Opening the Doors to the Future
The Financial Aid Initiative
In the fall of 2008, under the leadership of President Simmons, we instituted a new policy aimed at reducing loan burdens for lower- and middle-income students and their families. This extraordinary expansion of financial aid underscores our dedication to attracting and retaining the most highly qualified and diverse student body.
Under the new policy, Brown has:
- Waived the parental contribution for most families with incomes of less than $60,000.
- Eliminated the loan burden for students from families with incomes of less than $100,000.
- Reduced the loan indebtedness at graduation for all students receiving financial aid.
Under this policy, the financial aid makeup of the student body has already been significantly affected. Between 2007-08 and 2008-009:
- The number of families whose parental contributions were waived almost tripled—jumping from 284 to 818.
- The number of students with no loans in their financial aid package rose dramatically—from 143 to 1,479.
- In the past, no matter how generous the aid package, most students graduated with some debt. Now, sixty-one percent of students on financial aid will leave Brown debt-free.
Thanks to the generosity of our donors, in the past six years we have doubled our financial aid endowment. Yet, implementing these new policies has made financial aid the fastest-growing element in the University budget. In 2008-09, we earmarked about $70 million for finanical aid - up from $33.4 million in 2001-02. What's more, we typically derive over 40% of our financial aid budget from endowed funds. Accordingly, to sustain enhanced levels of scholarship support, Brown has increased its financial aid fundraising goal from $300 million to $400 million.
Our need for your contribution is now greater than ever.
