest loans, and tuition payment plans.
In some instances, a student may find that
with the financial assistance provided, the cost of attending
a private college may actually be less than the cost of attending
a state university. Clearly, Virginia's private colleges offer
a quality education at an affordable cost.
