Ds Scholarship

Brown to significantly expand financial aid and college access

Providence, RI [Brown University] Brown University will make significant investments to expand financial assistance and improve access to the College, backed by the exceptional performance and success of the University’s scholarship brown together Comprehensive fundraising campaign.

In a Monday, October 25 message to the Brown community following weekend meetings of the Brown University Foundation, President Christina H. Paxson announced initiatives in three areas. Brown (1) will significantly increase scholarships for middle-income students, as well as reduce summer earnings expectations for high-needs students; (ii) move towards blind admission of international students; and (iii) develop a program that qualifies talented students from Providence public schools to college.

With the new investments in financial aid, Brown will fully cover tuition fees for families who earn $125,000 or less with typical assets. In addition, students with families earning less than $60,000 per year with typical assets will receive scholarships that cover all expenses—tuition, room, board, and books—and an additional scholarship to help support other expenses. Making significant investments in financial aid to lower the cost of Brown’s education for middle-income families will reduce the obstacles for exceptionally talented students to apply to university.

“Brown has a longstanding commitment to accepting talented students from all income backgrounds,” Paxson said. The university is also committed to promoting educational attainment among children from the communities around us. The remarkable growth in Brown’s endowments and success brown together The campaign provides an opportunity to build on these two commitments, ensuring that the university continues to attract the best and brightest students from around the world, and expands university enrollment in Rhode Island. “

Brown will work with community partners to develop an intensive college-preparation program for cohorts of students who attend Providence public schools and whose college achievement levels fall below state goals, Paxson said.

The acquisition of international students who are totally blind in the coming years will greatly expand the university’s ability to attract and educate promising international students from all socio-economic groups. While Brown has been blind to the needs of local students for nearly 20 years, the university currently has a “recognize the need” policy that takes into account a student’s financial need in admission decisions for international undergraduate students.

“Needed blind admissions for international students will have wide-ranging positive effects for the university and the world,” said Vice Chancellor Richard M. Locke, who has led several committees in assessing affordability and access to admission at Brown University. “It will create new opportunities for students to learn from international peers who have distinct experiences and perspectives, while also providing Brown’s education to talented young people who will go on to serve their communities locally, nationally and globally.”

When fully implemented, the additional investment will add approximately $25 million annually to the current undergraduate financial aid budget, which was $153.7 million in the 2020-21 academic year. Between 2013 and 2014 and 2020-21, Brown’s total spending on undergraduate financial aid increased from $95.2 million to $153.7 million, with an average annual increase of 8.8%.

The new initiatives build on two decades of significant efforts to make Brown’s education more accessible. In 2003, Brown became a blind needy institution for fresh domestic undergraduate students, removing any consideration of an applicant’s ability to pay tuition fees from the admissions process for these students. In the 2018-19 academic year, the university replaced loans with grants in financial aid packages for all students, including transfer students and international students, through the Brown Promise Initiative. Last year, Brown became need-blind for students who served in the military, increased their scholarships, and with the support of the US Department of Veterans Affairs, began covering all tuition and fees for veterans, who had previously been accepted on a recognition-of-need basis as transfer students. .

Other investments in living and learning support at Brown University include providing health insurance scholarships as part of all financial aid packages for uninsured students; Direct scholarship support that pays for all required books and study materials at Brown Bookstore; and the Experimental Travel Program in which the University purchases tickets for international students directly.

“Through these new investments in attracting and supporting the best talent during their years at Brown, we have an opportunity to demonstrate Brown’s commitment to building a community that serves the best students from around the world,” Paxson said.

Highlights three new aid and access initiatives

1. Increase Financial Aid Scholarships for Middle Income Students and Reduce Summer Earning Expectations:

Starting with all students enrolled for the next academic year (2022-23), Brown will change the way we calculate how much a family contributes to paying for their children’s education. The university will eliminate the family home equity as an asset when calculating the financial resources available to a student, which usually translates to thousands of additional dollars in a student’s scholarship. The resulting increased scholarships will cover full tuition fees for families earning $125,000 or less per year with model assets.

