With a few rare exceptions, virtually all private colleges and universities offer institutional aid to students who show financial need.

Another amendment will require all forms of institutional aid to be counted toward the minimum.

Indeed, the state's independent colleges and universities have lost 20 percent, or $87 million, to inflation since 1986 in direct institutional aid.

At private institutions, a supplemental application may be necessary for institutional need-based aid.

However, many universities provide their own institutional aid for international students (both need- and merit-based).

Over 96% of freshmen students receive institutional financial aid.

With the rising cost of higher education, institutional aid has become a growing supplement to government aid.

"The college will take this at face value in reducing institutional aid," he says.

As private colleges limit institutional aid, he said, "the share of the cost paid by families and students in tuition has been rising."

Each application period is 18 months; most federal, state, and institutional aid is provided on a first come, first served basis.