Virginia Tech Advantage FAQs
What is Virginia Tech Advantage?
Virginia Tech Advantage is a university-wide, multi-year commitment to offer a broad educational experience to undergraduate students from Virginia who have financial need. The initiative is composed of four support strategies: providing a significant amount of new scholarship money and financial aid to reduce unmet financial need and increased support for students’ basic needs, career preparation, and transformational learning experiences such as study abroad and internships.
Why is Virginia Tech committed to helping students with unmet financial needs?
Offering a rich and full educational experience to students, including those with financial need, is a foundational part of our land-grant mission and a reflection of our university motto of Ut Prosim (That I May Serve).
What should prospective students and families know about Virginia Tech Advantage?
Virginia Tech is fully committed to offering a broad educational experience to all students, including those who have financial need. At scale, the initiative aims to cover the gap between the full cost of attendance and a student’s ability to contribute financial resources. Our goal is for a student with financial need to graduate on time with experiences and a college résumé that are similar to a student without financial need. All students who are Virginia residents with unmet financial needs can be considered for Virginia Tech Advantage.
How will the scholarship dollars be awarded? Does a prospective student need to do anything differently when they’re applying to be considered for Virginia Tech Advantage?
Prospective students do not need to do anything differently. They will apply as usual by filling out the Common App and the Free Application for Federal Student Aid (FAFSA). The Office of University Scholarships and Financial Aid will work to allocate available funds to meet students’ needs.
How does Virginia Tech Advantage impact the Presidential Scholarship Initiative? How do I apply?
One goal of Virginia Tech Advantage is to double the number of students in the Presidential Scholarship Initiative (PSI), from approximately 400 to 800 students. Potentially eligible students will automatically be considered when they fill out the Common App and the FAFSA. For more information, visit the PSI website.
When will Virginia Tech Advantage become fully operational?
Virginia Tech Advantage is operational now, although various aspects of the initiative will continue to be built up and scaled over time.
Will students know they are a part of Virginia Tech Advantage?
Yes. The university will work closely with students who receive support as a part of Virginia Tech Advantage so that we can effectively offer a range of services.
How much aid does Virginia Tech offer now, and how much will it offer in the future?
In FY23, the university managed $175.5 million in undergraduate student financial gift aid, including federal, state, institution, private, and third-party aid (both need and merit aid). At scale, Virginia Tech Advantage will add $51.5 million annually in need-based gift aid for resident undergraduates. In the first phase of the initiative, an annual increase of $30 million-plus for financial aid will close the gap with the top 20 land-grant institutions, while in the second phase, achieving the full increase of $51.5 million per year will offset the full measure of unmet student need.
Will Virginia Tech Advantage benefit all students, or just in-state undergraduates?
While the new scholarship funding focuses on in-state undergraduates who are eligible for Pell grants and state grants, the expanded support for in-state students frees up university resources that benefit all students. Enhanced resources to meet basic needs - such as food insecurity through The Market of Virginia Tech and emergency cash - are directed toward all students who need support. Similarly, the efforts to streamline curricula and course offerings to speed up time-to-graduation will benefit all undergraduates. Expanded resources for career preparation and transformational learning experiences such as study abroad and internships are directed toward Virginia Tech Advantage students.
How will the university measure progress toward the Virginia Tech Advantage goals?
The university is tracking five metrics: 1) achieving the $500 million fundraising goal; 2) decreasing the proportion of Virginia Tech Advantage students with a net price greater than $12,000 (the amount contributed by a student’s 20-hours-per-week job); 3) increasing the 4-year graduation rate for Virginia Tech Advantage entering freshmen; and 4) increasing the first-year retention rate for Virginia Tech Advantage entering freshmen.
How is the $500 million fundraising effort structured?
The 10-year, $500 million fundraising effort for Virginia Tech Advantage is a part of the ongoing Boundless Impact: The Campaign for Virginia Tech. The goal is composed of $400 million in endowed scholarships and $50 million in current-use scholarships over 10 years, along with $25 million in endowed funds and $25 million in current-use funds to meet basic needs (food insecurity and emergency funds); enhance career preparation (paid internships and coops, internship costs, mentoring and advising); and offer transformational learning experiences (study abroad, undergraduate research, summer experiences).
How can I give to or support Virginia Tech Advantage?
To learn more about supporting student scholarships and other parts of Virginia Tech Advantage, please contact the Donor Relations team at donorrelations@bestcookingbooks.com or 540-231-2801, extension 2. You can also visit bestcookingbooks.com/advantage/give.