Current Status Report - September 2011
Text in red denotes new activity since previous status report.

Improve financial aid packages significantly to reduce the burden on students and their families from loans and other components of the expected student and family contributions. Continue to make improvements as needed to remain competitive with peer institutions and to assure that the best students will be able to attend Brown without regard to their families’ economic circumstances

Action Taken

  • In FY 2009, expanded the College’s aid programs significantly, including the reduction or elimination of student loans for the entire aided population and the elimination of parent contributions for most families earning less than $60,000. These initiatives enabled Brown to offer a record $18.7 million in University scholarships to students admitted to the class of 2012
  • Implemented new aid programs in 2008–09 for both first-year and returning student aid populations. The number of students whose aid packages include a zero annual parent contribution from income rose from 12 percent of the aid population (284 students) to 34 percent of the aid population (818 students). The number of aid students whose initial financial aid packages include no loans (and whose entire need, therefore, is funded by campus job and grant assistance) rose from 6 percent of the aid population to 61 percent of the aid population
  • In FY 2009 increased the average University scholarship award to students with financial need by more than 22 percent – from just under $24,000 to more than $29,000
  • Augmented the approved 2009–2010 undergraduate financial aid budget by 10.9 percent ($7.5 million) to better support students and families during the deepening recession
  • In FY 2010, with the recommendations from the offices of Admission and Financial Aid, the Dean of the College, the Athletics Department and the Advisory Council on Admission and Financial Aid, revised areas of the financial aid needs analysis and awarding processes to maintain Brown’s competitiveness with our peer institutions
  • Continued to expand the percentage of all aided students and families who benefit from the financial aid initiatives implemented in 2008-09. In FY 2010 the percentage of students whose aid packages include a zero contribution from parents increased to 37% from 34% in FY09. Additionally, the number of aided students whose initial financial aid packages included no loans (and whose entire need, therefore, was funded by campus job and grant assistance) also rose to 62% percent of the aided population, which represents a slight increase over the previous year
  • For FY 2011 the financial aid budget was increased by 6.5 percent to an estimated $81.5 million to better support students and families
  • For the 2010-11 academic year, 46% of the Class of 2014 is received need-based aid compared to just 39% for the Class of 2013.  This is the highest percentage of aided students for a first year class and also puts Brown closer to the profile of our peers
  • In academic year 2010-11 43% of all undergraduates received need-based aid, an increase over the 41% who received need-based aid the prior year
  • Implemented online financial aid calculator that allows families of prospective students to preview their eligibility for aid at Brown
  • Financial aid for international students continued to increase, rising from $3.3 million in 2007-08 to $7.7 million in 2010-11.  The number of international students receiving financial aid increased from 115 students in 2007-08 to 198 in 2010-11
  • For FY2012 the financial aid budget was increased by 8.3% to an estimated $88.2 million for the continued support of students and families

Action Needed

  • Continue to create additional opportunities to engage families who may qualify for no or little financial assistance at the time of admission, and help them with long-term financial planning for college costs
  • Continue to monitor effectiveness and competitiveness of recent aid initiatives and revisions made for the Class of 2014
  • Continue to pursue resources to increase financial aid available for international students
  • Continue to monitor the effectiveness and competitiveness of recruitment and matriculation strategies and make adjustments as appropriate
  • Continue to pursue resources to increase financial aid available for international students and to improve the financial aid program for all students

Responsible

  • Dean of the College

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