Final Report for Duke's Financial Aid Initiative (2005-2008)
Strengthening Need-based Aid
Duke is one of a limited number of schools that makes a twin commitment to all prospective undergraduates who are U.S. citizens or permanent residents. Duke admits applicants without regard for their financial circumstances, then ensures that these students are able to pay for college by meeting 100 percent of their demonstrated financial need.
About 40 percent of all Duke undergraduates qualify for need-based aid. Another approximately 5 percent of Duke undergraduates receive athletic or merit scholarships, though some of these students would otherwise receive financial aid based on need.
In December 2007, thanks in part to Duke's Financial Aid Initiative and the promise of its success, the university announced a series of enhancements to its need-based aid packages. Beginning with the 2008-09 academic year, Duke increased the grant portion of most aid packages in order to:
- Eliminate parental contributions for families of undergraduates making less than $60,000 a year
- Eliminate loan requirements for undergraduates from families making less than $40,000 a year
- Reduce loan requirements for undergraduates from families with annual incomes between $40,000 and $100,000
- Cap the loan requirement at $5,000 per year for undergraduates who qualify for aid and come from families with incomes of $100,000+
- Provide additional support for housing costs
Aid packages and needs vary by student, of course, but a comparison of sample aid packages in 2004-05, when the initiative began, and 2008-09, when the initiative ended, helps illustrate how these enhancements benefit Duke students:
Meeting the Cost of a Duke Education, 2004-05 vs. 2008-09
Footnotes:
- Because family situations vary, income is not the only factor used to assess need.
- Students who come to Duke with ROTC scholarships or non-governmental grants use those funds to reduce loans and/or work-study commitments. Additional financial support is also available for aid recipients attending summer school or pursuing summer internships or service-learning opportunities.
- Duke's commitment to provide increased support for housing costs in 2008-09 contributed to an increase in the "total cost of attendance" for students that year.
