| The Brown Daily Herald had an interesting tidbit in a story on this in its Monday edition. According to the article, a family with income under $60,000 but assets over $100,000 will be expected to make a contribution, and the contribution would come from their assets and not income.
Other colleges have been vague about the role assets play in their financial aid calculations, saying stuff like "assets typical of that income level." I've wondered how that is calculated.
To answer bonanza's question, the money is coming from the endowment; Brown has increased its draw on endowment to 5.89 percent to cover the increased financial aid budget.
Also, freshmen will now be required to have a work/study job starting next year.
More from the BDH:
"The plan also reflects students' concerns over limits on outside scholarships, Tilton said. Currently, outside scholarships can only reduce the "student-effort expectation," according to the financial aid Web site. Starting next year, those scholarships can reduce loans, work and the summer savings, Tilton said.
The changes do not include aid for students not currently receiving it, Tilton said.
"We may experience some growth of financial aid on the margins" as more people see the announcement and apply, he said, but the number of students on aid won't increase significantly.
(And I wonder -- how do they know that the number of students on aid won't increase significantly if the school is need blind?) |