<p>Dear Trinity and Pratt Parents,</p>
<p>I write to share some exciting news. The Board of Trustees today
approved a new undergraduate financial aid program that will benefit
Duke undergraduates from lower- and middle-income families beginning
next fall. The changes will apply to incoming students and to current
students as well.</p>
<p>Duke is eliminating parent contributions for families who earn less
than $60,000 a year. Undergraduates from families with total incomes
below $40,000 will have no loan packaged into their financial aid. The
loan component of aid will be reduced for families with incomes from
$40,000 up to $100,000 on a graduated basis. Going forward, Duke
plans to freeze the loan component for all four years of attendance at
the current freshman level, eliminating the practice of annual
increases.</p>
<p>The university will substitute grant support to cover these new
benefits to students and their families. In all, Duke will be
increasing its investment in need-based undergraduate aid by nearly $7
million a year.</p>
<p>Dukes mission is to educate students of promise without regard to
their parents ability to pay. This new initiative will make Dukes
first-rate education more affordable for students from all
backgrounds, today and far into the future. Our Financial Aid
Initiative has already raised $240 million toward its $300 million
goal and will continue through 2008. But we dont want students to
wait to have the benefits of this effort.</p>
<p>You can learn about our new financial aid program in more detail by
visiting the website at New</a> Financial Aid Support</p>
<p>Wishing you and your family a happy holiday season,</p>
<p>Richard H. Brodhead
President</p>