“Rainy-Day” financial aid is one of the three types of tuition assistance identified by ISM, with the other two ensuring “diversity” and “filling empty seats.” While, in theory, rainy-day aid is straightforward in definition, strategy, and budgeting concepts, in reality we have found that it’s not well understood, much less effectively put into practice. By definition, rainy-day financial aid is meant to be a short-term solution to help a family through a temporary setback (e.g., job loss, divorce, medical condition). Strategically, this type of financial aid helps to create a sense of security for families—knowing their children won’t be asked to leave without a chance to get back on their feet. Funds for this aid should be derived from tuition, endowment, or a development initiative.