January 7, 1993

New Federal rules reducing the amount middle class families put toward college costs, increasing governmental contributions and leaving a larger gap for colleges and universities to cover for the 1993/4 academic year posed a potential $1.5 to $2 million additional expense for the college. Explaining that Vassar simply didn’t have the money, Director of Financial Aid Michael Fraher told the States New Service, “Basically, we’re going to continue to use the old formula.” Students already receiving aid would receive the same packages in 1993/94, but students not qualifying for Vassar aid at present wouldn’t qualify for it in the future.

The New York Times