Beginning in fall 2024, Peabody will meet full demonstrated financial need for domestic undergraduate students with no loans.
This is rare among universities let alone performing arts schools, making Peabody one of only a few in the country, and will result in increasing Peabody’s discount rate to well over 70%, at the upper end of its peers.
This will have an historic impact on attracting the highest-level student and also providing access to a Peabody education regardless of a student’s financial circumstances.
In just the inaugural year of this funding, the number of Pell-eligible students increased from 15% last year to 22% this year while the percentage of FLI students (first generation in a family attending college including those with limited income), increased from 24% to 31%, both critical indicators of socioeconomic diversity.
Beginning in 2021 Peabody began a series of studies to fully understand current and future capital needs based on Peabody’s expanded enrollment and its aging physical infrastructure.
This work led to a series of decisions to significantly upgrade and expand student housing, develop new and expanded programmatic space, and address long-standing deferred maintenance needs across the campus.
The result is Peabody’s commitment to plan and undertake a $163 million capital improvement initiative now underway.