Financial Aid: The Opus
If you haven’t already, go ahead and read Munzer?s article in The Ithacan, and the editorial written today about the financial aid situation. Pay close attention to how tricky it is for a school like Ithaca. We?ll come back to this in a little.
We’ve seen a major financial aid overhaul get through Congress, and get signed by the President. It’s a nice idea, but it’s flawed. And it’s already a little too late, based on some recent announcements from big-name colleges. Its merits are good, no doubt. It attempts to add to the value of Pell Grant. (Although here?s an interesting question: Why are the funds authorized for 2013 only $105 million? By the by, over the 10 years there?s an average of $2.87 billion additional appropriated each year.) And it brings up this TEACH grant to help out current and prospective teachers.
Curiously, there?s nothing in there overhauling financial aid that will take care of the long (and largely unnecessary) process that is the FAFSA. In fact, the only time it?s even mentioned in the mile-long bill is under the College Access Challenge Grant Program, where help with the application is covered as a payment with the grant. Hm.
Thoughts on Loans and Financial Aid
Sorry for the long delay in posting, even though I know I’m not the only one reeling from all the work that has to be submitted before finals week (something to do with that Dec. 25 final grade submission… Thanks Registrar!) A little something meta on the blogs: We have a new comments policy that our commenters should all be aware of, so acquaint yourself with it. Now onto the important stuff:
A wolf in (Oregon) duck’s clothing: There’s this loan group from Florida that’s gotten into a lot of trouble from New York attorney general Andrew Cuomo. He’s investigated a bunch of other loan companies earlier this year for their dubious actions, which include cash for friend referrals and signups, but the most recent group, Student Financial Services, has been using team names, logos and mascots for their marketing to students.
Apparently not all universities keep the rights to their mascots, but have them through an intermediary group, so that’s how this loan company was able to use the marks (maybe that’s how Washburn University got an eerily similar logo to U. of Wisconsin?).? The Times reported that at least 17 have since suspended their arrangements with the group, and the Chronicle is reporting that the remainder, 63 in total, are also cutting their ties. Cuomo is also reportedly was working with the company to make an agreement so they don’t have to pay a penalty ? instead, they’ll have a code of conduct developed by the attorney general’s office.
Recapping other loan stuff: Munzer got to it earlier this week, but this Harvard financial aid thing is only the latest in universities taking financial aid into their own hands. In the middle of last month, the Chronicle (pay-walled) reported on three colleges in the Northeast that are doing away with loans for students. Williams College is getting rid of loans entirely from its financial aid packages, and Colby and Wesleyan are doing similar things to reduce their burdens.
The Harvard situation is merely an extension of their 2004 initiative to help those coming from lower economic backgrounds in staying in college. It’s a wonderful idea, and while I question the need for such deep discounts to the children of six-figure breadwinners, solving the cost problem is an issue the industry needs to answer ? and they’ve been terrible about doing so.
There are good reasons why college costs so much, especially here (something about the first major capital campaign in a 116-year history…). Some colleges, like Williams, are doing smart things. Even at Ithaca, students rise the the occasion, such as the HEOP program with Lobby Day [disclosure: I worked for Academic Enrichment Services last year]. When students get into hundreds of thousands of dollars of debt when they graduate with degrees in English or Outdoor Adventure Leadership, it’s a pretty scary situation. Or, they don’t even make it past their first semester here. And when college seems to be the prerequisite and no longer an honor, it needs to become more affordable.
Something completely different: Can Antioch stop losing steam? There’s now a plan being set in motion to separate Antioch College from the associated university system to address the many issues that plague the institution. At first glance it sounds like a terrible idea, considering that the whole system started with the undergrad program. While I’m sure the Antioch College Continuation Corporation would have the college’s best interests at heart, especially with some very passionate people ? who wouldn’t give money when the agreement to save Antioch was penned last month ?? it moves the burden off the current administration of the Antioch in a dangerous way. Furthermore, it doesn’t help that as of Tuesday, the payment agreement made last month is no longer in effect [via Chronicle]. And what’s worse, if the transfer does happen, it’s most likely the school will have to get accreditation, since it won’t be the old Antioch.
Roundup: Under Fire Edition
Presidents not doing so hot: Lee C. Bollinger and Richard Roberts, of Columbia University and Oral Roberts University, respectively, are not doing well by the eyes of the faculty they lead. For Bollinger, more than 100 faculty members signed a statement of concern raising issues with the way he’s running the school and that Iranian visit from September. Roberts had the faculty raise a vote of no-confidence ? especially troubling since he went on leave last month and is being accused of using the school’s money for political gain and gifts for his family. There’s also a dean at Washington University in St. Louis who the faculty is looking to remove.
More about presidents and their money: The Chronicle’s annual report on presidential salaries (”Executive Compensation”) is out, and it shows increases are bigger for the larger institutions. The median salary is above $500,000 for those at large, research institutions, and troublingly low sums for community college presidents. Again you may get rebuffed by the pay wall, but it’s worth it to make comparisons between different colleges.
As for Ithaca? Peggy R. Williams makes $254,040, and benefits raise the total compensation near $300K ($291,195). In comparison, the top earner, Boca Raton, Fla. Lynn University president Donald E. Ross makes more than $5.5 million, and Williams is nestled between presidents from Manhattanville College and Molloy College. Fun fact: Molloy College is running their own capital campaign! Their goal is much more modest, only between $7 and $10 million.
Trolling elsewhere? Treasure Troll, the former Ithaca OTR blogger is out. It was his decision to go after the mess I started, and it appears a lot of what I linked to is now dust in the wind. I hope he’s moving over to Buzzsaw’s blog, which covers an interesting array of topics but has been MIA for a while.
Capital Campaign Envy
When it comes to capital campaigns - a lovely euphemism that disguises institutional panhandling so well - Cornell University is Ithaca College’s giant white elephant in the room.
Sure, it’s not fair to compare CU and IC. One is a monolithic research institution, the hottest school in the Ivy League, and a powerhouse of student - and alumni - money with 20,638 current students. South Hill’s little college that could, in contrast, is a private liberal arts school, 6,498 strong, famed for fit students, a pretty big football game - for D3 - and lots of heady nugs pot smokers.
Normally no one would compare totally different schools, but because the two are barely miles apart, I think I’m allowed a little geographic leeway.
So when it comes time to juxtapose the fundraising efforts of Ithaca’s two ivory towers, you can pretty much already tell whose capital campaign is bigger.
Yup, you were right. Cornell is whupping ass. The Ithaca Journal reported Friday that after a “bonanza of $71.5 million” in gifts, Cornell has passed $1 billion, and is now sprinting toward its overall goal of **drumroll, please** $4 BILLION DOLLARS!
Now, back to South Hill, where the largest comprehensive campaign ever organized at Ithaca is slowly creeping to its pittance of a goal. Almost to $115 million, guys! $112 million is a lot, right? Don’t quit now! So what’s my favorite part of IC’s innovative fundraising technique? President Peggy Williams asking students for money!
“If students wanted to give $10 or $25 to the campaign, it would be a very good way to start to acknowledge how these improvements come to be.”
There’s been only one response to this statement that I’ve ever heard: you mean you charge me more than $40,000 a year to go here, and now you want my beer money too??!?
So what’s my point in making all these biased, ineffective comparisons? Hear me out, Office of Institutional Advancement: instead of Ithaca recruiting its own alumni - except Bob Iger, he’s kind of a big deal, keep squeezing him - we need to start recruiting the trust fund babies over at Cornell.
Feed for College Ave.