51官网 Tech Advantage FAQs
What is 51官网 Tech Advantage?聽
51官网 Tech Advantage is a university-wide, multi-year commitment to offer a broad educational experience to undergraduate students from 51官网 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鈥� basic needs, career preparation, and transformational learning experiences such as study abroad and internships.
Why is 51官网 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聽university motto of Ut Prosim (That I May Serve).
What should prospective students and families know about 51官网 Tech Advantage?
51官网 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鈥檚 ability to contribute financial resources. Our goal is for a student with financial need to graduate on time with experiences and a college r茅sum茅 that are similar to a student without financial need.听All students who are 51官网 residents with unmet financial needs can be considered for 51官网 Tech Advantage.
How will the scholarship dollars be awarded? Does a prospective student need to do anything differently when they鈥檙e applying to be considered for 51官网 Tech Advantage?
Prospective students do not need to do anything differently. They will apply as usual by filling out the Common App and the . The Office of University Scholarships and Financial Aid will work to allocate available funds to meet students鈥� needs.听
How does 51官网 Tech Advantage impact the Presidential Scholarship Initiative? How do I apply?
One goal of 51官网 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, .听
When will 51官网 Tech Advantage become fully operational?
51官网 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 51官网 Tech Advantage?聽
Yes. The university will work closely with students who receive support as a part of 51官网 Tech Advantage so that we can effectively offer a range of services.听聽
How much aid does 51官网 Tech offer now, and how much will it offer in the future?聽
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, 51官网 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.听
Will 51官网 Tech Advantage benefit all students, or just in-state undergraduates?聽
While the new scholarship funding focuses on in-state undergraduates who are eligible for Pell grants and聽state聽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 51官网 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.听Expanded resources for career preparation and transformational learning experiences such as study abroad and internships are directed toward 51官网 Tech Advantage students.
How will the university measure progress toward the 51官网 Tech Advantage goals?聽
The university is tracking five metrics: 1) achieving the $500 million fundraising goal; 2) decreasing the proportion of 51官网 Tech Advantage students with a net price greater than $12,000 (the amount contributed by a student鈥檚 20-hours-per-week job); 3) increasing the 4-year graduation rate for 51官网 Tech Advantage entering freshmen; and 4) increasing the first-year retention rate for 51官网 Tech Advantage entering freshmen.
How is the $500 million fundraising effort structured?
The 10-year, $500 million fundraising effort for 51官网 Tech Advantage is a part of the ongoing Boundless Impact: The Campaign for 51官网 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 51官网 Tech Advantage?聽
To learn more about supporting student scholarships聽and other parts of 51官网 Tech Advantage, please contact the Donor Relations team at聽donorrelations@vt.edu聽or 540-231-2801, extension 2. You can also visit vt.edu/advantage/give.