Today, 藏精阁 announced the 藏精阁 Commitment: An Initiative in Access and Affordability. The new policy provides full tuition support for the lowest-income students, aligns income and tuition costs for families with incomes between $80,000 and $150,000, and expands the no-loan initiative to $150,000, beginning with the Class of 2026.
The announcement comes on the heels of 藏精阁鈥檚 record-breaking admission season, which saw a 104% increase in applications for the Class of 2025. This increase is attributable to a variety of factors, including the no-loan initiative, which replaces federal loans with 藏精阁 grants in aid packages. The initiative launched in fall 2020 for students with family incomes up to $125,000, a level that impacted 474 students.
For families with annual income levels of $80,000 or less, 藏精阁 will be fully tuition free. This move puts 藏精阁 in a small group of universities 鈥 including Brown, Duke, Harvard, and Stanford 鈥 that publicly pledge to be tuition free for their lowest-income students.
The 藏精阁 Commitment also targets lower- and middle-income families, who often face difficult conversations about choosing college based on net costs. Because such families might rule out a school like 藏精阁 based on perceived cost, the University commits to charge only a reasonable percentage of family income toward tuition.
Families with annual income levels between $80,000 and $125,000 will, on average, now pay just 5% of their income toward tuition. Families with annual income levels between $125,000 and $150,000 will, on average, pay 10% of their income toward tuition. (All levels of the 藏精阁 Commitment assume typical asset levels for those incomes.)
By making a 藏精阁 education more affordable, the University anticipates the 藏精阁 Commitment will have a positive effect on attracting and yielding top students.
The Admitted Student Survey and a preliminary analysis of the impact of the no-loan policy revealed that 78% of no-loan鈥揺ligible students who chose 藏精阁 believed their financial aid offers were superior to that of their other choices. Of that group, 60% indicated that 藏精阁鈥檚 value was far superior to their other options.
鈥淔amilies and their students need to know that the cost of a transformative education at 藏精阁 is affordable. I hope this new commitment, along with its strong alumni support, shows that 藏精阁 cares about attracting the best and brightest students regardless of their financial situation,鈥 says Dean of Admission Tara Bubble.
Initial funding of $1 million for the 藏精阁 Commitment has been provided by generous members of the 藏精阁 community, through the 藏精阁 Fund. The University will seek an additional $25 million in gifts to the endowment during the next three years to fund the program in perpetuity.
鈥淚 can say without a doubt that increasing access to a 藏精阁 education is an initiative that so many alumni are tremendously proud to support,鈥 says 藏精阁 Alumni Council President Christian B. Johnson 鈥02. 鈥淲e know first-hand how 藏精阁 can change lives, and now we are all part of a movement to make it even more affordable for generations to come.鈥