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THE 568 PRESIDENTS’ WORKING GROUP

THE 568 PRESIDENTS’ WORKING GROUP. Paul Boyer - Williams College Kathy Osmond - Wellesley College Bernie Pekala - Boston College November 13, 2002. THE 568 PRESIDENTS’ WORKING GROUP. THREE KEY QUESTIONS: What is a 568? Why is this important? Who are they?.

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THE 568 PRESIDENTS’ WORKING GROUP

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  1. THE 568 PRESIDENTS’ WORKING GROUP Paul Boyer - Williams College Kathy Osmond - Wellesley College Bernie Pekala - Boston College November 13, 2002

  2. THE 568 PRESIDENTS’ WORKING GROUP THREE KEY QUESTIONS: • What is a 568? • Why is this important? • Who are they?

  3. THE 568 PRESIDENTS’ WORKING GROUP • FIVE CHARGES: • Address the principal issues that give rise to divergent need calculations. • Arrive at reasonable compromises in the areas where the principles may conflict.

  4. THE 568 PRESIDENTS’ WORKING GROUP • Strive for recommendations supportive of a system that many schools could adopt while still being able to manage their individual aid resources. • Seek solutions that aspire to simplicity and consistency, that discourage manipulation of the system, and are realistic regarding the capacity of families to contribute to educational expenses.

  5. THE 568 PRESIDENTS’ WORKING GROUP • Explore avenues to maintain a system supportive of a Consensus Approach to Need Analysis, if one is adopted.

  6. THE 568 PRESIDENTS’ WORKING GROUP • SIX KEY PRINCIPLES: • To the extent they are able, parents and students have the primary responsibility to contribute to educational expenses before an institution awards financial aid. • Families should contribute to educational expenses according to their ability. Those with similar financial profiles should contribute similar amounts.

  7. THE 568 PRESIDENTS’ WORKING GROUP • Institutions should evaluate both income and assets as part of the assessment of the parents’ and applicants’ ability to pay. • Each institution should inform applicants about the policies and practices it applies when measuring a family’s ability to pay, carry out its policies consistently throughout a student’s eligibility, and support the awarding of need-based aid.

  8. THE 568 PRESIDENTS’ WORKING GROUP • An institution that allocates any financial assistance that is not based exclusively on need should inform all prospective applicants of the standards it applies in allocating that aid. • The exercise of “professional judgment” by financial aid officers in assessing a family’s ability to pay should recognize unique or extenuating circumstances in individual cases.

  9. Amherst College Boston College Bowdoin College Claremont McKenna College Columbia University Cornell University Davidson College Duke University Emory University Georgetown University Haverford College Macalester College Massachusetts Institute of Technology Middlebury College Northwestern University Pomona College Rice University Saint Mary’s College Stanford University Swarthmore College University of Chicago University of Notre Dame University of Pennsylvania Vanderbilt University Wake Forest University Wellesley College Wesleyan University Williams College Yale University THE 568 PRESIDENTS’ WORKING GROUP

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