UR, W&L named best values by Kiplinger’s

Two Virginia universities have made Kiplinger's rankings of the best values in private education.

The University of Richmond ranked 14th on the Top 50 list of private universities, while Washington and Lee University was ranked seventh on a companion list of liberal arts colleges.

The Kiplinger's Personal Finance report said that despite plunging endowments, the nation's independent schools increased financial aid by 9 percent while keeping tuition increases to an average of 4.3 percent, the lowest levels in four decades.

In its report released Wednesday, the magazine cites UR for giving both need-based and merit aid to lower the cost.

UR spokesman Brian Eckert said the university's endowment stood at $1.42 billion as of June 30, a 14 percent decline in market value for the fiscal year. For the past two years the university has spent 43 percent of the income earned on the endowment on financial aid.

According to the Kiplinger report, UR's annual cost of $49,540 was lowered to an average of $18,485 for students qualifying for need-based aid, with 90 percent of that aid from grants.

About 27 percent of UR undergraduates without financial need received merit-based aid, lowering their cost to about $30,330.

The average debt of UR graduates was $20,915.

W&L's annual cost of $50,352 was lowered to an average of $21,968 for those receiving need-based aid, of which 86 percent was from grants.

The average cost for those receiving non-need-based aid was $25,036, according to Kiplinger. The average debt at graduation was $23,616.

UR and W&L were the only private Virginia schools on Kiplinger's list of best bargains for 2009-2010. Last year, six Virginia universities made Kiplinger's list for public schools. An updated list for public colleges is due out in Kiplinger's February issue.

Contact Karin Kapsidelis at (804) 649-6119 or .