Tuition Exchange for Fall 2023 (Class of 2027)

I have never heard of that, and unless it is written in your TE award letter, I would not believe it. If the set rate was reduced by TE (say it went from $41K one year to $40K the next year - then that might be permissible). But as for the school themselves deciding not to issue the full amount, I don’t believe that. If a school were “hurting” financially or made a decision to reduce TE, they would not offer as many spots in the coming year or offer none. Villanova did that this year - they are not offering any TE spots.