The University is readying to change its scholarship structure next year when more students will be receiving need-based financial aid and less money will be available for merit-based scholarships.
The shift comes on the heels of a much-publicized increase in tuition that makes GW the first school with a total cost of attendance of more than $50,000 per year for next year's incoming freshman class under the fixed tuition plan.
At the winter meeting of the Board of Trustees, in collaboration with the University Budget Office, the body announced a projected $2.5 million reallocation of funds from merit-based aid to need-based aid for next year's incoming freshmen. About 60 percent of GW students supplement their tuition costs with financial aid, according to University statistics.
The decrease will change the value of the average merit-based scholarships from about half the cost of tuition to about $6,000 less. The new average merit-based scholarship will be worth $12,500, University administrators said. Only about 300 merit-based scholarships will now be awarded, down from this year's 360.
Dan Small, director of the office of Student Financial Assistance, said the board decided on the shift because the average family contribution to the total cost of attending GW is lower than it has been in recent years.
He indicated that this is not an unusual occurrence, and said that there was not as large of an increase in the number of families able to pay for the full tuition as there have been in previous years. Costs are going up, he said, but this year, students' needs are going up more.
Robert Chernak, vice president for Student Academic Support Services, said the decision was made in the best interest of GW's position in the marketplace.
"The reason for a shift ... is that the identified trends suggest that not to do so has a greater risk of a negative impact on our ability to attract the type of diversified and qualitative student populations we seek," Chernak said in an e-mail.
The shift comes on the heels of a much-publicized increase in tuition that makes GW the first school with a total cost of attendance of more than $50,000 per year for next year's incoming freshman class under the fixed tuition plan.
At the winter meeting of the Board of Trustees, in collaboration with the University Budget Office, the body announced a projected $2.5 million reallocation of funds from merit-based aid to need-based aid for next year's incoming freshmen. About 60 percent of GW students supplement their tuition costs with financial aid, according to University statistics.
The decrease will change the value of the average merit-based scholarships from about half the cost of tuition to about $6,000 less. The new average merit-based scholarship will be worth $12,500, University administrators said. Only about 300 merit-based scholarships will now be awarded, down from this year's 360.
Dan Small, director of the office of Student Financial Assistance, said the board decided on the shift because the average family contribution to the total cost of attending GW is lower than it has been in recent years.
He indicated that this is not an unusual occurrence, and said that there was not as large of an increase in the number of families able to pay for the full tuition as there have been in previous years. Costs are going up, he said, but this year, students' needs are going up more.
Robert Chernak, vice president for Student Academic Support Services, said the decision was made in the best interest of GW's position in the marketplace.
"The reason for a shift ... is that the identified trends suggest that not to do so has a greater risk of a negative impact on our ability to attract the type of diversified and qualitative student populations we seek," Chernak said in an e-mail.
