With tuition at Fairfield rising 7 percent next year from $25,560 to $27,450, many students will be forced to rely more heavily on financial aid to continue their education.
The amount of financial aid was increased in order to keep pace with the tuition increase, according to Erin Chiaro, interim director of financial aid. The financial aid budget is part of the total budget which includes the tuition increase.
“The institutional commitment to financial aid is strong and that the impact of tuition increases on financial aid is always considered by the budget committee,” said Chiaro.
Although financial aid will be increasing along with tuition, this may not be enough for some students.
“It seems like circular logic to me,” said Pat McHugh ’06. “Tuition increases, so financial aid increases, so to get the money for more financial aid tuition is raised again.”
For the 2003-2004 academic year, $21,174,784 was given out in institutional aid, according to Chiaro. This amount breaks down into $6,313,690 in merit aid and $15,043,094 in need-based aid.
Chiaro said that the institutional need-based aid is awarded to full-time day undergraduate students that have demonstrated need. The merit scholar recipients are selected by the office of admission.
According to the university website, approximately 160 merit scholarships are given out each year. These break down into University Fellowship, Presidential and Deans’ scholarships, receiving $15,000, $12,000 and $10,000 respectively per academic year.
All students who receive financial aid must maintain satisfactory academic progress each year to remain eligible for financial aid, according to Chiaro. This means that students “must be in good academic standing and must make satisfactory academic progress toward a degree.” Students who do not do so will be placed on academic probation, at which time students are still considered for aid but consecutive terms of academic probation may result in dismissal.
Institutional need-based aid is only available to full-time day undergraduate students, said Chiaro, and therefore fifth year students are not eligible. However, fifth year students are still eligible for federal aid.
From the 836 students who entered Fairfield as first time freshmen in the class of 2003, 17 of these students graduated in their fifth year at the university. This is comparable to the 18 students who graduated in their fifth year in the same situation from the class of 2002, according to figures from the office of management information.
These figures do not cover students in MBA programs. There are 17 students in the accounting MBA class of 2004, according to Dr. Paul Caster, associate professor of accounting.
“As far as I know, the university offers no financial aid and no housing options for fifth year accounting students,” said Caster.
The increase in tuition along with a lack of financial aid may serve to deter students from fifth year programs at Fairfield.
“I’m contemplating doing my fifth year at home in Massachusetts because it would be much cheaper for me,” said Caitlin Winters ’05. “Price is a huge factor as to why I probably won’t continue to get my MBA here at Fairfield.”
The athletic department also gives out financial aid. For the 2003-2004 academic year approximately 2.5 million dollars was given out in athletic grant-in-aid according to Alison Sexton, senior associate director of athletics. This grant-in-aid is based on athletic ability/performance and is used as a recruiting tool to help get the best student-athlete to attend.
“There are occasions that some of our coaches may try to help out student-athletes a little more if they do have greater need,” Sexton added.
Of the over 400 student-athletes at Fairfield, about 150 are receiving an athletic grant-in-aid. These scholarships are renewed each year provided that a student-athlete “remains eligible and participates in a satisfactory manner as part of the team.”
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