[Intro: Higher college costs and a weak economy — that’s a double whammy for Syracuse University. Democracywise reporter Beth Croughan tells us how S-U is trying to make sure people can still afford the hefty 32,000-dollar price tag for next year’s tuition.]
The country’s economy is struggling because of the recent housing market crisis. And according to Michael Waselynko, a professor of economics at Syracuse University, some college students and their families are also struggling even more now to cover the cost of college.
[“And to the extent that people are borrowing money to send students to college and using home equity to do that, it’s going to have a detrimental effect on how they think about their consumption and college and investments and a variety of things.” Michael Wasylenko]
Don Saleh, the vice president of enrollment management at S-U, says higher interest rates on loans might also make paying for college more difficult. And Saleh says the university is aware that today’s economy might unexpectedly force some parents out of their jobs. Saleh says he’s worried these factors might change campus diversity.
[“I’m not in the least bit concerned about whether we can put 3,060 freshmen in the carrier dome in August for convocation. We can do that. It is the makeup of that class, the economic diversity of that class that is precarious.” Don Saleh, vice president of enrollment management, Syracuse University]
Saleh says financial aid is critical in attracting students and says the university will offer more money to those who need it.
[“We can constantly reassure families that if they get in that situation where there’s a change in income, we’ll reevaluate. And for some families that will be enough assurance and that’ll be okay. For other families it’s, ‘The die is cast.’ And they’re not going to make a decision to send their son or daughter to a private school.” Don Saleh]
Saleh says that S-U will admit about one-hundred-fifty more students than normally. The average freshmen class size is about 3,000 and S-U wants to make sure they fill that quota. S-U says it offers financial aid to two-thirds of its students.
The American Council on Education is an organization that lobbies the government on behalf of colleges and universities. Terry Hartle — an S-U alum — is the senior vice president. He says that universities should focus on fundraising for financial aid because the economy might make it difficult for the government to increase funding.
[“I think that the likelihood of significant increases in the amount of federal student aid is probably pretty modest. I think institutions who have increased their own student aid funding in the past few years will continue to try and do that to make it possible for students to enroll.” Terry Hartle, senior vice president, American Council on Education]
This past year S-U began its capital fundraising campaign with a goal of raising one billion dollars. The university estimates 200 million will go towards financial aid and scholarships. For Democracywise, I’m Beth Croughan.
(Beth Croughan is a junior in broadcast journalism and political science.)
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