By Dave Merrell
As the economic crisis deepens, Haverford has difficult budget decisions on the horizon. A shrinking endowment has Haverford facing cascading budget shortfalls in the coming years.
Financial aid, long a cornerstone of a Haverford education, could be facing cuts. Unfortunately, in the time when applicants need more aid, the school is not in a position to give it.
There have been no indications from the administration or the board of managers that financial aid will be changed, but there have not been any assurances that Haverford is still committed to it, either. Word from the powers that be will go a long way towards easing the minds of concerned students and parents.
Especially in this economic climate, financial aid should be the single untouchable budget item. Students who are academically qualified to attend Haverford should not be held back by their finances. Nothing is more important to the mission of the college than providing generous aid to the applicants who need it.
Every effort must also be made to ensure that current students can afford to continue their education, even if financial circumstances back home change. Few families are escaping from the crisis unscathed, and many will need to have their financial aid packages changed in order to stay at Haverford.
Again, there is no indication from the administration that financial aid packages won’t be increased for students who need them, but assurances would be nice.
If this means that other initiatives need to be scaled back, then so be it. Haverford’s master plan is ambitious — and expensive. Expanding the facilities made sense when the College’s endowment was growing, but now maintaining the student body must take priority over maintaining the physical plant.
Likewise, Haverford’s expansive plan to add faculty (the Faculty Committee on Academic Enrichment) should take a back seat to keeping the school affordable. Searches already underway must be completed, but after that money should be targeted for student aid over faculty expansion.
If financial aid must be cut, then Haverford should first roll back its loan-free initiative. Going loan-free was a major coup for Haverford, earning the school praise from around the country, but it is meaningless if it could force us to offer less total aid to students.
The other aspect of Haverford’s financial aid — our status as a need-blind institution — should not even be on the table. Making sure every academically qualified student is granted admission is more than just a selling point; it gets to the core of the school’s identity.
Given the extent of the economic crisis, I realize that nothing in the budget is truly untouchable. I also do not pretend to know the specifics of Haverford’s budget. I do know, however, that Haverford’s financial aid policies are integral to its identity. In this time of need, the college should make every effort to preserve — or even increase — financial aid.
This article is © 2008 The Bi-College News. The material on this page is free for personal or educational use, but may not be reproduced, reprinted, republished, redistributed, or otherwise transmitted to a third party without the express written permission of The Bi-College News, 370 Lancaster Ave, Haverford, PA 19041.
Editor's note: Articles that appear in the Last Word section are works of satire.
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- Financial Crisis Q&A at SGA
- Haverford Goes Loan-Free for Financial Aid
- Freedom, Not Free Tuition
- A Progressive Tuition Plan to Make College Affordable
- Conservative Investing Lessened Economic Crisis’ Impact on Haverford
- Facts & Figures
- Bryn Mawr Economic Update
- Haverford Announces Budget Cuts
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