After three years of discussions with 28 other schools, Georgetown University has increased its financial aid budget by $2 million.

The group of universities, known as the 568 Presidents’Group Consensus Approach to Need Analysis, formed with the goal of preserving a common, need-based financial aid system.

“This group came together voluntarily because they wanted to preserve the important educational and social benefits that result from a common need based aid system anchored by a clear set of common values and principles,” Julie Green Bataille, assistant vice president of communications, said.

The presidents delegated the task of reviewing the need analysis system to a committee of financial aid directors selected from the 28 schools, she added.

“The revisions this committee made to the formula for determining a student’s financial need resulted in a more generous analysis of families’ ability to pay for college,” Bataille said.

Georgetown adopted the Consensus Approach to need analysis, “given Georgetown’s commitment to need-blind admissions and meeting the full need of undergraduate students and our interest in using a need analysis methodology that is consistent with that used by our peer institutions,” Bataille said.

Implementing the new, more generous formula created by the group of schools resulted in a $2 million difference in additional student need compared to the previous method for analyzing student need.

Georgetown made a commitment to cover the additional need through scholarships rather than loans or work study.

“Rather than meet that need with more loans or work, the university made a commitment to fund this need with Georgetown scholarships. This analysis and change therefore will likely mean that Georgetown will spend more money on financial aid in the coming years,” Bataille said. “As a result, the main campus is budgeting for this possibility by reprioritizing investments.”

More than 55 percent of Georgetown students receive aid each year. Last year nearly $80 million worth of grants, loans, work-study employment and scholarships were distributed to students. Scholarships are funded by federal and state programs and private commercial organizations.

Georgetown distributed more than $38 million in scholarships last year. These scholarships range from $500 to over $30,000 per year, with an average aid of more than $16,000 per scholarship.

The new formula means that more students will be eligible to receive financial aid in the form of scholarships. In addition, some students already receiving aid will be able to receive more financial assistance.

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