Dartmouth announces major enhancements to its financial aid program

Posted 04/04/01

Dartmouth College will implement major changes in its financial aid program next fall -- which will take effect immediately for the Class of 2005 -- that will focus on substantial reductions in loan and work expectations for students. When fully implemented these changes will add $1.6 million to Dartmouth's scholarship resources for students.

The ninth oldest college in the United States and a member of the Ivy League, Dartmouth is a highly selective institution with an exceptional faculty and student body. All of the College's undergraduate admissions decisions are made on a "need-blind" basis; which means that every applicant is considered without regard to financial need, and that the College guarantees to meet the full demonstrated need of all admitted students who matriculate, for the full four years of attendance. The financial aid program at Dartmouth supports 40 percent of the student body and currently distributes $30 million in scholarship assistance to students. The average scholarship per student is $17,600.

In October 1998 Dartmouth made a series of financial aid policy changes which added $2.5 million to scholarship resources. Those changes focused on reduced loans, a more reasonable treatment of family assets in needs analysis, and the opportunity for students to use 100 percent of outside scholarships received to reduce loans and jobs. At that time, President James Wright noted that, "Dartmouth is committed to providing a comprehensive financial aid program that makes a Dartmouth education accessible to all qualified students."

The financial aid policy changes being made at this time are a further expansion of this commitment. It is important to note that while all students will benefit from these changes, students from families of more modest means will receive the greatest relief; an approach that is consistent with Dartmouth's "need-blind" philosophy. Specifically the changes have two major dimensions:

Loan Reductions. First-year financial aid students will have their loan expectation reduced. These reductions will be graduated according to parental income. The typical financial aid student will see a reduction of between $1,225 and $1,500 annually. In combination with changes made in 1998 this will mean that students from families with annual incomes less than $45,000 will have zero loans in the first year of enrollment. The reduced loan expectations will be balanced by larger scholarships for students.

Work Expectations. All financial aid packages at Dartmouth assume that students will contribute some funds from both leave-term and academic year jobs. In order to lessen the burden of this requirement the summer earning expectation for first-year students is being reduced by $250 and for upperclassmen by $200. These reductions will result in larger scholarships. In addition, the academic year self-help expectation will be reduced for first-year students by $275. This will provide students with the flexibility to reduce either their loans or jobs, the two components of self-help. Again, these amounts will result in larger scholarships for individual students. All changes in work expectations will take effect for all students beginning with the start of the next academic year.

These changes reflect Dartmouth's continuing commitment to provide all Dartmouth students with financial aid packages that fairly meet their financial need while enabling them to pursue educational opportunities at Dartmouth. They also reflect the College's commitment to avoid having its graduates encumbered by financial pressure. Karl Furstenberg, Dean of Admissions and Financial Aid, commented, "Dartmouth is fortunate to have the financial resources and scholarship endowments to offer one of the most comprehensive, and generous, financial aid programs in all of higher education."