College Board considers upgrading aid formula
For the first time in 20 years, the College Board is upgrading its institutional methodology -- a formula it uses to determine a college applicant's financial needs -- altering the way schools across the country calculate aid packages for college applicants. The aim of the revised formula is to increase aid eligibility for middle-income families and reduce the expected family contribution students in that income bracket, according to Jack Joyce, the College Board's manager for communication and training services. However, the revised formula will not significantly affect the way Dartmouth determines its aid packages because of the recent radical changes the College has made to the way it calculates financial aid. "It's going about it a different way, but we may end up with very similar answers," Director of Financial Aid Virginia Hazen said. The new formula will go into effect next year at Dartmouth when the financial aid office determines aid for the Class of 2004. The changes to the methodology were brought about from recommendations made by college and university financial aid representatives.
