Pell-Eligible Vermonters to Receive Full Tuition Scholarships, Beginning with Incoming Class
Release Date: 04-26-2008
The University of Vermont will offer grants and scholarships covering all tuition and fees to Vermont undergraduates eligible for Federal Pell Grants, beginning with the 2008 entering fall class, the university has announced. The Pell Grant program offers need-based grants to students with the greatest financial need, determined by a federally-regulated financial formula.
The financial aid packages being offered to Pell-eligible incoming first-year Vermont students reflect the new policy, as do those offered to date for the incoming fall class. Eligibility for the program is restricted to the dependent children of Vermont families.
Reflecting national averages for public flagship universities, about one-quarter of all entering Vermont undergraduates at UVM are Pell eligible in a typical year, approximately 150 students in an entering Vermont class of about 600. In addition to Pell grants, these students also typically receive grants from the Vermont Student Assistance Corporation and from the university. The new program will cover any remaining costs related to tuition and fees.
The program will be implemented over the next four years to cover all Pell-eligible Vermont undergraduates attending UVM. When fully implemented, the new initiative will represent an approximately $750,000 investment over and above the $12 million in institutional grants and scholarships for Vermont undergraduates with financial need the university is already spending, a 92 percent increase since 2001.
After analyzing its financial impact, the university decided to launch the program this spring in response to the downturn in the economy and to strive to maintain access for all Vermonters.
"As a public institution with a land grant mission, UVM prides itself on its accessibility," said Daniel Mark Fogel, UVM president. "This new program is another element of our commitment to investing in Vermont's future, in this case by making sure UVM is accessible to Vermonters who have significant financial need."
"The sticker price of a UVM education can be intimidating, especially to families with significant financial need in an uncertain economic climate," said Chris Lucier, vice president for enrollment management. "We hope this new program will help get the word out that, after financial aid, cost need not be an obstacle for low income Vermonters who want to attend UVM, even when the economic outlook is unsure. We hope and anticipate that we'll see more applications and enrollments among those Vermonters with the greatest financial need as a result."
The program will also help retain students until they graduate, Lucier added. Its coverage will expand to cover anticipated increases in tuition and fees, so students and families have some confidence that they will receive support to cover tuition and fees over four years.