<p>My guess is that the overall budget was maintained at the 2007-2008 levels because of the 2009 cutbacks. The original article said that part of the reason for the sharp reduction in aid was that the graduating class that year had had an unusually high number of FP students. They lost that income, and decided to make up for it with the 2009 applicants. I wonder if it was mostly 10, 11, and 12 grade students who were denied because of FA that year, to even out the amount of aid given to each class. </p>
<p>I suspect that they’re trying to keep FA for each class around that 47% level so that they don’t exceed their budget or end up with another uneven blip year where all the FP students leave. Maybe that’s why Exeter is not needs blind, but still gives aid to more students than most other schools (including Andover)–which once again makes me wonder how Andover manages to be need blind and keep its FA below 50%–why wouldn’t there, at least some years, be more FA than FP students?</p>
<p>At any rate, I agree that it will probably be a good year for FA students–I just think last year was a pretty good year too.</p>