The New School has made significant developments to its financial assistance programs that will change how students access and retain institutional grants and scholarships. One change TNS is implementing is there will no longer be GPA requirements for the renewal of merit scholarships, meaning once awarded, a student can rely on this financial assistance for the duration of their enrollment.
Additionally, need-based grants will not be adjusted based on FAFSA fluctuations providing students with stability and predictability in their financial planning. The changes were made toward the end of the summer and will begin to be applied this fall, according to the university website.
This financial aid guarantee implemented across all programs also outlined that students can maintain their grants and scholarships, irrespective of whether they are enrolled full-time, part-time, or less than part-time. Notably, the awarded institutional financial aid will remain the same even if a student’s Student Aid Index (SAI) score increases. SAI is a figure used for determining a student’s eligibility for federal student aid programs. The SAI calculation is based on the information from a student’s FAFSA form such as family income, assets, household size, and the number of family members attending college.
This guarantee, however, does not extend to changes in degree programs through internal transfers. For a student wanting to transfer to another college within TNS, the university stated it will make efforts to maintain similar financial aid amounts if a student transitions into programs with comparable cost structures.
If a student opts to withdraw or take leave from the institution but plans to return, they can request a reevaluation of their financial aid offer. This provision aims to accommodate students facing circumstances that necessitate a temporary break from their academic pursuits.
Earlier in March 2024, The New School announced an increase of tuition by 4.3% for both current and incoming students who matriculated at the university after the fall 2022 Part-Time Faculty Strike. This development sparked financial challenges for many students.
In a statement posted on the university website, Sarah Fevig, assistant vice provost for financial aid and scholarships, emphasized the reasoning for the change. She stated the importance of providing students and families with peace of mind amid the turbulent landscape of financial aid changes.
“That’s one of the reasons why we are implementing the financial aid guarantee,” Fevig’s statement said. “Giving students and families the certainty that their institutional scholarships and grants from us will never be reduced even if financial circumstances change or after a semester with a less than ideal GPA.”
As students start the 2024-2025 academic year, the university states that this financial aid guarantee marks a positive shift towards greater transparency, reliability, and support for the student community at The New School.