ERIC KOLENICH Richmond Times-Dispatch A new think tank report says the way Virginia funds its colleges is âirrational, inequitable and unjustâ and criticizes the state for not giving enough money to the students who need it the most. The report, released last week by Education Reform Now, singles out the College of William and Mary, a wealthy university that receives more money per student than Old Dominion University, Radford University and George Mason University, which all enroll higher shares of low-income students. Too often, the report says, limited funds are going to already wealthy families, and the method the state uses for awarding funds lacks transparency and consistency.