The amount of scholarship aid annually awarded to undergraduate students by the University of Notre Dame increased by 21.5 percent in the past year and 443 percent in the last decade

by Dennis Brown

The amount of scholarship aid annually awarded to undergraduate students by the University of Notre Dame increased by 21.5 percent in the past year and 443 percent in the last decade, according to an annual report prepared by Joseph Russo, director of financial aid.p. The amount of scholarship aid annually awarded to undergraduate students by the University of Notre Dame increased by 21.5 percent in the past year and 443 percent in the last decade, according to an annual report prepared by Joseph Russo, director of financial aid.p. As a result of the increased resources, Notre Dame now is able to meet the full demonstrated financial need of all admitted students.p. University-administered undergraduate scholarship aid this year is estimated to be $33.8 million, some $6 million more than in 1999-2000 and $27.5 million more than the $6.2 million awarded 10 years ago, when scholarship enhancement was targeted by Notre Dame’s officers and trustees as their top priority.p. The growth in scholarship support is largely due to the dramatic increase in the University’s undergraduate financial aid endowment, which now totals some $875 million, according to Scott C. Malpass, vice president for finance and chief investment officer. The financial aid endowment includes almost 1,200 individual endowed scholarships underwritten by benefactors. Other large sources of revenue for financial aid endowment are proceeds from football bowl games and the University’s exclusive contract with NBC television to broadcast home football games.p. A financial aid “package,” including student loan assistance and part-time campus employment, is typically combined with scholarship and grant assistance to make the costs affordable for all families. The average University scholarship awarded to this year’s freshman recipients was almost $12,900, which represents more than one-half the cost of tuition. Any additional outside scholarships, which many Notre Dame students bring with them, typically serve to reduce a student’s need to borrow.p. Other highlights from the 2000-01 financial aid report:p. •Total financial aid for this academic year—including scholarships, loans, grants and jobs from all sources—is a record $157.7 million, up from $144.3 million last year.p. •Loans to students and their parents account for $42.4 million of the $46.8 million from federal assistance programs. The remaining $4.4 million comes in the form of grants and work-study programs, which include University matching funds.p. •Nonfederal financial aid—including University-based scholarships as well as those earned from outside the University, alternative loans, grants-in-aid, tuition remission and University student employment—rose $11.2 million to $104.7 million.p. •ROTC scholarship funds rose by an average of $1,594 per student and totaled $6.1 million.•74 percent of Notre Dame undergraduates and 80 percent of graduate students are receiving aid from one or more programs this year.p. The report provides a preliminary summary of all student aid from University, government and private sources for the 2000-01 academic year. The totals are expected to increase when a final report is issued at the end of the fiscal year, June. 30.p.

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