Private Colleges and the Economic Downturn
Williams College
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The general feeling among many families struggling financially is that public universities and two-year colleges are the only affordable options available to them. This logic isn't always sound. For one, tuition at public colleges and universities is likely to increase significantly as states struggle with massive budget deficits. Mid-year tuition hikes are even possible this winter.
Also, private colleges and universities, because they are private, often have more flexibility than state schools when it comes to dealing with financial crisis. Where the state's response is often to raise tuition, private colleges may do just the opposite to attract new students--minimize tuition increases and offer competitive financial aid. Agnes Scott, for example, increased its total cost by just 2.69% for 2009-10, the smallest increase in 35 years and a number that is about half the rate of inflation. Many colleges such as Middlebury and Williams are postponing construction projects, and a great number of schools are scaling back on filling vacancies. The general idea is to cut costs, not squeeze more money out of students.
To see how dozens of top private colleges and universities are responding to the economic downturn, check out this compilation of articles put together by NAICU, the National Association of Independent Colleges and Universities.
Comments
Hello,
I attend Agnes Scott college and it is very exciting to be at a college that has flexibility and doesn’t always have to respond to the economy the same way state-run colleges do. Agnes Scott also has extremely competitive financial aid, and they will help you attend their college any way they can. Private colleges are unique academic environments, and I feel proud to attend Agnes Scott.
SCHOLARSHIP HELPS FAMILIES IN THE BATTERED FINANCIAL SERVICES INDUSTRY
Gordon A. Rich Memorial Foundation Expands Scholarship Criteria
New York, NY (December 17, 2008) – Each year, the Gordon A. Rich Memorial Foundation (www.gordonrich.org) awards college scholarships worth $50,000 over four years to five students whose parents or guardians work in the financial services industry. Because of the magnitude of lost financial jobs, the Foundation has recently expanded its criteria to encompass students whose parents or guardians have, or had, a career in finance.
“Many families in the financial services industry have fallen into economic hardship because a parent is now unemployed,” said MaryAnn Rich, the widow of Gordon A. Rich, in whose memory the scholarship was created and a director of the Foundation. “We wanted to make sure those families weren’t excluded from the scholarship so we broadened our criteria to include families who had worked in the industry, as well.”
The Gordon A. Rich Memorial Foundation is now accepting applications from high school seniors for grants beginning in the 2009-2010 academic year. The need-based scholarship supports the higher education goals of five students each year who are awarded $12,500/year for four years.
Scholars must demonstrate high academic achievement, integrity of character, potential leadership and financial need. The application deadline is Saturday, February 28, 2009.
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About The Gordon A. Rich Memorial Foundation
The Gordon A. Rich Memorial Foundation was created to honor the memory of Gordon A. Rich, a man of extraordinary talent, energy and persistence with a passion for life. Gordon was extremely bright, hard working, a superb athlete, an accomplished pianist, a master chef and wine connoisseur, an advisor to corporations and their leaders and a loving father and husband. His effusive personality combined with a genuine interest in the well being of others yielded him a plethora of friends from all walks of life. For more information, please visit http://www.gordonrich.org.