Merit Money
Controversial Scholarships Show Rifts in 5-C Relations
Michael Wilner
Last Updated: 5/1/08 Section: News
At Pitzer College, the Strategic Plan aims to increase the socio-economic diversity on campus by increasing the financial aid budget, which would also lessen the burden of student loans. "Our culture seems to strongly support these awards," Pitzer President Laura Trombley says, "and it is important for Pitzer not to be left out of serious consideration by a prospective student because other institutions have awarded his or her record but not us." Pitzer's current endowment stands at roughly $100 million - a 120 percent growth since 2002 under Trombley's leadership.
But Trombley's effort to increase Pitzer's financial clout reveals a deeper problem that colleges face. "If the definition of top institution is made in terms of resources per students, President Oxtoby may be right," says Harvey Mudd President Maria Klawe. HMC has significantly lower endowment-per-student than its key competitors - Caltech, Stanford, and MIT. As a result, the college's financial aid packages for middle- and upper-class applicants are smaller than those of bigger, older, and wealthier institutions. Merit aid helps compensate for this disparity.
"Most people, of course, would look at a variety of other factors in defining top undergraduate institutions," Klawe continues, including the quality of the admitted students; the success of the students after they graduate; and the quality of the educational experience that the students receive. "By any of these measures," Klawe says, "HMC is clearly a top institution."
Administrators at Scripps College could not be reached for comment.
Recent congressional inquiries reflect a growing concern about the relationship between university endowments, tuition costs and financial aid packages. Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, and ranking Republican Charles Grassley (R-IA) have spearheaded a bipartisan inquiry into the burden of university tuition on American families. On January 24, Senators Baucus and Grassley sent a letter to 136 universities throughout the country with endowments of over $500 million. Of the five Claremont Colleges, only Pomona exceeds this benchmark: its 2006-2007 profile estimated its endowment's market value to be $1.46 billion. The other four Claremont schools' endowments range from $100 million (Pitzer College) to $474 million (Claremont McKenna College).
But Trombley's effort to increase Pitzer's financial clout reveals a deeper problem that colleges face. "If the definition of top institution is made in terms of resources per students, President Oxtoby may be right," says Harvey Mudd President Maria Klawe. HMC has significantly lower endowment-per-student than its key competitors - Caltech, Stanford, and MIT. As a result, the college's financial aid packages for middle- and upper-class applicants are smaller than those of bigger, older, and wealthier institutions. Merit aid helps compensate for this disparity.
"Most people, of course, would look at a variety of other factors in defining top undergraduate institutions," Klawe continues, including the quality of the admitted students; the success of the students after they graduate; and the quality of the educational experience that the students receive. "By any of these measures," Klawe says, "HMC is clearly a top institution."
Administrators at Scripps College could not be reached for comment.
Recent congressional inquiries reflect a growing concern about the relationship between university endowments, tuition costs and financial aid packages. Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, and ranking Republican Charles Grassley (R-IA) have spearheaded a bipartisan inquiry into the burden of university tuition on American families. On January 24, Senators Baucus and Grassley sent a letter to 136 universities throughout the country with endowments of over $500 million. Of the five Claremont Colleges, only Pomona exceeds this benchmark: its 2006-2007 profile estimated its endowment's market value to be $1.46 billion. The other four Claremont schools' endowments range from $100 million (Pitzer College) to $474 million (Claremont McKenna College).
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lentyna
posted 4/08/10 @ 11:19 AM PST
I have to agree with teh poster above... :/ looks like a lot of hot air to me.
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