<p>Not good news for those counting on merit awards this year:</p>
<p>Administrators:</a> Merit aid could take a hit next year - The Chicago Maroon</p>
<p>Other cuts: Campus</a> life budget to see six-percent cut - The Chicago Maroon</p>
<p>Look on the bright side: At least financial aid isn't changing. I'm pretty sure UChicago's merit awards are pretty small, so chances are it won't make too big of a difference for applicants. We'll just have to find money and scholarships in other places, I guess.</p>
<p>All the more reason to start churning out scholarship essays right now! </p>
<p>I'm frankly scared out of my wits that I'll get into Chicago and not be able to afford it. If I can absolutely help it, I don't want to take out any loans at all to pay for college. Plus I'm planning on grad school. And you know, the recession. Hopefully some rich alumni will see what damage the economy's doing and come to the rescue!</p>
<p>Chicago offers about 100 $10k/year awards and ~30 full tuition awards. This totals about $2 million/year. If students who are offered them choose not to attend, the awards are not reallocated to others. I assume that like other colleges, Chicago has tracked over the years how many merit offers are accepted and have developed some realistic budget numbers for this program. </p>
<p>From what I understand, Chicago doesn't release the number of students attending who receive merit awards -- but if one assumed the usual yield rate, Chicago is on the hook for roughly 1/3 of this $2M -- so their actual expense for merit awards is ~$700k/year.</p>
<p>Penny wise, pound foolish?</p>
<p>Times four, of course, as the awards are renewable annually.</p>
<p>It's hard to know whether you're right though, as beyond not knowing how many students are actually getting the awards, we can't fathom how many would have matriculated elsewhere. It did occur to me that since no one really knows much about the awards, it only hurts to advertise that there will be fewer.</p>
<p>As the economy tightens people that could have afforded to go last year with a $10k scholarship might not be able to do so this year, so many more of these scholarships will end up not being used. Savings for the school. Beautiful new dorm may tip the scale for many people that can actually afford the school w/o aid. Savings for the school. Let's hope this translates into maintaining the status quo and not raising tuition and room-and-board.</p>
<p>And if a family had need at Chicago, but less than the amount of the merit award, then the real savings is less than $10k (assuming that level of award), though coming from a different pot than merit.</p>
<p>Seashore, true, the cost for this argument is ~2.8M over four years for each entering class.</p>
<p>Does anyone know how this number compares to the total annual FA budget at Chicago? I'm curious if this is a drop in the bucket or if it is truly a decent chunk.</p>
<p>J'adoube, I haven't heard what the final decision on meal plans for next year will be, but we had been expecting to pay for the minimum plan, so the new standard plan will cost us ~$1500 more.</p>