University financial aid funding stable
Financial aid packages for students in the incoming class of 2013 will be similar to last year's, according to University admissions officials, while national trends indicate that the financial crisis has caused other colleges and Universities to cut back on the amount of financial aid they can offer students. Institutions have been forced to cut back on financial aid for the upcoming class, but the effects on financial aid at Brandeis are said to be minor, Senior Vice President for Students and Enrollment Jean Eddy wrote in an e-mail to the Justice.
At Brandeis, like other institutions in the United States, the crisis in the financial markets has led to spending cuts, delayed projects and layoffs.
University endowments across the United States have been shrinking in value due to the financial crisis, which has caused the budgetary constraints. University President Jehuda Reinharz wrote in an e-mail to the student body on Oct. 3, "We are confronted with reduced endowments earnings, reduced gifts, the need for increased financial aid and an overall increase in our operating costs."
Brandeis administrators have not released the figures for the budget cuts for the next fiscal year, but The New York Times reported that cutbacks at other institutions will put pressure on financial aid given out to prospective students.
The Boston Globe reported that the Massachusetts Institute of Technology will be cutting $50 million from its annual budget reports next fiscal year, and Stanford University anticipated $45 million in budget cuts, according to The New York Times. Included in many of these budget cuts is a decrease in the amount of financial aid budgeted for prospective students.
However, Brandeis Dean of Admissions Gil Villanueva wrote in an e-mail to the Justice, "To my knowledge, the financial aid for this incoming class is similar to last year's allocation."
Still, the University is feeling pressure to keep the financial aid packages at their current level.
At a Nov. 6 faculty meeting Reinharz said, "Financial aid is a very complicated issue. Sixty-five percent of students have financial aid, and the average financial aid package is about $25,000."
Peter French, the executive vice president and chief operating officer, said at the faculty meeting, "There's going to be enormous pressure to keep that tuition discount number at [a 35 percent] level," meaning that students who receive financial aid, on average, get a 35-percent discount from the Brandeis tuition.
Amid fears that families will not be able to pay tuition costs even after their financial aid needs are met, French wrote in an e-mail to the Justice that next year's tuition is projected to increase by 4 percent, which is less than the 4.5 percent average increase over the past five years for Brandeis and below the national average increase of 6 percent for private colleges and universities.
Villanueva wrote in an e-mail to the Justice that the tuition increase "will not be received with open arms."
Earlham College President Douglas Bennett reported to The Times that if a college is truly a need-blind institution, they can go broke, because "it is like writing a blank check to the world."
"We are a need blind admission institution," Eddy wrote in an e-mail to the Justice when asked how a prospective student's ability to pay tuition will affect their admission to Brandeis.
Brandeis administrators did not reveal the recent effects on financial aid and did not disclose actual budgetary or financial aid figures.
Kim Thurler, an admissions representative from Tufts University, explained that Tufts practices a need-blind admissions system, but that it is not an established policy of the university.
She wrote in an e-mail to the Justice, "It is necessary to distinguish between policy and practices. . We achieved need-blind practices for the past two years. However a formal need-blind policy has not been adopted by the Board of Trustees, because to date the necessary endowment to ensure its sustainability is not in place."
She said that Tufts, which caters to an applicant pool similar to Brandeis', is working to maintain its need-blind practices this year.
"We anticipate increasing financial aid," Thurler wrote.
Brandeis administrators maintained that budget allocations for financial aid will not be altered significantly, and financial aid that has already been given out to students will not be affected.
However, Villanueva wrote in an e-mail to the Justice that while it is still too early to tell how the potential budget cuts will affect recruitment efforts, it has been shown that during past economic recessions, more people choose to attend college at public institutions, which generally cost less than private institutions.
He wrote that the number of students visiting the Brandeis campus has been consistent with last year's record number.
"I also argue that the opportunity to be a lifelong member of the Brandeis community, to live the Brandeis experience, and to benefit from its proven track record of placement success will surely continue to attract top students," Villanueva wrote.
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