Trustees Meet, Approve Tuition and Fees for 2023-24
In the current academic year, 50% of Duke undergraduate students receive some form of financial assistance, including aid based on family resources, athletics and endowed competitive scholarships. Students who receive aid come from family incomes that range up to more than $200,000. Since 2012, Duke has invested approximately $1.5 billion in financial assistance for undergraduate students.
Duke is one of a small number of colleges and universities with a need-blind admissions policy, meaning an applicant’s need for financial aid, or the fact that a student has applied for financial aid, will not disadvantage them in the admission process. Once students are admitted, Duke then meets full demonstrated financial need. Duke’s financial aid packages consider tuition, room, board and fees, as well as support for study abroad, summer programs and other dimensions of the student experience. Duke is also one of the few institutions nationally to combine this commitment with merit scholarships and athletic scholarships.
While financial assistance varies based on family income and other circumstances, the average total financial aid package for first-year students who entered in 2022 and qualified for assistance was $59,578. Approximately 21% of students in the entering class of 2022 received financial aid grants that covered their full cost of tuition, and students from households with a total income of $60,000 or less have no expected parent contribution.
Tuition and fees cover only part of the cost of a Duke education. Other significant sources of support for students and financial aid include income generated by the university’s endowment and private philanthropy from individuals and foundations.
As Duke looks ahead to its next fundraising campaign, students, faculty and administrators participated in the program of strategic education, which was designed to build a shared understanding of the campaign and allow participants to provide advice and guidance to the administration on key campaign topics.
Tracey Temne, associate vice president of marketing, communications and stewardship for Alumni Engagement and Development, presented the draft campaign case for support and messaging. President Vincent E. Price led a panel conversation with Trustees Emeriti Anne Bass, Bruce Karsh, and David Rubenstein, who served as co-chairs of Duke’s last comprehensive fundraising campaign, Duke Forward. Duke Forward ended in 2017 after raising $3.85 billion for faculty support, undergraduate financial aid, and other key initiatives.
The session also included discussions with three university administrators—Vice Provost for Interdisciplinary Studies Ed Balleisen, Dean of the Nicholas School of the Environment Toddi Steelman, and Vice Provost for Library Affairs Joe Salem—to further hone messaging on core fundraising priorities.
In other business, the board received updates on the Duke University Health System, university finances and federal relations, and approved recommendations from the board’s standing committees.