Students recieving need-based finacial aid would likely see an equivalent increase to match the planned update for TCU tuition.
TCU emailed students on Tuesday informing them of the planned 6.5 percent increase to tuition as well as the planned 6.5 percent increase in financial aid.
“If you’re need-based [financial aid will increase], but if you’re not need based then it wouldn’t be fair in my opinion,” said Chancellor Victor Boschini.
“We’re trying to help the students who need the money the most. If you fill out the FAFSA and you qualify we will definitely try to help you get that. You’ll at least get the 6.5 percent extra and more if you can do it,” he said.
TCU’s Mike Scott, Director of Scholarships and Student Financial Aid, said the need-based scholarships and percentage based scholarships were typically the ones that increased with tuition.
“The way we look at that is the aid or the award was given based on the families financial situation then those are the ones that are available for increase. If they were based without regard to the financial situation then or are based on academic then those are not increased.”
Scott said financial aid comes from either a combination of endowment funds and revenue of the university. In order to increase the merit-based scholarships would take more money.
“But people get confused about that because if you get an academic based scholarship like the Dean’s scholarship that’s based on your academics and not your financial need. Yes we could increase those and we have in the past but what we’re trying to do is help those students who need the money the most,” Boschini said.
Scott said financial is taking advantage of the funds that TCU has.
“No it’s not like there’s a huge pot of money going unused. We’re very diligently finding recipients for all of this money we have available,” said Scott.
Scott also added that students must fill out the FAFSA in order for the university to know if the student qualifies for financial aid.
“There are some students who don’t apply who we don’t know anything about. If they did apply we might be able to find something to help them with but our reference help point being able to help the student is from the financial aid application. If we don’t have that we aren’t going to know they need help,” Scott said.
TCU has a May 1st priority deadline. If students apply for financial aid by May 1st they are guaranteed the funds available they qualify for, according to Scott. After the May 1st deadline funds can only be given which are available.
Since the tuition increase was announced Tuesday Scott said the financial aid office had received a few calls but nothing unusual.