Average Financial Aid Packages for Freshmen *

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1 Average Financial Aid Packages for Freshmen * '05 '06 '07 '08 '09 Standard Budget (no travel) $35,690 $37,565 $38,905 $40,960 $43,745 Parent Contribution 11,801 12,171 13,076 14,010 14,370 Family Contribution 14,245 14,952 15,629 16,524 16,965 Vassar Grant $ 16,959 17,658 18,325 19,945 22,100 Total Grant $ (all sources) 18,786 19,738 20,302 22,009 23,795 Total Award 22,114 23,413 24,008 25,342 27,803 '10 '11 '12 '13 '14 Standard Budget (no travel) $46,295 $49,010 $51,650 $53,950 $55,725 Parent Contribution 15,644 13,899 14,271 14,002 13,911 Family Contribution 18,182 16,248 16,644 16,162 16,047 Vassar Grant $ 23,219 27,657 30,209 32,455 34,814 Total Grant $ (all sources) 25,252 29,048 33,107 35,696 37,892 Total Award 28,891 33,561 36,550 39,069 41,054 Source: COFHE "Bluebook," Freshmen Financial Aid/Admissions Survey $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Standard Budget (no travel) Total Award Total Grant $ (all sources) Vassar Grant $ Family Contribution Parent Contribution * All and only those awarded financial aid (i.e.., those with determined financial need) 25

2 Financial Aid Applicants in the Admissions Selection Process 2004 Fin Aid Applicants as % of All Aps 57.4% 54.7% 56.8% 59.8% 61.2% 61.0% 57.7% 57.3% 61.7% 67.1% Fin Aid Apps as % of All Admits 62.3% 59.6% 63.0% 61.5% 64.1% 61.9% 59.3% 61.9% 64.2% 69.5% FA Apps as % of All Matriculants 62.7% 62.2% 69.6% 63.1% 66.5% 62.2% 61.0% 65.6% 66.1% 72.4% % of All Applicants Admitted 34.6% 33.8% 31.0% 29.1% 28.7% 28.6% 30.1% 28.6% 25.0% 24.7% % of FA Applicants Admitted 37.5% 36.7% 34.4% 29.9% 30.0% 29.0% 31.0% 30.9% 26.0% 25.6% Source: COFHE "Bluebook," Freshmen Financial Aid/Admissions Survey 75% Financial Aid Applicants At Each Stage in the Admissions Selection Process 70% 65% 60% 55% 45% 2004 FA Apps as % of All Matriculants Fin Aid Apps as % of All Admits Fin Aid Applicants as % of All Aps Financial Aid Applicants in the Admissions Selection Process: Admit Rates for All Applicants and for Those Applying for Financial Aid 45% 40% 35% 30% 25% 20% 15% 10% 2004 % of FA Applicants Admitted % of All Applicants Admitted 26

3 Financial Aid Applicants in the Admissions Process - Eligibility for Aid* and Yield Rates Rate of Eligibility for Financial Aid % of Admitted Aid Apps Eligible for Aid * 67.0% 66.0% 64.0% 67.0% 68.0% 69.0% 71.0% 73.3% 74.7% 77.9% Yield Rates on Admitted Students Yield on Fin Aid AP's Offered Grants 45.2% 47.1% 42.1% 42.1% 39.3% 42.7% 44.8% 41.6% 41.0% 42.9% Yield on Fin Aid AP's with No Need 32.7% 32.4% 32.6% 34.3% 32.9% 31.1% 31.4% 24.7% 27.2% 27.7% Yield on Admits Not Applying for Aid 33.8% 29.3% 33.8% 34.3% 35.8% 35.1% 33.6% 33.0% 31.9% 30.2% Source: COFHE "Bluebook," Freshmen Financial Aid/Admissions Survey 80% Rate of Eligibility for Financial Aid 75% 70% 65% 60% % of Admitted Aid Apps Eligible for Aid * * The percentage of financial aid applicants determined to have financial need 55% Yield Rates by Financial Aid Status 45% 40% 35% 30% 25% 20% Yield on Fin Aid AP's Offered Grants Yield on Fin Aid AP's with No Need Yield on Admits Not Applying for Aid 27

4 Vassar's Financial Aid Package and the Cost of Attendance '05 '06 '07 '08 '09 Total Fin Aid Package as % of Budget* 62.1% 62.3% 61.9% 61.9% 63.6% Avg Grant $ as % of Student Budget* 52.6% 52.5% 52.2% 53.7% 54.4% % of Matriculants with VC Grant Aid 49.7% 54.5% 46.5% 48.5% 45.5% '10 '11 '12 '13 '14 Total Fin Aid Package as % of Budget* 62.7% 68.6% 70.8% 72.5% 73.7% Avg Grant $ as % of Student Budget* 54.5% 59.3% 64.1% 66.2% 68.0% % of Matriculants with VC Grant Aid 45.8% 52.7% 55.5% 59.8% 63.0% * Budget = total cost of attendance (comprehensive fee + books, personal allowance, etc.) Source: COFHE "Bluebook," Freshmen Financial Aid/Admissions Survey Data represent each class during its freshman year. Vassar's Financial Aid Package and the Cost of Attendance 80% 75% 70% 65% Percent 60% 55% 45% 40% 35% 30% Total Fin Aid Package as % of Budget* Avg Grant $ as % of Student Budget* % of Matriculants with VC Grant Aid 28

