Who Benefits?
See How Students Benefit
Duke looks carefully at each family's financial situation. While parent income is a significant factor in determining financial need, Duke also gives consideration to significant assets and expenses. For instance, families with multiple children in college may have greater financial need than income alone suggests. Below are a few examples of how Duke students and their families will benefit from the new financial aid enhancements:
"Michael" is a sophomore from Greensboro, North Carolina. His father earns $36,000 per year as a bank teller, and his mother is staying at home with his newborn sister.
|
In 2007-08 |
In 2008-09 |
Parental Contribution |
$1,500 |
$0 |
Assigned Loan |
$3,440 |
$0 |
Under Duke's old aid policies, Michael would have graduated with more than $14,000 of assigned debt, and his parents would have been responsible for at least $6,000 in costs over four years. Under Duke's new aid policies, Michael will realize significant savings. An incoming freshman in his situation will graduate with no assigned debt and have no parental contribution for four years.
"Aliece" is a junior from Denver, Colorado. Her father is an engineer, and her mother is a freelance writer. Their combined income is $53,000 per year.
|
In 2007-08 |
In 2008-09 |
Parental Contribution |
$2,000 |
$0 |
Assigned Loan |
$3,975 |
$1,000 |
Under Duke's old aid policies, Aliece would have graduated with more than $14,000 of assigned debt, and her parents would have been responsible for at least $8,000 in costs over four years. Under Duke's new aid policies, Aliece will realize significant savings, and an incoming freshman in her situation will graduate with only $4,000 of assigned debt and will have no parental contribution for four years.
"Malcolm" is a sophomore from Houston, Texas. His parents, a school teacher and a police officer, are divorced. Their combined income is $77,000 per year.
|
In 2007-08 |
In 2008-09 |
Parental Contribution |
$4,420 |
$4,420 |
Assigned Loan |
$5,440 |
$3,000 |
Under Duke's old aid policies, Malcolm would have graduated with more than $22,000 of assigned debt. Under Duke's new aid policies, Malcolm's assigned loan will be reduced for his last two years at Duke. An incoming freshman in his situation will graduate with only $12,000 of assigned debt.
"Sara" is a junior from Buffalo, New York. She enrolled in the summer session before her junior year and will do so again before her senior year. Sara has two sisters in college. Her mother is a researcher, and her father is a minister. Their annual income is $115,000.
|
In 2007-08 (including one summer session) |
In 2008-09 (including one summer session) |
Parental Contribution |
$10,400 |
$10,400 |
Assigned Loan |
$7,475 |
$5,000 |
Under Duke's old aid policies, Sara would have graduated with more than $25,000 of assigned debt. Under Duke's new aid policies, students who qualify for need-based aid will be assigned no more than $5,000 in debt per year as part of their aid packages. Students also are able to enroll in up to two summer sessions with no additional loan.