Sunday, February 15, 2009

Colleges Struggle to Preserve Financial Aid

Posted by Kaitlin Lanier
Article by Geraldine Fabrikant

For years, as the stock market roared, educational endowments swelled, helping private secondary schools and colleges provide more financial aid, expand and attract better faculty. But with the financial markets in crisis, those days are over.

Today educational institutions are cutting spending, delaying projects and holding off on hiring. While many schools and colleges say their commitment to helping families pay the costs of education will not waver, some experts maintain that as investments shrink and donations fall, some institutions will be forced to cut back on financial aid.

Morton Schapiro, president of Williams College in Massachusetts, which has long had a commitment to accepting students without considering their financial situation, said he doubted that all colleges with such full need-blind policies would be able to hold to them.

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