Article in Andover's newspaper (4/24)

Prep School Admissions
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<p>ECONOMY STRAINS EXETER FINANCIAL AID BUDGET
PEA drops "effective" need-blind policy
By Julia Dean</p>

<p>Due to economic pressures and a declining endowment, Exeter will not be able to support need-blind admissions for the upcoming school year.
Exeter, unlike Andover, has never held an official policy of "need-blind admissions," which allows a school to judge an applicant irrespective of his or her ability to pay tuition.
For the past three years, however, Exeter has had enough financial aid funds to allow the Admissions Office to disregard applicants' financial situations, making the school effectively need-blind.
But because of the current economic recession, Exeter cannot support the demands of need-blind admissions for the 2009-2010 academic year, said Rick Mahoney, Director of Financial Aid at Exeter.
"Exeter has been effectively need-blind for the past four years because the financial aid budget had enough money for us to do so," said Mahoney.
"In the last 15 months, our endowment has decreased by 15 to 20 percent," he said. "The fact that we are not need-blind this year was decided by the circumstances."
Exeter's shrunken endowment has constrained its financial aid budget.
With this decision, Exeter was forced to consider an applicant's income and ability to pay tuition for next year's matriculating students. This change has resulted in the rejection of some applicants who would have merited acceptance had their financial situations not been considered.
"It sounds crass, but you need to pull some financil aid kids in order to admit full-pay applicants," said Mahoney.
According to Mahoney, 28 to 30 percent of the students admitted to Exeter for the upcoming school year were admitted on financial aid. This percentage of the applicant pool translates to roughly 135 to 140 students.
The percentage of students on financial aid has decreased significantly since last year, when Exeter supplied financial aid to more than 50 percent of admitted students.
The continually increasing number of financial aid students over the past three years has also pushed Exeter to limit its ability to be need-blind.
"We have more than 300 returning students on financial aid, which leaves a smaller amount of money available to new applicants," said Mahoney.
In fall 2007, Exeter announced a policy that would offer full financial aid to students whose family income totaled under $75,000. Exeter still maintains this policy.
Andover has been able to maintain its official need-blind policy, in spite of the market volatility and losses from the endowment.
Jim Ventre, Director of Financial Aid at Andover, said that he does not expect Andover to rescind its need-blind policy.
"At the moment, the plan is to continue to support need-blind admissions," Ventre said. "The truth is, given who we are culturally, we're different than any other school in the country."
"The reason we were able to support need-blind, more than anything else, is our very strong full-pay constituency," he continued.
Andover's 2004 Strategic Plan outlines increased financial aid of about $1 million each year as the number of applicants increase, said Ventre.
"The financial aid budget receives increasing financial aid according to a methodical and consistent planned approach," he continued.
In planning for each year's financial aid budget, the Financial Aid Office also makes provisions for changes in tuition costs.
According to Ventre, the Financial Aid Office was able to accurately estimate the type of budget required to stay need-blind by estimating how many applicants would need financil aid.
He said, "Historical research of the most competitive financial aid students in the applicant pool provides basis for predictable success in admission decisions."
"Part of our planning is to predict what our applicant pool will look like and who will be admitted," he added.
This year, 61 percent of Andover applicants requested financial aid information, according to Ventre. Under need-blind, 44 percent of the newly matriculated students at Andover will be on financial aid.
This percentage is larger than last year's, in which 55 percent of applicants requested financial aid and 42 percent of the matriculated students were on financial aid.
Currently, 12 percent of students receive full scholarships.
Ventre predicts that the number of students requesting financial aid will continue to grow.
"If the economy does not improve, we do expect the perception of need for financial aid to continue," he said.
Ventre said that Andover's need-blind admissions policy has increased the diversity of the student body, as outlined in the Strategic Plan.
"Need-blind is an appealing philosophy because it provides access and it stimulates all applicants to believe that they have the same chance of admission," said Ventre. "The initiative has increased all academic indices and increased racial, ethnic and geographic diversity."</p>

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<p>Is the sort of decline of endowment Exeter has experienced particularly bad? What is the decline rate for other schools’ endowment including Andover’s? Of course every school has different priorities. Exeter must’ve believed that dropping the need-blind admission was something they had to do. On their defense, “The continually increasing number of financial aid students over the past three years has also pushed Exeter to limit its ability to be need-blind.”</p>

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<p>On a curiosity scale what does this article have to do with Andover? I would like to see the absolute figure of financial aid given… I think, in the end, that will determine the financial diversity of a school. I commend Andover on keeping need blind, however. My doubts have subsided.</p>

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<p>The financial aid budget for '08-'09 is $14.6M. If we can believe the article’s claim that the goal is for $1M incremental increases that would place '09-'10 at a staggering $15.6M. Much as Cornell takes its “I would found an institution where any student can find instruction in any study” charter so seriously that it’s the only Ivy with an Ag school, PA takes its “youth from any quarter” charter very seriously as well. If the economy continues imploding at the same annual rate I’m sure they will have to rethink their position at some point, but it will be a last resort.</p>

