Financial Aid stats reported

Laughter welcomed the College Faculty to its first meeting of the school year Tuesday as Dean of the College Clayton Koppes praised the football team's undefeated record and joked about a Conservatory marching band.

Director of Admissions Debra Chermonte presented a report on the incoming first-year class. (see related article, page 1)

Director of Financial Aid Howard Thomas also presented a report on the financial aid figures for the new class.

"We did receive a very substantial increase in the financial aid budget," Thomas said. The financial aid budget was raised $2.7 million from last year.

The increase in the budget has resulted in less loans and more scholarships for students. Loans have dropped by $1500 per student in the last two years.

The financial aid office also changed its policy on outside scholarships. In the past, the first $500 of outside scholarship would reduce the self-help portion of the aid package and the remaining amount would reduce scholarship and self-help equally. Outside scholarships will now affect only the self-help portion of the package.

Thomas said approximately 2900 students applied for financial aid this year. There were around 1400 qualified students with 1128 in the college and 242 in the Conservatory. The average needy student in the college received $15,360 from Oberlin. The average award to needy Conservatory students was higher at $16,275.

For both divisions, the entire financial-aid packages averaged $20,540 per needy student with about $3,000 in loans and $1100 in work-study awards included.

Thomas said approximately $8.6 million in institutional money was awarded to incoming first-year and transfer students alone. The total figure for institutional aid was $26.6 million for all years.

"These are preliminary figures to the extent that they include students that are not going to enroll," Thomas said. "The figure is probably high."

Thomas was pleased to report that for needy students, 80 percent of the cost of school was now being covered by scholarship rather than self-help.

Of the entering class, Thomas said 596 were receiving some sort of help.

President of the College Nancy Dye mentioned the tax credit to college students, saying it may improve financial situations of students.

Thomas said his suspicion is that for a majority of students, the tax credit will not affect their eligibility.

"The real winners are going to be the tax accountants," Thomas said, commenting on how complicated the legislation was.

Thomas said the financial aid office is studying the impact of the tax credit on families. "It should be interesting to see how it will affect two or three example families," he said.

Admissions report: Director of Admissions Debra Chermonte discusses admissions at the year's first College faculty meeting. (Photo by Mike Oleson)