<p>Smith has made a concerted effort NOT to cut financial aid at all in the budgetary crisis. They haven’t changed the formula. </p>
<p>And, no, like all other colleges, they don’t expect you to pay for it out of current income, but out of past or future savings (loans, paid off in discounted dollars). </p>
<p>And they have been very clear about the fact that they prefer to provide need-based aid to merit aid.</p>