1 / 13

Awarding Institutional Aid in Difficult Economic Times

Awarding Institutional Aid in Difficult Economic Times. Speaker: Janice Hilbrink Associate Director of NY State Programs And Endowed Funds Pace University. Challenges Facing Students And Families:. . Families are saving less annually for college.

adamdaniel
Download Presentation

Awarding Institutional Aid in Difficult Economic Times

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Awarding Institutional Aid in Difficult Economic Times Speaker: Janice Hilbrink Associate Director of NY State Programs And Endowed Funds Pace University

  2. Challenges Facing Students And Families: . Families are saving less annually for college. (The New York Times) . Students borrow more than ever for college. (Wall Street Journal) . Students are faced with credit crunch and higher interest rates.

  3. Unstable Financial Markets: . Financial crisis affects stock markets and investments world wide. . Endowments at all universities nationwide are affected drastically. . Families’ savings and retirement funds are significantly reduced.

  4. Challenges Facing Universities: . Award competitive financial aid packages in order to recruit and retain students. . Be sympathetic to families having more financial need. . Run a university while maintaining a budget with so many funds underwater. . Facing an uncertain future.

  5. Time To Roll Up Our Sleeves And Get Busy… Make Important Decisions About: . Packaging strategies for students. . Renewing endowment scholarships for continuing students. . Turning off our endowed scholarship website.

  6. Fast Facts: . There are different accounting rules for principle accounts and spending accounts. . You can not touch an account whose principle is underwater. (Underwater means account is now less than principle investment.) . You can spend money from spending accounts that currently have funds and/ or that are above water. . Financial Aid, Finance and Philanthropy are the three departments that need to work together.

  7. What We Did At Pace University: . Awarded larger need based grants. . Renewed all endowment scholarships to continuing students, who met criteria. (whether fund was available or not.) . Turned endowed website off, so funds that may not be available are not advertised for new awards.

  8. We Took An Honest And Upfront Approach:

  9. Renewal Strategies For Continuing Students: . Due to extremely generous financial aid packages, many Pace grants were reduced by the endowed scholarship renewal. . Pace University committed to match donor funds that were renewed and underwater. . Students are still receiving more gift aid than last year. . Students were sent letters explaining why their Pace grant was reduced, along with the benefits of remaining in the endowment program.

  10. Sample Letter To Student:

  11. The Good That Comes Out Of The Bad: . Students are getting more money. . Retention of students is strong. . Appeals are less. . Students work hard to maintain a G.P.A. of 3.0 to stay in the endowment program. (University criteria) . Thank you notes to donors were higher than usual due to letter sent to students. . Donors are pleased by student thank you notes.

  12. Things Are Moving In A Positive Direction: . Endowed funds are growing. . Our enrollment is up. . There were waiting lists for dorm rooms on all campuses. . We are focusing on one awarding year at a time… . What is your school doing?

  13. Questions? Please feel free to contact me: Janice Hilbrink Associate Director of NY State Programs and Endowed Funds Pace University One Pace Plaza – W-100A New York, New York 10036 (212) 346-1288 jhilbrink@pace.edu

More Related