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Fact Sheet: Virginia Commonwealth Award Program

General Description and Purpose

The purpose of the Virginia Commonwealth Award is to assist undergraduate students with financial need and graduate students to pay part of their college costs. The funds are appropriated directly to each state-supported institution. Funds may be used for need-based grants to Virginia resident undergraduates or for grants or assistantships to graduate students (both in-state and out-of-state). The law requires that the awards to undergraduates be proportional to need so that the students with the greatest need receive the largest awards.


Application Process

The application and awards process are administered by the financial aid office at each Virginia public college or university. Contact the financial aid office at the college you plan to attend for application procedures and deadlines.

 

Eligibility

In order for an undergraduate student to be eligible for an award, a student must: Be admitted into a Virginia public two or four year college or university; Be enrolled at least half-time in an approved degree, certificate, or diploma program; Be a U.S. citizen or eligible non-citizen; Be a domiciliary resident of Virginia as defined by the Code of Virginia §23-7.4; and Demonstrate financial need as determined by the institution. In order for a graduate student to be eligible for an award, a student must: Be enrolled full-time in an approved graduate degree program at a participating public Virginia college or university; and Meet requirements established by the granting institution.

Awards

Undergraduate: The actual awards will vary by institution and are subject to available funding. The awards may not exceed tuition and required fees. Graduate: The actual awards will vary by institution and are subject to available funding. The institution will determine the award.

Renewal

Awards may be renewed provided that the student: Maintains satisfactory academic progress; Continues to meet all of the requirements of the Virginia Student Financial Aid Programs regulations; and Meets the eligibility requirements for graduate students established by the granting institution.

 

This fact sheet is produced by the SCHEV to provide a general overview of the program