To the Middlebury Community:
I am pleased to announce that for the second year in a row, we are reducing the loan component of our financial aid packages for incoming students. The change follows a reduction in loans first recommended in our 2006 strategic plan, “Knowledge Without Boundaries,” and is part of an ongoing effort to make a Middlebury education more affordable for all students admitted to the College.
As you may recall, prior to adoption of the strategic plan all students receiving financial aid incurred an annual debt of $4,000 a year.
In 2006, we reduced the loan component for each student receiving financial aid to $1,500/year, $2,500/year, and $3,500/year, depending on a student’s family income.
Beginning this fall, the loan component for incoming first-year students will be reduced an additional $500. This will result in a maximum loan per year of $1,000 for students whose family incomes are $50,000 or lower; $2,000 for family incomes between $50,000 and $80,000; and $3,000 for family incomes over $80,000.
Also, beginning this fall, we will make available on campus increased funds for students receiving financial aid to purchase equipment and supplies (such as computers and books), and to participate in cultural and educational activities that they might otherwise be unable to afford.
To summarize, over the past two years the debt burden for Middlebury students has been reduced significantly, as outlined in the table below, while the number of students receiving financial aid has continued to increase—the percentage of first-year students on aid who matriculated in September increased from 37% in 2004 to 48% in 2007.
MIDDLEBURY STUDENT LOAN REDUCTIONS |
|
Expected annual loan amount |
|
| Family income |
2006 |
2007 |
2008 * |
Reduction in annual loan |
| $50,000 & under |
$4,000 |
$1,500 |
$1,000 |
75% |
| $50-80,000 |
$4,000 |
$2,500 |
$2,000 |
50% |
| $80,000+ |
$4,000 |
$3,500 |
$3,000 |
25% |
(* Beginning this coming year, we will broaden the lowest income cohort from $40,000 to $50,000 and under.) We continue to explore ways to reduce loans further, while not compromising our commitment to being “need blind” in admissions, a commitment that enables us to provide the best possible liberal arts education to the broadest range of matriculants.
Sincerely,
Ronald D. Liebowitz
President, Middlebury College