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Yes, but do we really know how much merit aid they would have received without athletics?
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true ... some schools place more rules on themselves than the NCAA requires ... while not a part of this LAC discussion the IVY league schools have jointly agreed to a bunch of rules to enforce the academic integrity and scholarship limitations of their atheltic programs. I am not as aware of other conferences approaches but I would not be surprised it the NESCAC LACs, for examples, have not all voluntarily adopted rules beyond the NCAA regulations to maintain their approach to not providing scholarships to athletes. Of course, even with these rules there is wiggle room ... but certainly less wiggle room.