Educational Foundation :: Scholarship Opportunities

Establish a Scholarship

How much does it cost to attend Virginia Western Community College?

Tuition rates below are as of Fall 2013 and subject to change. Estimated In-State Tuition: $142.59 per credit hour. For more accurate information please visit the tuition rates and fees.

Average Cost Per Year
Full-time tuition (24 credits) $3,422.16
Books and Supplies $1,200.00
Total Cost $4,622.16

How much does it cost to establish a scholarship?

There are two types of scholarships:

Annual Scholarships

You may fund a named scholarship on an annual basis that awards the entire amount during the year in which you give it. This requires a minimum contribution of $1,000 per year.

Endowed Scholarships

You may fund a named scholarship that will continue to help students in perpetuity and leave a lasting legacy for your family or organization. An endowed scholarship, which may be funded over a maximum of five years, provides funds for tuition, books and/or other related expenses for qualifying Virginia Western students. The Educational Foundation has established the following targeted goals for scholarship endowment levels: $60,000 Endowed Scholarship Goal (fully funds tuition for a full time student); $30,000 Endowed Scholarship Goal (funds one-half of the tuition for a full time student); $15,000 Endowed Scholarship (the minimum to endow a scholarship which provides some funding for books and/or tuition.) These funds are invested and conservatively earn an average of eight percent annually, which grows the fund and the scholarship award amounts over time. Each year you will receive an account statement that details the performance of your endowed fund.

How will the Educational Foundation administer my endowed scholarship?

The Educational Foundation recognizes that the intention of the donor is that their endowed scholarship remains in perpetuity. In order to protect the donor's initial investment, the Educational Foundation established the endowed spending rate as a maximum of 5 percent (the Internal Revenue Service's recommendation) of a three-year moving average of the market value of the Educational Foundation's endowment assets on Sept. 30. This enables the value of the fund to grow over the long-term and protects the principal from ever being invaded. For example, the endowment spending budget for fiscal year 2010 is determined by averaging the market values for Sept. 30, 2007; Sept. 30, 2008; and Sept. 30, 2009. The Foundation will not administer scholarship funds until the percentage of a three-year moving average can be established.

How can I designate the type of student who receives my scholarship?

There are many ways to tailor your scholarship to reach the students you most want to help. The Foundation staff will consult with you regarding the criteria you wish to establish. The following are several examples:

  • Financial need
  • Academic achievement
  • Full-time or part-time students
  • Returning or first-time students
  • Specific expenses (e.g., tuition, books, examination fees, living expenses, day care)
  • Your company's employees and/or their dependents
  • Students from a particular area (e.g., Franklin County, Roanoke City)
  • Students who volunteer in the community
  • A particular field of study (e.g., engineering, liberal arts, health care)
  • Future profession (e.g., architect, teacher, nurse)

Will I meet my scholarship recipient?

Yes, the Educational Foundation will notify you of your scholarship recipient as soon as he or she is selected, and you will have an opportunity to meet the student at the annual Scholarship Awards Ceremony held during the fall semester. We can also arrange individual meetings with donors and their recipients.

Is there a fee to administer my scholarship?

Yes, administrative fees are assessed on all restricted contributions to assist in facilitating the scholarship process. Endowed donations are annually assessed a 1.5 percent fee. Non Endowed donations are assessed a 5.0 percent fee upon the receipt of the gift.

Who do I contact to receive more information?

Carole Tarrant
Coordinator of Development
3093 Colonial Ave., SW
Roanoke, VA 24015
Fishburn Hall, Room 214 C
Phone: (540) 857-6281
Fax: (540) 857-6370
ctarrant@virginiawestern.edu

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