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<p>The pendulum always swings a bit out of control before it heads back towards the middle.</p>

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<p>Watertester, here is a quote from Barbara Chase, Andover’s Head of School, “Between July 1 and December 31, 2008, the endowment declined 22 percent, and we are currently budgeting for a 25 percent decline in fiscal year 2009”</p>

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<p>HAHAHAHAHAHAHAHA!!!</p>

<p>Wow, Exeter, you guys are jokes!! Look who’s poor now, Exeter. </p>

<p>Just another reason Andover is better than Exeter.</p>

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<p>I may be jaded, but reading between the lines, is Andover’s bottom line aid that much different from Exetrer?</p>

<p>Exeter is continuing the under $75K policy.</p>

<p>Exeter may be denying admission based on FA and skewing the upper middle class acceptance in the process, but how much is it really effecting who is chosen to be admitted? Based on my limited experience & CC there is no shortage of great kids who have much to offer in all income levels nor is there a shortage of applicants to these great schools. The financial aspect appears just to be spliting hairs.</p>

<p>And I say all this as a parent of a denied FA applicant…</p>

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<p>

You are not even open to the many possibilities. Are they pulling this money out of their ass? Exeter has an endowment close to three hundred million dollars larger than that of Andover’s. I guarantee you in dollars given for FA, Exeter has given more. That being said, I agree that Andover is still the only need blind school. Anyway, don’t be so single minded.</p>

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<p>Don’t worry, no one thinks you are disrespectful and immature.</p>

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<p>wow benevolent4them…</p>

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<p>Considering some of the posts here on CC I am quite impressed that the kids admitted to Exeter have chosen not to lower themselves to respond in kind to these comments- that shows class!</p>

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<p>I agree the post was very childish but might not be mean-spirited. The boy was just jokingly bashing “rivalry schools” but on the wrong thread.</p>

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<p>Hey Benevolent,
You’re a classy guy. I can tell. ;)</p>

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<p>Really, benevolent, really… Try to represent Andover more positively, please?</p>

<p>As for Exeter kids not responding, I’m not sure it shows class. What would they say if they did respond? “Exeter cares about keeping its endowment high at the cost of admitting a whopping 40% of full pay applicants”? This complaining over Exeter dropping their need-blind status is justified (but obviously not with the same terms that benevolent used). This is an issue that has been fought over and discussed in great detail here on CC and I think that at this point we’ve all accepted that perhaps Exeter and the [last?] fully need-blind school, Andover, simply have divergent admissions policies. However, clearly Exeter thought that there was a need to drop this policy, otherwise they wouldn’t have done it. They probably realize just as much as the CC crowd does just how horrible an acceptance rate of 40% for FP applicants and 7% for FA applicants looks.</p>

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<p>Sorry - my bad. I meant an acceptance rate of 8% for FA applicants and 33% for FP applicants.</p>

<p>Exeter’s newspaper itself stated that FA would be offered to “no more” than one third of the entering class of 2013 would be offered financial aid. It also stated that about two thirds of applicants requested financial aid. Exeter’s website cited about 3,100 completed applications and approximately 500 admitted students. A third of 500 is about 160. If two thirds of the applications were FA applications, that means that there were about 2,060 FA applications with 160 spaces available. 160 divided by 2,060 is 7.77%.</p>

<p>So, that leaves 340 spaces for the third of applicants that did not request financial aid. A third of 3,100 is about 1,030. 340 is 33% of 1,030. Okay, so it’s 33% rather than 40% - you still see what I’m saying.</p>

<p>So, as for me pulling those stats “out of my ass…” All I have to say is that perhaps PA-C’s claim that you guys show your class was… wrong?</p>

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<p>Maybe we are not as classy, as you proved. My point is, what if Andover’s higher percentage of financial aid candidates are mostly partial financial applicants and Exeter has a higher number of full aid candidates? Is it not too soon to make judgements on a school’s financial policy…?</p>

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<p>I’m just wondering if PPV has a life away from the time he spends as a ■■■■■ on CC. I wish everyone would ignore his nonsense.</p>

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<p>It’s just that whenever people compare Exeter and Andover those that think Exeter is better usually start the argument with </p>

<p>“well we have a larger endowment”</p>

<p>yah, maybe, but it looks like Andover is putting the money where it counts. The need-blind policy is really unique.</p>

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No, I don’t… :frowning: Your post was likely the most useless I have seen in CC for a long time… Having Obama in your name is an insult to any liberal. How about huckabee08? </p>

<p>bene: I agree. Can you agree that Exeter is very financially strong, however, and beyond that, stop bashing it.</p>