FY 2023/24 Dean's Office Grad Aid Funding Parameters
I’m writing with details on preliminary Dean’s Office grad aid allocations for FY 2023/24. Elsie Phillips has populated the GFPS system with current parameters to aid your planning for the upcoming admissions cycle.
Expense Growth Parameters
Graduate expense rates are projected to grow 3.5%. As in previous years, rates may change during the next few months.
Funding Growth Parameters
FY 2023/24 funding is impacted by two key drivers:
- Endowment Payout Growth
Payout will grow by 3.1%, slightly less than the 3.5% projected expense growth. This difference will create a small funding gap for graduate expenses funded by department-controlled endowment; units will need to identify another local funding source to cover the difference.
- Student Health Insurance Funding
In FY 2022/23, the University began funding 100% of student health insurance, creating a savings to departments. The Provost reduced H&S’ base general fund allocation by $1.7 million, moving the savings to the university as a funding source for this now-centralized expense. We were able to postpone this reduction by one year but are now incorporating the pullback into FY 2023/24 graduate aid funding allocations.
Dean’s Office Graduate Aid Funding Allocations
Dean’s Office Student Support Funding will grow by 3.5% cost rise, less the $1.7M pullback, resulting in a net 0.88% growth. While this percentage is small, savings resulting from no longer having to fund student health insurance will keep departments whole.
Please contact me or your Finance liaison if you have questions about graduate aid funding parameters for FY 2023/24.