According to Dean of Admissions Logan Powell, eliminating property rights will increase the diversity of the applicant pool. Like all Ivy League institutions, Brown offers need-based financial aid—there are no merit scholarships—and the university currently includes a portion of homeownership as an asset when making financial aid calculations.

“Removing home ownership and lowering the expected family contribution is a critical step toward our goal of making Brown accessible to families of all socioeconomic backgrounds,” Powell said. “Through this initiative, we will be in a better position to recruit and enroll more students from middle-income backgrounds.”

Also, starting in the summer of 2022, Brown will reduce summer earnings expectations for the most needy students — those without an expected parent contribution — by $1,000, to $1,700 for first-year students and $1,900 for other students. With this change, the Brown Scholarships will cover all expenses—tuition, room, board, and books—for students with families who earn less than $60,000 annually in typical assets, as well as support personal expenses.

2. Move towards blind admission of international students:

Brown will significantly increase its financial budget for international undergraduates, with the goal of making international students completely blind for international students for the Graduate Class of 2029 (which will begin at Brown in Fall 2025). Brown will join the ranks of five other colleges and universities nationwide who are in need of the blind for international students.

Roughly half of the cost will be funded by the larger expected payments from the university’s endowment strong performance, and the other half will come from a concerted fundraising effort. Brown plans to raise about $120 million in new endowments to enable gradual acceptance of needy international admissions for blind people over four years.

According to Sergio Gonzalez, Senior Vice President of Brown Advances, the momentum in Brown’s fundraising is strong: “The Brown Promise that canceled loans from financial aid packages and the Veterans in Need Initiative is made possible by generous gifts from donors and they are close to being fully funded. “.

3. Launching an Intensive College Preparation Program for Providence Public Schools:

The state of Rhode Island has set an ambitious goal of ensuring 70% of Rhode Islanders have a college degree or degree by 2025. According to data from the Rhode Island Child Count, Providence is home to about 18% of the state’s children, but only 74% graduate high school. Of them, only 54% enter college in the year following high school graduation.

“This school year, we will plan a new initiative focused on preparing groups of students from Providence to enter four-year selective degree programs after high school graduation,” Paxson said. “This initiative will complement the Rhode Island Promise Scholarship, which provides every Rhode Island student straight out of high school two years of free undergraduate education at a Rhode Island community college.”

Brown will work with community partners to develop, fund and lead a college prep program for cohorts of students attending Providence public schools, and the program can later be extended to other parts of the Rhode Island urban center, Paxson said. The initiative will become part of an “ecosystem of efforts” with other community programmes, recognizing that early pre-secondary interventions are essential to creating a successful university pipeline.

There is a lot of work already going on at Brown to address local educational disparities, including the Swearer Center’s deep partnership with ONE Neighborhood Builders to deliver high-quality after-school programs at D’Abate Elementary School; Providence Children’s Education Fund, which supports teaching and learning in Providence public schools; and the MAT program, which provides loan forgiveness through the Urban Education Fellowship to fellows who teach for three years in the urban center of Rhode Island. In addition, Brown University School of Public Health, Warren Albert School of Medicine and the Hassenfeld Institute for Children’s Health Innovation support projects aimed at reducing disparities in child health, recognizing the need for healthy children to learn.

Financial performance enables continued commitment to access

In addition to the new fundraising operations to raise funds awarded for the phased introduction of needy-blind international admissions, the three new initiatives will be supported by increases in Brown Endowment Foundation annual contributions to the operating budget.

The endowment generated a return of 51.5% during fiscal year 2021, closing the year with a market value of the endowments of $6.9 billion. Since the endowment’s contribution to the operating budget is based on the average market value of the endowment over the previous three years, the current endowment investment returns in the FY21 operating budget are expected to steadily increase in FY21 of $194 million. years.

The annual rate of return ranges from 4.5% to 5.5% of average market capitalization, which increases the three new financial aid resources and access initiatives over time.

“The university has an enduring commitment to ensuring that talented young people can attend Brown University, regardless of their socioeconomic background,” Paxson said. “We are fortunate that strong financial resources provide us with a rare opportunity to make new investments in the development of the next generation of leaders.”

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