Funds for the Future
Over the next six years, Virginia Tech's "Funds for the Future" program seeks to accomplish two objectives: (1) Protect certain groups of low-income undergraduates from tuition and fees increase, (2) Reduce unmet need for certain groups of low income undergraduates. By doing this, Virginia Tech hopes to increase the affordability for students to attend Virginia Tech by increasing instructional funding for student aid.
In order to be considered for this program, undergraduate students must complete the FAFSA (with correct signatures) by March 11 and qualify for financial aid. There are no additional requirements.
Main features of the "Funds for the Future" program are shown in the tables and summarized below.
In-State Students
Family Income |
Reduce Unmet Need |
|
Group A |
$0-$29,999 |
1.00% each year |
Group B |
$30,000-$49,999 |
0.50% each year |
Tuition and Fee Increase Protection |
||
| Group A | $0-$29,999 |
100% |
Group B |
$30,000-$49,999 |
70% |
| Group C | $50,000-$74,999 | 30% |
| Group D | $75,000-$99,999 | 10% |
Out-of-State Students
Family Income |
Reduce Unmet Need |
|
Group A |
$0-$29,999 |
1.00% each year |
Group B |
$30,000-$49,999 |
0.50% each year |
Tuition and Fee Increase Protection |
||
| Group A | $0-$29,999 |
60% |
Group B |
$30,000-$49,999 |
40% |
| Group C | $50,000-$74,999 | 30% |
| Group D | $75,000-$99,999 | 20% |
"Reduce Unmet Need" Component
All undergraduates who qualify for financial aid and fall into Group A or B will have unmet need reduced by 1% and .5% respectively. The unmet need is computed by subtracting the Expected Family Contribution and the total financial aid awarded from the total cost of attendance.
"Tuition and Fee Increase Protection" Component
For example, if in-state annual tuition and fees increase by $500, an undergraduate student--
- Who falls into Group A would have no additional out-of-pocket expenses.
- Who falls into Group B would pay $150 instead of $500.
- Who falls into Group C would pay $350 instead of $500.
- Who falls into Group D would pay $450 instead of $500.
For example, If out-of-state annual tuition and fee increase by $800, and undergraduate student--
- Who falls into Group A would pay $320 instead of $800.
- Who falls into Group B would pay $480 instead of $800.
- Who falls into Group C would pay $560 instead of $800.
- Who falls into Group D would pay $640 instead of $800.