Founded in 1838, the Alumni Association maintains ties to the more than 110,000 living former students of the University. The association encourages financial support for the University from the contributions of alumni, parents, and friends of the University. The University of Virginia Fund receives private support that benefits students, faculty, and many University programs and activities.

The Jefferson Scholars Program, begun in 1981, has the ultimate goal of supporting outstanding undergraduate and graduate students in residence at the University. The awards are granted on the basis of merit in leadership, scholarship, and citizenship and cover tuition and fees, books, room and board, and certain other expenses for four years of study for undergraduate students and help to enhance graduate fellowships for talented graduate students. Selection for Jefferson Scholarships are made by a committee that includes University faculty, administrators, and alumni.