Cost is among the major factors in choosing a college for nearly every student. Virginia private colleges are committed to affordability for students from wide-ranging family backgrounds. For many students, attending a private college may actually be more affordable than attending a public college.
Attending a private college is financially possible for most students due to the availability of generous financial aid. These packages are comprised of need-based and non-need-based assistance. Eighty-two percent of students at Virginia’s private colleges receive some sort of financial aid, with an average award of $25,000 annually.
Need-based/Merit-based….What’s the difference?
The most important thing about grants is that they are “free money” and do NOT need to be re-paid.
Need-based grants are available from a number of sources, and are not necessarily limited to families with low incomes. We strongly encourage all families to apply for financial aid regardless of income. Students must complete the FAFSA (Free Application for Federal Student Aid) for their eligibility for need-based aid to be determined.
Non-need-based aid, also referred to as “merit-based”, includes institutional grants and scholarships based on academic talent or other qualities (i.e. musical talent, leadership, community service, etc.). Consult with the colleges that interest you about how to apply for their merit-based awards.
Other forms of aid can include on-campus employment, low-interest loans, and tuition payment plans.
What types of financial aid are available?
Financial aid for Virginia private college students and their families comes in these main forms:
Grants
Grants, based on need or sometimes merit, are financial assistance to make education more affordable and make up the difference between college costs and what a family can afford to pay.
- Institutional grants are provided by individual colleges. The Financial Aid Office at each institution can explain the application procedures and the type of aid available. Many times, this information can also be found on the website of each college. For need-based grants, amounts are determined based on a completed Free Application for Federal Student Aid form (FAFSA) or the CSS Profile. Some institutional grants come with special privileges or obligations, so it’s important to find out more about the types of grants you are awarded.
- Federal grants, like the Federal Pell Grant and the Supplemental Education Opportunity Grant (SEOG), are designed for students from low to middle-income families.
- Virginia’s state grant, the Virginia Tuition Assistance Grant (VTAG), supports full-time Virginia residents who attend accredited private, non-profit colleges and universities in Virginia. The VTAG is also available to full-time Virginia residents attending graduate programs in health professions fields of study.
Outside Scholarships
Outside scholarships are financial aid from private sources such as civic clubs in your community (such as your school PTA, local Kiwanis, Ruritan, Rotary), corporations (Coca-Cola, Dell, Burger King, and others), and private foundations (Jack Kent Cooke Foundation, Gates Foundation, and others), etc. Some awards may be only given one time, and others may be renewable until your degree is completed. These awards do not have to be repaid.
Typically, they are awarded according to some criteria such as academic or athletic achievement, cultural or religious background, career intention (future teacher, nurses), community service, etc.
Students can find scholarships through your school’s counseling office and websites like Fast Web and Scholarships.com. Your local Community Foundation is often a good source to find awards that are specifically for students from your geographic area.
Note: Avoid scholarship offers that charge fees, ask for credit card or checking account information, or guarantee scholarships.
Loans
Low-interest educational loans, which must be repaid, are available from government and private lenders.
Notable programs include the Federal Perkins Loan and the Federal Stafford Loan Program, which cater to different financial needs and situations.
Work-Study
This form of tuition assistance is aid that you earn. The federal government and many colleges offer work-study programs that provide part-time jobs to help students cover the cost of their education.
What plans are available to save for college?
529 plans can be applied to any Virginia private college. A state or educational institution operates these plans and offers income tax breaks, benefits, and advantages. The Virginia529 College Savings Plan sponsors several types of savings programs, and you can find more information at their website.
There are also a variety of tax credits, deductions, and other plans available to assist with the expense of higher education. For more information, please visit the Internal Revenue Service Tax Benefits for Education publication.