Frequently Asked Questions
Why does Lab have a fundraising program?
Fundraising at Lab closes a budget gap in annual operations, and funds around 50% of Lab’s financial aid budget. In addition, it allows Lab to meet aspirational goals that would otherwise be impossible to reach.
Generous support from parents, alumni, faculty, and staff allows Lab to offer a first rank educational program without having to rely solely on tuition increases. Furthermore, by connecting passionate philanthropists to programs and projects, fundraising also allows Lab to realize programs that further our vision and mission, and often go above and beyond in creative and meaningful ways.
Without this additional income, Lab would be forced to make difficult choices between tuition levels, financial aid budgets, and programmatic activities.
What are the goals of Lab's financial aid program?
Our financial aid program serves to bolster Lab's commitment to diversity in all its forms by diversifying the varied socioeconomic backgrounds that make up our community. In short, our financial aid program seeks to remove financial barriers for students who contribute to and benefit from a Lab education.
What would a substantially larger endowment do for Lab?
Endowment income has historically been a stabilizing force in the operation of education institutions. Endowment income is less variable relative to other revenue streams and is available in perpetuity. By increasing the endowment, Lab could more reliably address ongoing programs, increase its ability to provide financial aid, and further reduce its dependence on tuition increases.
The tuition benefit for University of Chicago employees
The University’s Lab Tuition Remission Program is for full-time employees of the University (and associated units). At minimum this program pays 50 percent of Lab tuition. That amount increases up to 85 percent based on a sliding household income scale. Importantly, non-university families in no way subsidize this benefit and the Schools do not lose any tuition income. The University makes a direct transfer of funds into Lab’s accounts to cover this benefit. That transfer translates to about 25 percent of Lab’s budget.