Northwestern officials said they expect to spend more on financial aid this year, said Michael Mills, associate provost for University enrollment.
‘I do anticipate that we’ll have a needier incoming freshman class,’ he said. ‘The president and the provost are prepared for that.’
This year NU received about 27,500 applications for admission, a pool which is both larger and more socioeconomically diverse than in previous years.
According to a 2009 survey by the National Association of Student Financial Aid Administrators , 61 percent of universities saw an increase of 10 percent or more in financial aid applications.
NU constructs its financial aid budget from several sources, including tuition revenue, alumni gifts and endowment funds, University spokesman Al Cubbage said. Endowment funds constitute a small percentage of the overall financial aid budget. For the 2009-10 school year, 15 percent of the financial aid budget came from the endowment, so it isn’t as vulnerable to economic fluctuations as those of other universities.
The Office of Undergraduate Financial Aid could not be reached for comment.
The University won’t have a clear picture of financial needs until financial aid applications for the incoming class have been turned in and processed several weeks from now, Mills said.
Although the financial aid applications from this year’s early decision pool do not mark a significant change from last year’s, Mills said it is too early to forecast the need of the entire class.
Last year NU increased tuition 3.6 percent and scholarship funding 10 percent. These numbers show NU recognizes the importance of financial aid, said Bradley Akubuiro, program coordinator for NU Ambassadors, the student arm of admissions that works to increase diversity in the student body.
‘Financial aid is always a huge factor in anyone’s decision to enroll in a university,’ the Medill junior said. ‘It’s not a recent phenomenon.’
Still, Akubuiro said he questioned NU’s ability to meet every student’s financial needs. The University’s goal should be to mirror the levels of aid top schools like Harvard University provide, Akubuiro said. While meeting student financial needs, Harvard no longer requires families to take out loans.
Though NU isn’t able to give every needy student aid without loans, the University has continued to expand financial aid.
In 2008, NU began a No-Loan Pledge program, providing comprehensive aid without loans to the neediest students. The University expanded its financial aid commitments last year, when it began a partnership with QuestBridge, Akubuiro said.
QuestBridge serves as an intermediary between high-achieving, low-income students and top universities. Schools agree to offer admitted QuestBridge students full four-year scholarships.
‘Our first class of QuestBridge students are on campus, and they’re doing extremely well,’ Akubuiro said.
NU’s response to financial need echoes that of many universities around the country. Despite economy woes, many are maintaining or increasing financial aid budgets, said Haley Chitty, director of communications for NASFAA.
‘A lot of (universities) are trying to shield their financial aid budget,’ he said. [email protected]
