Update to Policy 3400: Administering Privately-funded Scholarships and Awards Managed by Virginia Tech

From: Office of University Scholarships and Financial Aid, Office of Policy and Governance 

Policy 3400: Administering Privately-funded Scholarships and Awards Managed by Virginia Tech has been updated to align processes, dates, and deadlines with strategic university goals and best practice in scholarship awarding.

Updates to the policy include:

• Aligning awarding timelines with Enrollment Management timelines
  
• Placing emphasis on the requirement to select and award students within the scholarship management system to the greatest extent possible
  
• Encouraging renewable scholarship and considering unmet need whenever possible
  
• Standardizing procedures for scholarship advertisement and notifications
  
• Encouraging 100% utilization of available funding, noting that units utilizing less than 95 percent of available funds must provide the Director of Scholarships a written plan for full utilization by September 1.
  
• When published timelines are not met, University Scholarships and Financial Aid will administer a unit’s privately-funded scholarships for that cycle

This updated policy can be found on the university’s policy library website.