RICHMOND, Va. (WDBJ) – Virginia’s private colleges and universities have released a report they say is a “myth-buster.”

It delivers impressive numbers on the institutions’ economic impact, but also some surprising statistics on affordability and access. And they hope it will bolster their case for larger tuition assistance grants from the state.

There are 27 non-profit private colleges and universities across Virginia, more than half of them in the western part of the state. Together they employ nearly 30,000 people and had an economic output of more than $4.5 billion during the last academic year.

The Council of Independent Colleges in Virginia commissioned the study by Mangum Economics to quantify what they already knew: the institutions have a major impact in the lives of their students, their communities and the Commonwealth.

Dr. Alison Morrison-Shetlar is President of the University of Lynchburg.

“The numbers, the information here are just revealing the true facts,” she said during a Richmond news conference Monday morning. “And in fact, it’s time to do that. In fact, it’s long past time to do that.”

This week, college presidents joined lawmakers and students to advocate for an increase in the Virginia TAG grant that currently provides $5,000 for Virginia students attending accredited private colleges in the state.

Sasha Saxon and Edward McDonald are seniors at Virginia Wesleyan University in Virginia Beach.

“Having that kind of aid has been really significant to getting through college,” Saxon told WDBJ7 in an interview.

“It’s been super impactful in my life,” McDonald added.

Dr. Susan Schultz Huxman is President of Eastern Mennonite University. She said the economic report dispels many myths about Virginia’s independent colleges and universities.

“These are not horribly expensive colleges. They are not elitist. It’s not a finishing school,” she said.

She said the study shows Virginia’s private colleges provide affordable access and opportunity for low-income and middle-income students.

“We are the access institutions,” she said, ” and by that I mean we have far more Pell-eligible students than our publics.”

The schools would like to see lawmakers increase the TAG grant to $6,000 a year. And supporters say they will continue to make the case that larger TAG grants are a smart investment for Virginia.

Monday, the State Senate passed legislation that would require the State Council of Higher Education to include at least one former CEO of a private institution. And the budget proposal released by the House Appropriations Committee on Sunday afternoon would increase the TAG grant by $250 to $5,250 per student.