Beginning with the class of 2018, CMC will no longer provide a no-packaged loans financial policy, which provided grants and scholarships to need-based students. CMC has overspent in around $900,000 in financial aid in the past year. This change in policy will mean that need-based students will be given up to $4,000 in loans per year, totaling $16,000 in loans over four years.
“CMC maintains as a top priority college affordability. Therefore, we will continue our current policy of being need-blind and meeting the full need for students seeking admission and who need financial assistance to attend CMC,” said Georgette DeVeres, Associate Vice President and Dean of Admission and Financial Aid. “This amount is comparable and within the range of student loans included in financial aid packages offered at other colleges and universities.”
The CMC administration also hopes that the funds will be be directed to better provide resources in other areas
Though the financial aid imbalance constitutes part of the reason this policy will be enacted for the class of 2018, the CMC administration also hopes that the funds will be be directed to better provide resources in other areas. “While the ‘no-package loan’ policy was very generous, it limited the Financial Aid Office’s ability to provide needed resources in many other areas,” said Jeff Huang, Vice President for Student Affairs. “For example, this policy limited the Financial Aid Office’s ability to award institutional dollars to students who needed additional funds during the year since the aid budget became completely allocated under the current policy.”
“This [change in policy] will permit CMC to further strengthen our admission program to support the college’s overall recruitment goals,” said DeVeres.
Moreover, the CMC administration is quick to reassure that they anticipate no significant change for students, current or incoming. CMC has conferred with other institutions that have made this change and then reported that there has been nothing different in student applications. “We do not foresee significant changes in our applicant pool,” said DeVeres. “Most colleges and universities across the nation include loans as part of the financial aid package. In fact, most of CMC’s peer institutions include loans as part of their financial aid awards.”
Furthermore, when CMC’s Board of Trustees voted to change the current policy, they also agreed to a “rigorous” fundraising campaign that could potentially generate more funds for student aid. Huang said, “The long term goals are to allocate more funds for institutional aid in order to vigorously support college affordability. In the short term, the redistribution of available student aid resources will allow CMC to improve the ability to immediately meet overall institutional goals.”