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Duke raises $308M for financial aid

Posted January 26, 2009

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— Duke University’s Financial Aid Initiative, a fundraising effort that began in January 2005, has raised $308.5 million in a new endowment for financial aid, officials said Monday.

The four-year effort passed its overall $300 million goal in November and ended at the close of 2008.

“These uncertain economic times are a reminder of just how important it is for a university to have permanent endowment dedicated to financial aid,” Duke President Richard Brodhead said in a statement. “It is our obligation as a great university to ensure that talented students can get the education that will enable them to reach their potential. Financial aid endowment helps us fulfill our core commitment to make a Duke education accessible and affordable.”

A total of 4,364 alumni, parents and friends contributed to the initiative, establishing 478 new scholarship and fellowship funds and supporting 330 funds established previously. Of the $308.5 million raised through gifts and pledges, $226 million is dedicated to need-based undergraduate scholarships, $20.6 million to athletic scholarships, and $61.9 million to graduate and professional student support.

Duke’s current budget includes $86 million – a 19 percent increase from the 2007-08 budget – to support Duke’s undergraduate financial aid program and fund these enhancements. About 45 percent of undergraduates receive financial support to attend Duke; about 40 percent receive need-based aid.

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  • uncw40oz Jan 26, 2009

    good, they can use the money to payout for the slander suit filed by the former Lax coach

  • tobis19341 Jan 26, 2009

    so how many basketball scholarships can you give for $308,000,000?

  • whatelseisnew Jan 26, 2009

    I applaud the aid. Something that puzzles me though and I have seen this on several occasions. A school will raise the tuition rates. It will then state part of that increase will go to financial aid. How about you do not increase the tuition by that amount thereby helping the cost be more affordable for all the students?

  • 68_polara Jan 26, 2009

    Wow.. awesome!