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Peter Blake. Virginias deputy secretary of education. was resigned to accepting what seems to be an economic reality.
“That, I'm afraid, is the nature of economic cycles," he said. “I think you will see this ebb and flow."
The commonwealth of Virginia does maintain a rainy-dav fund as part of its general fund to help pay for the running of state government when hard times bring substantial revenue shortfalls.
“The cuts to higher education could have been much deeper if not for the rainyday fund.” Blake said.
He also said the Virginia General Assembly earlier this year allocated an additional $4.5 million for financial aid for a total of $71.3 million to help poorer students make their college payments.
"Virginia, unlike many states, has made a good commitment to financial aid." Blake said.
Some university and college officials, however, said the amount set aside for financial aid is not enough to meet the demand.
“It’s a shame that the less expensive route of state financial aid is also being cut," said GMU Provost Peter Stearns. “We do want to preserve access to qualified lower-income students.”
George Mason University, he said, has earmarked an additional $2 million from the upcoming tuition increase for financial aid.
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