HERNDON, Va. (AP) – A University of Virginia official says the administration is considering borrowing up to $100 million to boost its student financial aid program.
Patrick Hogan, the university’s executive vice president and chief operating officer, disclosed the discussions with a bank at a meeting of a Board of Visitors subcommittee Friday in Herndon.
The university established an endowment last year to help cover the growing costs of the financial aid program, AccessUVa. Media outlets report that the loan would be intended to help meet the program’s needs until the endowment is sufficiently large.
Board member Kevin Fay said it takes about 10 years to build an endowment to a useful level.
The cost of the need-based AccessUVa program has quadrupled to $40 million since it was established in 2004.
(Copyright 2014 The Associated Press. All rights reserved.)