62,
Allow me to help debunk a few of the myths out there related to the true cost of an education at UR vs. other VA state schools. The power of UR's large endowment actually makes it less expensive for many applicants to afford UR (myself included). UR has one of the best financial aid programs in the country.
Exhibit #1 for VA residents:
Richmond will provide an aid package equal to full tuition, room, and board (without loans), if:
You're an entering first-year student from Virginia who qualifies for admissionYour annual family income is $40,000 or lessYou demonstrate eligibility for need-based aid
Also, All Virginia residents are eligible to receive the Virginia Tuition Assistance Grant (VTAG) from the Commonwealth, an annual grant of approximately $3,100
No other university in VA guarantees that kind of financial assistance for lower income VA residents.
Exhibit #2 Need based Aid for all US Citizens and Permanent Residents:
Richmond In Reach, our need-based aid program, is available to eligible, full-time undergraduate students who are U.S. citizens or permanent residents. Through this program, Richmond commits to meeting 100% of our students' demonstrated need, and we don't consider financial need when making admission decisions.
Aid packages are made up of grants and scholarships that do not have to be repaid, as well as a self-help portion that may include loans or Work-Study. Because it is our desire to help students graduate with very little debt, we attempt to keep loans to a minimum.
Exhibit #3 Average Aid Numbers:
· In 2012?13, undergraduate students received 72 million in grants and scholarships; $65.5 million came from the University of Richmond
· 67% of undergraduates receive grants or scholarships
· 1 in 13 Richmond undergraduates receives aid through a merit scholarship
· 43% of undergraduates are eligible for need-based aid, and the average financial aid package for these students is $41,800
These numbers are huge in comparison to other state based VA schools
Exhibit #4 Best Value:
The University of Richmond will increase tuition by $1,560 next year, bringing the annual undergraduate charge to $43,170. With increases in room and board, it will cost more than $52,000 to attend UR.
But with its generous financial-aid packages, the private university still merits a spot on Princeton Review's annual best-value list.
UR is the only Virginia school on the top 50 list for private schools.
The rankings by Princeton Review, a company offering test preparation and education services, are based on financial information for the current academic year. UR has set its tuition rates for next year, but public colleges will determine rates later in the spring.
The Princeton report praised U.Va. and UR for their financial awards. The average debt for UR graduates is $21,555. Students with family incomes below $40,000 receive full tuition and room and board.
In-state residents pay $10,628 in tuition and required fees at U.Va. this year. The average debt at graduation is $19,384, the report says.
Here is another article by Kiplinger praising UR:
http://www.washingtonpost.com/blogs/college-inc/post/kiplinger-anoints-washington-and-lee-a-top-liberal-arts-value/2011/10/25/gIQAPgZmGM_blog.html
Exhibit #5 True Cost Calculator:
· I ran the some numbers based on a VA resident whose parents make $100k per year, owns a modest home (with avg debt), has modest retirement assets, and the student currently works part-time
· UR's total cost including personal expenses was almost $58k but the student received a total of $30k in Grants and Scholarships, leaving about $28k in remaining cost
· I ran the same scenario for VCU and the total cost was estimated to be $25.5k but they only received $2k in grants leaving $23.5k in remaining cost
· Not much difference if you ask me.
Exhibit #6 Check out who is #2 (page 7 of this article) for Colleges that Pay Off:
http://www.smartmoney.com/borrow/student-loans/colleges-that-pay-off/
Exhibit #7 UR ranked the best in its commitment to serving low income students:
But the report ranks the University of Richmond as among "the Best of the Best of the Wealthiest Schools" for its commitment to serving low-income students.
At UR, 18 percent of students receive Pell Grants, and the average net price for low-income students is $7,150, according to the report.
http://www.timesdispatch.com/news/local/education/college/article_5d1ff546-886b-5633-aab1-dfd7192c4796.html
Exhibit #8 Check out the following articles talking about UR's value relative to other VA schools:
http://www.timesdispatch.com/news/private-colleges-offer-diversity-and-value/article_16b11425-8291-5804-ba57-cb14fa135e80.html
http://thecollegianur.com/2010/02/04/richmond-a-great-value-despite-price/10520/