EASTON, Pa.(www.lafayette.edu), March 17, 2008 — Lafayette is undertaking ambitious initiatives to provide greater access to qualified students regardless of their ability to pay while strengthening its student-centered learning environment by growing the faculty and lowering the student/faculty ratio.
President Daniel H. Weiss announced that the College is joining a small number of leading liberal arts colleges nationally in eliminating or reducing loans in the need-based financial-aid packages awarded to students from families with incomes of $100,000 or less over the next two years.
- At the same time, Lafayette is increasing the overall size of its faculty by 35 positions (nearly 20 percent) over the next five years, without increasing the size of the student body.
“These ambitious initiatives, key elements in our strategic plan to strengthen Lafayette’s academic core and its human capital, reflect our exceptional commitment to student-centered learning,” Weiss says.
“Strong interaction between students and faculty is the heart of Lafayette’s academic program. It is the defining feature and distinctive strength of our college,” Weiss says. “Growing the faculty is a vital step in creating a truly extraordinary learning environment in which every student can benefit from both unsurpassed academic, professional, and personal mentoring and an opportunity to be guided by professors committed to working individually with students.”
By the end of this academic year, searches will be under way for 8 to 10 new faculty members. The College will hire 8 to 10 new faculty members each year until the goal of 35 new faculty members is reached.
“To complement this, we’re taking a bold new step in an ongoing effort to ensure that no student who has the ability and motivation to flourish academically at Lafayette is denied access on the basis of limited personal financial resources,” Weiss says. “This too promises to enhance our learning environment. By making a Lafayette education available to a broader socioeconomic range of students, we will provide increased opportunities for productive exchanges within a diverse student body. It also fulfills an important social mission by furthering access to higher education for all.”
- Effective with the 2008-09 academic year, the College will eliminate loans from the need-based financial-aid packages awarded to students from families whose incomes are less than $50,000 and whose financial assets are typical of families with this annual income level. The College will meet these students’ demonstrated need with aid packages featuring only grants and a modest work-study award.
- Beginning in 2009-10, Lafayette will also limit the loan portions of need-based financial-aid packages awarded to students from families whose incomes are between $50,000 and $100,000 and whose financial assets are typical of families with this annual income level. Loans will be limited to $2,500 per year.
The aid policy pertains to both new and returning Lafayette students who are U.S. citizens or permanent residents. It builds upon the College’s commitment to meet the full demonstrated financial need of all students admitted under both early and regular decision who submit the required documents by the specified deadlines.
“It will benefit those who need it most, improving eligible students’ undergraduate experience and, potentially, their post-graduate outcomes by reducing their burden of part-time work while they are enrolled here and reducing their burden of indebtedness upon graduation,” Weiss says.
Lafayette awards need-based grants or scholarships funded by the College to more than half of its students each year. Last year, 54 percent of students received College-funded grants and scholarships totaling $26.1 million. Next year this total will rise to more than $29 million.
