The benefits available under the VMSDEP are a waiver and a stipend.

A waiver of tuition is a cancellation of tuition costs and all required fees at any public institution of higher education or other public accredited postsecondary institution granting a degree, diploma, or certificate in the commonwealth of Virginia.

The second is a stipend to offset other necessary costs for attending college, including: room, board, books, and supplies (amount of stipend is dependent on funding) for students attending any public institution of higher education or other public accredited postsecondary institution granting a degree, diploma, or certificate of the Commonwealth of Virginia.