The Franklin W. Olin College of Engineering announced today that it would discontinue its full-ride merit scholarships for all students as of the 2010-11 academic year.
Starting then, the college’s merit scholarships will cover 50 percent of tuition rather than 100 percent. The change will not affect the freshman class enrolling for the 2009-10 year or any currently enrolled students.
Olin said the policy had been changed “in order to maintain academic quality and a sustainable financial model in the face of the economic downturn.”
The engineering college, founded in 1997 with a $400-million gift from the New York-based F.W. Olin Foundation, has a large per-student endowment, which it relies on for about 80 percent of its operating revenue. The endowment has lost about 25 percent of its value in the recession.
Olin said it planned to restore its full-scholarship policy once economic conditions improve sufficiently.
The college, which enrolled its first freshman class in the fall of 2002, was designed to foster creativity and risk taking among its graduates. —Beckie Supiano