Apr 16, 2018, 2:57 PM
(from Inside Higher Ed) Lawrence University embarked on an ambitious plan in 2014 to join the exclusive ranks of so-called full-need colleges -- those that provide financial aid to cover all tuition and fees for admitted students with “demonstrated financial need.” Entering a space occupied by only 65 institutions, mostly Ivy League and other elite colleges with hefty endowments, was a bold move for the small liberal arts college in Wisconsin.
Lawrence president Mark Burstein launched an effort to raise $85 million in endowed scholarship funds in five years... The “Full Speed to Full Need” campaign was an instant hit... The university raised $74.3 million in four years. The support has already been used for additional scholarships or grants to 182 students, 138 of them currently on campus. Officials believe they have enough momentum to meet the goal by next year.
During the 2014-15 academic year, 74 percent of the students on financial aid had an average funding gap of $6,000 in their awards, which included all federal grants and loans for which they were eligible, as well as financial support from the university. The gap meant students had to find the money elsewhere. This academic year, 48 percent of the students have a funding gap, and the average dropped to $4,200.
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