The Commonwealth's colleges and universities are being offered the opportunity to apply for $50 million in grants.
The money is targeted towards enhancing student enrollment and retention. It would also be used to increase the number of students pursuing science and health care fields, as well as boost undergraduate funding.
Universities and colleges must apply for the funding by submitting proposals to Virginia's secretary of education.
The grants would be awarded to institutions of higher learning that are in line with the goals set by Gov. Bob McDonnell's Commission on Higher Education Reform, Innovation and Investment.