#6: Financial Aid Background VMI projects an enrollment for Fall 2015 of 1715 cadets consisting of approximately 1018 in-state cadets (59 percent) and approximately 697 out-of-state cadets (41 percent). At a minimum 44 percent of in-state cadets and 63 percent of out-of-state cadets are projected to demonstrate need. VMI expects to award over $22 million in grants and scholarships in the 2015-16 AY to include Federal, State, ROTC, and institutional aid. Private and institutional aid accounts for over $12 million and ROTC scholarships for about $9 million (about 23 percent of cadets are expected to qualify for ROTC scholarships). The percentage of in-state cadets and out-of-state cadets qualifying for need-based aid continues to increase annually especially since the economic recession of 2008. The percentage of in-state and out-of-state cadets was about 36% and 50%, “needy” respectively, in the 2008-09 AY and has grown to 44% and 63%, respectively, in the 2014-15 AY. Policies and Commitment VMI strives to meet 100% of the demonstrated need of in-state cadets with grants and loans. VMI also maintains a ensuring that no qualified “need-blind” admissions policy applicant is denied admission based on his or her ability to pay. See Part II Item C of Six-Year Plan for a description of its Financial Aid Plan to include addressing the VMI’s impact of tuition and fee increases on low-income and middle-income cadets and their families. Vision 2039 includes a goal of commissioning 70 percent of graduates into the VMI’s Armed Forces so VMI continues to emphasize and support cadet efforts to participate in ROTC scholarship and other military-based aid programs. 2015 Update: Financial aid resources provided to in-state cadets included $870,928 of State “needy” General Funds in the 2014-15 AY; the total for the 2015-16 AY will be $970,928. Of the 245 in-state cadets who graduated in 2014 (1 July 2013 to 30 June 2014) 125 or 51% graduated with Federal loans. Their average debt was $20,563. #8: VMI's Center for Undergraduate Research (V-CUR)
#6: Financial Aid Background VMI projects an enrollment for Fall 2015 of 1715 cadets consisting of approximately 1018 in-state cadets (59 percent) and approximately 697 out-of-state cadets (41 percent). At a minimum 44 percent of in-state cadets and 63 percent of out-of-state cadets are projected to demonstrate need. VMI expects to award over $22 million in grants and scholarships in the 2015-16 AY to include Federal, State, ROTC, and institutional aid. Private and institutional aid accounts for over $12 million and ROTC scholarships for about $9 million (about 23 percent of cadets are expected to qualify for ROTC scholarships). The percentage of in-state cadets and out-of-state cadets qualifying for need-based aid continues to increase annually especially since the economic recession of 2008. The percentage of “needy” in-state and out-of-state cadets was about 36% and 50%, respectively, in the 2008-09 AY and has grown to 44% and 63%, respectively, in the 2014-15 AY. Policies and Commitment VMI strives to meet 100% of the demonstrated need of in-state cadets with grants and loans. VMI also maintains a “need-blind” admissions policy ensuring that no qualified applicant is denied admission based on his or her ability to pay. See Part II Item C of VMI’s Six-Year Plan for a description of its Financial Aid Plan to include addressing the impact of tuition and fee increases on low-income and middle-income cadets and their families. VMI’s Vision 2039 includes a goal of commissioning 70 percent of graduates into the Armed Forces so VMI continues to emphasize and support cadet efforts to participate in ROTC scholarship and other military-based aid programs. 2015 Update: Financial aid resources provided to “needy” in-state cadets included $870,928 of State General Funds in the 2014-15 AY; the total for the 2015-16 AY will be $970,928. Of the 245 in-state cadets who graduated in 2014 (1 July 2013 to 30 June 2014) 125 or 51% graduated with Federal loans. Their average debt was $20,563. #8: VMI's Center for Undergraduate Research (V-CUR)
vmi-2015-six-year-plan-part-ii-final.docx