Highlights
KEY ELEMENTS OF FINANCIAL AID ENHANCEMENTS
Increased support will help all need-based aid recipients who are enrolled at Duke in Fall 2008. Features include:
- Parents of undergraduate financial aid recipients with calculated annual incomes less than $60,000 will not be expected to contribute to their children's educational expenses.
- Students from families with calculated annual incomes of less than $40,000 will have loans replaced by grants.
- Students from families with calculated annual incomes between $40,000 and $100,000 will have their loan packages reduced on a graduated basis. Students from families in the $40,000 to $55,000 range will be offered a $1,000 loan annually. Those in the $55,000 to $70,000 range will be offered a $2,000 loan annually. Those in the $70,000 to $85,000 range will be offered a $3,000 loan annually. Those in the $85,000 to $100,000 range will be offered a $4,000 loan annually.
- Students from families eligible for aid with calculated annual incomes above $100,000 will be offered a $5,000 loan annually. $100,000 is about the 80th percentile of the national family income distribution.
- Students receiving financial aid with loan packages will no longer be expected to assume a $500 loan increase with each year of enrollment, unless there is a material change in family circumstances. Their loans will be fixed for each year, amounting to a savings of $1,500 over four years.
- Currently all financial aid packages contain housing allowances based on the rate for a double, non-air conditioned room. Starting in the fall of 2008, students will receive allowances for their actual housing costs. For students living off-campus, housing allowances will be based on the cost of a shared apartment in Duke's Central Campus Apartments.