The University of Louisville is expanding its need-based aid programs to help students who struggle to meet the cost of attending college.
Beginning in fall 2018, UofL will add $1.5 million in need-based aid for incoming freshmen. The funding will be used to address unmet need, or the amount between financial aid already received and the actual cost of attendance.
“Most of our students receive some aid but still face financial hardships,” said Jim Begany, vice provost for strategic enrollment management and student success. “This funding will help more students enroll, stay in school and graduate with less debt.”
With the new program, UofL will have increased its student aid for incoming freshmen to more than $9.5 million, including almost 25 percent based solely on need. Overall, the university provides more than $36.5 million in financial aid each year.
In order to fund the need-based aid program, the Credit 4 Credits program will be eliminated.
“The change is about impact,” Begany said. “Our priority is to support as many students as possible, with emphasis on those most at risk of financial hardship. This shift of funding will fill a real need for many of our students.”