March 10, 2008
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THE GEORGE WASHINGTON UNIVERSITY NAMED AMONG TOP 50 "BEST VALUES IN PRIVATE COLLEGES" BY KIPLINGER'S PERSONAL FINANCE
GW Ranks 47th Among Private Universities That Combine "Exceptional Education and Outstanding Economic Value"
WASHINGTON - The George Washington University is ranked No. 47 on Kiplinger Personal Finance's 2008 Best Values in Private Colleges list. This marks the first time GW has made the list.
Selected from a pool of more than 1,000 private institutions, schools in the Kiplinger 100 were ranked according to academic quality and affordability -- with quality accounting for two-thirds of the total. Regarding GW's cost, the editors write, "Financial aid for students who qualify either for need-based or merit assistance brings the cost to a much more doable $32,000." GW will provide $118 million in institutional financial assistance for undergraduates in 2008-2009.
"We are pleased that this listing highlights GW's academic excellence as well our efforts to ensure the affordability of a GW education, particularly through our fixed-tuition program and our guaranteed financial aid packages," said GW President Steven Knapp.
GW's unique fixed-tuition/guaranteed financial aid program, in place since 2004, locks in the undergraduate tuition rate for up to five years. As a result, returning sophomores, juniors, seniors, and fifth-year undergraduates will experience NO tuition increase in the 2008-2009 academic year. Tuition for freshmen entering in fall 2008 will increase 3 percent, reflecting the current rate of inflation.
In conjunction with fixed tuition, the university will continue its guarantee that need- and merit-based institutional financial assistance will remain at the level awarded when a student enrolls. If a student demonstrates further need, the amount of aid could go up, but it will not go down.
Under a five year plan to moderate overall costs, announced by President Knapp and approved by the Board of Trustees in February, GW plans to quadruple fund raising for student aid from $10 million to $40 million annually within five years. The plan also will reduce by more than 30 percent the average debt burden at the time of graduation (from $29,000 to $20,000 on average) for incoming freshmen demonstrating need. This goal will be accomplished, in part, by increasing the caps on the amount of institutional grant aid incoming students receive to up to the full amount of tuition for qualified students and by eliminating the requirement that parents fund $2,000 above the expected family contribution.
Located four blocks from the White House, The George Washington University was created by an Act of Congress in 1821. Today, GW is the largest institution of higher education in the nation's capital. The university offers comprehensive programs of undergraduate and graduate liberal arts study as well as degree programs in medicine, public health, law, engineering, education, business, and international affairs. Each year, GW enrolls a diverse population of undergraduate, graduate, and professional students from all 50 states, the District of Columbia, and more than 130 countries.
For more information about the Kiplinger 100, visit www.kiplinger.com/money/collegevalues.
For more news about GW, visit the GW News Center at www.gwnewscenter.org.
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