"This unanticipated growth has directly led to a projected expense of $22 million more than budgeted for financial aid in the 2016-17 academic year," the university said. "The university administration, under President Theobald's leadership and with support of the Board of Trustees, quickly addressed the matter, and prepared a revised budget for 2016-17 that recognizes this higher financial aid spending amount and balances the 2016-17 budget."