Grassley Welcomes Yale’s Increased Student Aid, Hopes Other Colleges Will Follow Suit
M E M O R A N D U M
To: Reporters and editors
Re: Yale announcement on student aid
Da: Monday, Jan. 14, 2008
Sen. Chuck Grassley, ranking member of the Finance Committee, with jurisdiction over taxpolicy, has a long-standing interest in tax-exempt policy. Last September, the committee held ahearing that focused in part on the of college endowments, at Grassley’s urging. In December,Harvard University announced reduced tuition costs for families below certain income levels. Lastweek, Yale announced an increased pay-out of its endowment to increase student financial aid andfor other purposes. Today, Yale announced details of its student aid increase. Grassley made thefollowing comment on today’s announcement.
“Students and parents are the winners with Yale announcing significant increases in financialaid. An increase of financial aid from $24 million to $80 million is real dollars and benefit. Whileincreasing financial aid, Yale is trying to restrain overall college costs. I especially appreciateYale’s online calculator for families to estimate the net costs of attending. Transparency is criticalto encourage students and families to take advantage of opportunities. Yale’s action shows thatdespite some squawking, the sky won’t fall when universities increase the amount of money theyspend from their endowments, and when they do, it can mean big help for families struggling to paycollege costs. Spending more on financial aid might even help universities attract more donationsfrom alumni and others.
“Harvard and Yale both have made big announcements in the last few weeks. Meanwhile,more than 60 other colleges and universities with endowments of at least $1 billion are makingchurch mice sound loud by comparison. We need to hear from the presidents and boards of thesecolleges as well. Parents and students have a right to expect these universities with big endowmentsto end the hoarding and start the helping with skyrocketing tuition costs. Colleges are tax-exempt,and tax exemption helps endowments grow. I hope we hear more good news from other collegesand universities in the days ahead, but today, I congratulate Yale for its new policies.”
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