Referencing post #43 (@heartburner), this is still puzzling to me. The $7.9M implies that PEA is either significantly ramping up their financial aid (doubtful), or that FA falls off for upperclassmen (also doubtful). Since $7.9M is such a large proportion of the total FA of $19.5M for the year, I scratch my head over trying to reconcile this.
http://www.exeter.edu/news_and_events/news_events_17556.aspx :
The other discomfiting statistic that is contained in the linked annual report is the steady decline in applications over that last 5 years amounting to over a 25% reduction from 3205 in 2009-10 to 2866 in 2013-14 to 2340 in 2014-15 (see quote above). Something is very inconsistent (or at least surprising) about these data.