<p>Really, this article is about financial pressures on colleges that depend on tuition charges for almost all revenue. </p>
<p>The last thing colleges and universities are going to cut this year is financial aid, said Kathy Kurz, an enrollment consultant to colleges. Most of them recognize that their discount rates are going to go up, but theyd rather have a discounted person in the seat than no one in the seat. </p>
<p>It may be better even for kids looking for merit aid.</p>
<p>"While much of the assistance will go to the neediest students, institutions are also increasing merit aid.</p>
<p>Albright College, in Reading, Pa., had been splitting its financial aid budget evenly between need-based aid and merit aid. But this year, it will tip the balance toward merit, with 60 percent. The college used to send offers of merit aid shortly after it mailed acceptance letters; this year, it sent them together in hopes of winning students over early."</p>
<p>…</p>
<p>“Some schools have tried to reduce their merit-aid budgets over the last several years, arguing that an emphasis on need-based aid was more philosophically in line with their goals of getting a more diverse student body. But economic pressures may delay those aims.”</p>
<p>So… schools aren’t cutting aid, which is great, but with the comment that “full pays are few and far between” does this mean even need blind schools will take the full pay given all other things (stats etc) being equal? Or since the full pay kid is statistically likely to be white and (assumed) privileged, does that kid need to be just that much more successful in the classroom? It seems to me that the URM might be joined by the MNM: Much Needed Money.</p>
<p>Modadunn: only ED stats (when released) will give any small indication of the answer to your question…Not sure RD will be impacted though it might be to a lesser extent…</p>
<p>Still think it’s only going to be down the “tier food chain” that there is an impact, but others on CC may think otherwise…</p>
<p>Well so far I’ve heard of colleges cutting faculty research funds, faculty travel to conferences in their fields, faculty pensions and well, faculty. Usually they hire grad students as adjuncts to pick up the slack. Strangely enough, they STILL seem to be hiring more administrators. So you might want to question whether the product you’re now getting is the same as the one you think you’re getting. While it’s admirable to want to provide lots of financial aid, it’s not the gyms, the fancy food or the buildings they’re cutting back on to find the financial aid money – it’s the education itself. Something to think about.</p>
<p>As an admission counselor and college advisor, I just want to say that most selective colleges work with you when determining aid awarded. Many of my students experienced initial packages sized down a quarter to half of the initial amount requested from families. Do not give up on receipt of your award. Try to negotiate, even in this economy because most colleges want to work with you.</p>
<p>I want to know how this will play out for the sophomores, juniors and seniors at colleges. Will their aid likely increase or will they be the ones to lose out as the freshman entering may get better offers than they did or will.
Do colleges feel that the upperclassmen are a captive audience and they don’t have to be concerned about keeping those seat filled as well?
I was not too happy with the FA offered by NYU, where my daughter attends. We have need, but may not be as much as others and they met 33% of COA with loans and a scholarship, we have to come up with 66%. Just doesn’t seem right.</p>
<p>NYU is known for such poor finaid policies. It is “right” for them bcos there are plenty of parents who will take on that type of debt to send their kid to that school. OTOH, there are plenty of other competitive colleges that do not meet “need” with a bunch of loans.</p>
<p>We rec’d a letter from D’s school with this news: </p>
<p> institutional financial aid to students has increased and the university plans to increase the financial aid by nearly $9 million additional dollars for 2009/2010.</p>
<p> we have limited our tuition increases to 4.5% across the university. This represents the smallest increase in recent history. By comparison the average increase for private colleges and universities nationally this past year, as reported by the College Board, was 5.9%…</p>
<p>D is a rising college senior (1st year senior of a 2 year senior program) - I wonder what that’s called…junior senior? Senior 1 vs senior 2? </p>
<p>We need as much help as we can get, I am a “displaced worker” (FAFSA term).</p>
<p>Our EFC is $9000 because next year we will have 2 kids in school. Ithaca gave my D an offer with an expected cost of $26K, we’ve gotten them down to $20K. I’m still insulted that their offer was nearly 3 X our EFC. Hofstra it appears has only awarded her loans & work study. Oh goody, I could have gotten that from a state school, actually she probaly would have gotten more because she is #9 in her graduating class. I guess she’ll go to her last choice school, as they are the only ones that seem to get that we need financial aid. It’s a good school, so I shouldn’t feel bad, but it hurts to say “NO” to a dream.</p>
<p>Darby, fwiw, everyone I know who’s gone to Ithaca or had a child go there has been killed in extras and add-on fees above the stated COA. Apparently, they like to nickel and dime people constantly. This would drive me mad. </p>
<p>I consider it a bit of a blessing now that my D’s getting some unrealistic FA offers - it’s helped her narrow the field considerably. I can’t help but think that saying “NO” to some big debt dreams now will eventually help them say “YES” to their bigger, future dreams!</p>
<p>This is hardly a scientific study, but I have been following some packages that have been offered this year, and some that were offered to others (or to our family) several years ago when our older son applied (following the same schools then and now). The aid looks clearly worse to me this year than 3-4 years ago. The packages offered then, and I what I have seen so far, are not even close. It is so so sad. As I said this is hardly a study, only looking at a few packages that were shared, and only a few schools. Still, it is not pretty at all.</p>