Nov. 27, 2013
University of Virginia President Teresa Sullivan is trying to drum up more alumni support for the school's financial aid program, while reducing the program's reliance on school funding.
Sullivan says the AccessUVa program will be a major focus of future university fundraising efforts. She hopes the money will be enough to start an endowment to support the program, and recently donated $10,000 to help kick-start fundraising.
AccessUVa began in 2004 and cost the university $11 million in the first year. That cost rose to about $40 million in 2012.
In August, the university’s Board of Visitors voted to cut funding from the program.
University officials expect the reduction in grant aid to save $1.5 million next year, and $6 million annually by the time it's fully implemented in 2018.