University of Richmond has largest rate increase among national liberal arts colleges in Pell Grants awarded over last eight years
April 29, 2008
The University of Richmond has recorded the largest percentage increase in the number of students receiving federal Pell Grants of any college on the U.S. News & World Report's list of national liberal arts colleges, according to a recent study published by Postsecondary Education Opportunity.
According to the report, the rate of Pell Grants awarded by the federal government to Richmond students over the past eight years increased by 43.5 percent, compared to an average decline of 1.9 percent among other national liberal arts colleges, further evidence that more low-income students are able to attend the university than ever before.
Pell Grants are awarded to students based on a federal need analysis formula. The maximum grant for 2008-09 is $4,731. Nationally, nearly 5.5 million full- and part-time college and vocational school students receive Pell Grants. The amount of a student's award is based on several factors, including the cost of tuition, family size and family income.
At Richmond, Pell Grants are part of a comprehensive financial aid package. The university is among only 1 percent of American colleges and universities to guarantee both a need-blind admission review and a commitment to meeting 100 percent of the demonstrated financial need of every American student admitted to its traditional undergraduate program. That commitment is complemented by a policy that students who receive need-based financial aid not be required to borrow more than $4,000 per year.
The university also guarantees that every admitted student from Virginia whose annual family income is below $40,000 is able to attend the university free of charge. Their aid package includes full tuition, room and board-without requiring the students to take out any loans.
"Pell Grants, by federal definition, go to high-need students. Because we fully meet the demonstrated need of our domestic, undergraduate students, those students receive a substantial financial aid package to pay college expenses, thus allowing them to attend the University of Richmond," said Cindy Deffenbaugh, director of financial aid for the university.
The study also showed that Richmond led several other Virginia colleges and universities in its rate of increase in Pell Grant awards. During the same period, Washington & Lee University's rate increased by 18 percent, William & Mary's increased by 0.1 percent, and the University of Virginia's and Virginia Tech's decreased by 11.9 percent and 20.9 percent respectively.
"This report is good news for students of need and for the University of Richmond," said Richmond President Edward L. Ayers.