Final Report for Duke's Financial Aid Initiative (2005-2008)
Supporting a Core Commitment
Duke's Financial Aid Initiative generated much-needed endowment support for students in all of the university's schools. These gifts are already helping the university meet the cost of an increasingly expensive financial aid program. Over time the impact of these endowment gifts will be even greater, as pledges are paid and endowment gifts benefit from long-term investment growth.
During the 2004-05 academic year, the university spent nearly $129 million on financial aid grants for undergraduates, graduate students, and professional students. Three years later, as the initiative was approaching its close, the cost of supporting Duke's financial aid programs had increased by more than 25 percent to $163 million.
| 2004-05 | 2007-08 | |
| Undergraduates | $59.1 | $71.9 |
| Need-based Aid | $42.5 | $51.9 |
| Athletic Scholarships | $10.5 | $13.1 |
| Merit Scholarships | $6.1 | $6.9 |
| Graduate Students | $50.2 | $65.6 |
| Professional Students | $19.4 | $25.6 |
| Total Duke Support for Aid | $128.8 | $163.0 |
Duke's spending on need-based aid alone has risen at a much higher rate than tuition increases during this time. As indicated in the chart below, Duke budgeted about 48 percent more for need-based aid in 2008-09 than the university spent in 2004-05. This increase is due in part to increased student need and in part to enhancements Duke was able to introduce with help from Duke's Financial Aid Initiative.
The uncertainty of the economy suggests that student need may increase in the coming years. Commitments to Duke's Financial Aid Initiative – both gifts already received and pledges that continue to be paid – will help Duke meet this important cost.
