Yale joins expanding group of elite US colleges boosting financial aid

Yale University said Monday it is joining an expanding group of elite US colleges under pressure from parents, lawmakers and alumni to make top schools more affordable to middle-class and upper middle-class families. The Ivy League school announced what it called the largest increase in financial aid spending in its history, boosting contributions from its endowment by more than $24 million (€16.11 million) to more than $80 million (€53.71 million) annually. The move will reduce the average cost by more than half for families with financial need, Yale officials said. About 43 percent of Yale's 5,300 undergraduates qualify for financial aid, said spokesman Tom Conroy. Tuition, room and board at Yale total about $45,000 (€30,211.48) a year.