President Richard H. Brodhead announced in early November that the university's Financial Aid Initiative had reached its overall goal. The initiative was launched three years ago to raise at least $300 million in new endowment for financial aid.
The uncertainty in the economy "makes it more important than ever" that Duke preserve its commitment to need-blind admissions, Brodhead said at a celebration on the West Campus Plaza. "Thanks to the success of the initiative, we have ensured that a Duke education will remain affordable and accessible to all students and families."
This past December the university introduced a series of enhancements to its need-based undergraduate financial-aid program that took effect in the 2008-09 academic year. These enhancements included eliminating loans for families with incomes less than $40,000; eliminating the parental contribution for families with incomes less than $60,000; reducing loans for students from families with incomes up to $100,000; and capping loans for eligible families with incomes above $100,000.
Duke's current budget includes $86 million to support Duke's undergraduate financial-aid program and fund these enhancements—a 19 percent increase from the 2007-08 financial-aid budget. About 45 percent of undergraduates receive financial support to attend Duke; about 40 percent receive need-based aid. For more than a decade, the percentage increase of Duke's financial-aid support has far outpaced the percentage increase of tuition.
Banking on Student Futures
January 31, 2009