5 updated 9/30/08 Family Income Distribution of Freshman Financial Aid Recipients Income Range $0 - $14, % 6.9% 7.0% 5.9% 4.4% 4.0% 5.2% 4.5% 4.5% 4.5% $15,000 - $29, % 7.2% 6.0% 8.0% 6.8% 4.3% 8.6% 8.7% 10.8% 10.4% $30,000 - $44, % 10.6% 12.3% 8.7% 10.5% 11.5% 12.4% 10.1% 9.0% 10.4% $45,000 - $59, % 12.6% 13.3% 12.4% 9.1% 9.9% 11.6% 10.6% 12.3% 13.2% $60,000 - $74, % 14.4% 13.0% 10.5% 14.9% 9.3% 9.9% 11.7% 12.0% 11.1% $75,000 - $89, % 13.8% 11.3% 12.1% 9.1% 10.9% 9.6% 12.0% 9.8% 9.0% $90,000 - $104, % 13.8% 10.3% 14.2% 10.5% 10.2% 10.5% 7.5% 7.8% 9.7% $105,000 - & Over 20.1% 20.7% 26.7% 28.2% 34.8% 39.8% 32.2% 34.9% 33.8% 31.7% Median Income $69,961 $72,898 $73,076 $78,115 $78,977 $85,711 $79,496 $82,551 $76,600 $75,883 Source: COFHE Freshmen Financial Aid/Admissions Survey $90,000 Median Family Income: Freshman Financial Aid Recipients $85,000 $80,000 $75,000 $70,000 $65,000 $60,000 $55,000 $50,000 $45,000 $40,000 $35,000 $30,000 29

6 Tuition Revenues and Scholarship Expenditures by Class * '05 '06 '07 '08 '09 Gross Tuition Revenue $18,069,440 $17,494,250 $18,504,420 $20,205,330 $21,651,500 VC Scholarship Exp. $5,867,900 $6,109,543 $5,424,094 $6,322,529 $6,541,453 Net Tuition $12,151,540 $11,384,707 $13,080,326 $13,882,801 $15,110,047 Net Tuition per Student $17,459 $17,929 $20,567 $21,228 $23,246 Annual Tuition charge $25,890 $27,550 $29,095 $30,895 $33,310 '10 '11 '12 '13 '14 Gross Tuition Revenue $23,798,400 $25,585,170 $25,366,400 $27,281,100 $28,344,960 VC Scholarship Exp. $7,128,336 $9,901,322 $10,724,094 $12,819,538 $14,606,732 Net Tuition $16,670,064 $15,683,848 $14,642,306 $14,461,562 $13,738,228 Net Tuition per Student $23,247 $23,031 $22,879 $21,911 $20,628 Annual Tuition charge $35,520 $37,570 $39,635 $41,335 $42,560 * N.B.: Data are for each class during its freshman year $26,000 Net Tuition and Fee Revenues per Student $24,000 $22,000 $20,000 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 30

7 Vassar College Scholarship Recipients/Expenditures '05 '06 '07 '08 '09 VC Scholarship Recipients as % of Class 49.7% 54.5% 46.5% 48.5% 45.5% VC Scholarships as % of Gross Tuition Revenue 32.5% 34.9% 29.3% 31.3% 30.2% (the "Tuition Discount Ratio") '10 '11 '12 '13 '14 VC Scholarship Recipients as % of Class 45.8% 52.7% 55.5% 59.8% 63.0% VC Scholarships as % of Gross Tuition Revenue 30.0% 38.7% 42.3% 47.0% 51.5% (the "Tuition Discount Ratio") * N.B.: Data are for each class during its freshman year 70% Vassar College Scholarships 60% 40% 30% 20% 10% 0% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 VC Scholarship Recipients as % of Class VC Scholarships as % of Gross Tuition Revenue 31

8 Revenue Sources for Scholarship Assistance Vassar Funds General Funds $10,432,516 $11,007,084 $12,608,094 $13,060,063 $15,564,392 $16,628,732 $17,510,448 $20,995,197 $25,813,906 $31,573,658 Endowment $6,520,562 $7,561,184 $7,786,476 $7,959,995 $8,248,024 $8,467,470 $8,584,925 $9,363,525 $10,297,758 $10,135,275 Gifts $476,674 $357,520 $466,150 $401,757 $351,127 $349,812 $212,445 $333,552 $204,005 $1,260,706 Total Vassar Funds $17,429,752 $18,925,788 $20,860,720 $21,421,815 $24,163,543 $25,446,014 $26,307,818 $30,692,274 $36,315,669 $42,969,639 Percent of Grand Total 91.3% 91.9% 92.3% 92.8% 93.6% 94.3% 94.4% 94.7% 94.9% 93.7% Federal Support Pell Grants $662,711 $714,800 $789,462 $725,019 $741,599 $668,439 $746,365 $918,058 $1,089,133 $2,024,792 SEOG $371,654 $379,866 $387,304 $384,870 $360,655 $350,733 $366,566 $341,951 $329,294 $322,904 Total Federal Support $1,034,365 $1,094,666 $1,176,766 $1,109,889 $1,102,254 $1,019,172 $1,112,931 $1,260,009 $1,418,427 $2,347,696 Percent of Grand Total 5.4% 5.3% 5.2% 4.8% 4.3% 3.8% 4.0% 3.9% 3.7% 5.1% State Support - Regents/TAP Total State Support $619,849 $565,451 $555,398 $549,589 $549,471 $528,937 $451,613 $456,931 $530,705 $546,838 Percent of Grand Total 3.2% 2.7% 2.5% 2.4% 2.1% 2.0% 1.6% 1.4% 1.4% 1.2% Grand Total $19,083,966 $20,585,905 $22,592,884 $23,081,293 $25,815,268 $26,994,123 $27,872,362 $32,409,214 $38,264,801 $45,864,173 $50,000,000 Revenue Sources for Scholarship Aid $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $ Total State Support Total Federal Support Total Vassar Funds Sources of Vassar Funds for Scholarships $50,000,000 $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $ Gifts Endowment General Funds 32