Kiplinger's Personal Finance magazine names University of Richmond to 2008 "Best Values in Private Universities" list
March 24, 2008
The University of Richmond has been named to the 2008 Kiplinger's Personal Finance magazine list of the 50 "Best Values in Private Universities" for the second year in a row. The list ranks private colleges and universities based on outstanding academics, overall cost and amount of financial aid awarded to students. The rankings appear in the April issue of the magazine.
Richmond was ranked 22nd on the list of the top 50 private universities, the only school in Virginia to make the private universities list.
"Our extensive aid to students makes our personalized education far more affordable than people may realize," said President Edward L. Ayers. "We are delighted to be on this list and to open our doors to students of need."
Selected from a pool of more than 1,000 private institutions, Kiplinger's ranked the schools in two categories: private liberal arts colleges, which offer mostly undergraduate programs, and private universities, which offer undergraduate as well as graduate degrees. The rankings were based on overall academic quality, which accounted for two-thirds of the measurement, and affordability, which accounted for one-third.
To rate each school, Kiplinger's considered admission rate, SAT or ACT scores, student-faculty ratio, four-year/five-year graduation rate, total costs (including tuition, fees, room and board, and estimated book expenses), cost after need-based aid, aid from grants, cost after non-need-based aid, and average debt at graduation.
Through scholarships, grants, loans and other resources, more than 68 percent of Richmond undergraduate students receive some type of financial aid. This academic year, the university awarded $42.2 million in financial aid, and the average university financial aid grant was in excess of $20,000. A recent study found that the University of Richmond had 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, further evidence of its accessibility to low income students.
Richmond 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.
For a complete list of the rankings, additional information on methodology and other specifics, visit kiplinger.com/tools/privatecolleges.