Endowment funds looking healthier
Tuition increase still expected for 2010-2011 school year
Casey Cheney
Issue date: 11/5/09 Section: News
"[The tuition freeze] addressed the economic concerns of the people in the country," he said, but he's confident the tuition increase this year "won't be substantial."
Director of Financial Aid Rich Moeggenberg said the tuition freeze was unique to Hillsdale last year, and Hillsdale's tuition is still below the average for four-year private schools. In the past, he said, tuition has been increased by anywhere between 2.1 percent and 4.7 percent - well below state schools especially.
Moeggenberg also said scholarships won't suffer as a result of the increase as they are based on a certain percentage of tuition and will rise as tuition rises. Students sometimes have opportunities to get more money even when tuition goes up, he said. Once tuition for 2010 is determined, the college will immediately send out that information to students who have been accepted.
"That's information we use right away," Moeggenberg said. "These families are saying, 'Can I afford Hillsdale College next year?'"
The college plans to stick closely to their budget, which was cut by 10 percent this year, Cole said, and save any surplus they may gain for later - a task he said they have done well with so far.
For a school as small as Hillsdale, Cole said the endowment is substantial, thus the administration is very protective of its investments.
No projects are being cut, but Cole said none were on the docket, though they are moving forward with the Kirby Center project in Washington, D.C.
The college did, however, put a freeze on the annual replacement program.
This program, which runs through Information Technology Services, updates the technology on campus yearly. Certain exceptions, Cole said, will be made.
"We're not going to take tools out of anyone's hands," he said, explaining that if a staff member's computer dies, the college will take care of it. Cole said the budget process will begin in November, where they will present a tentative budget.
"If the endowment held, we'd be pretty comfortable with how we budgeted the endowment this year," he said.
Cole's conclusion: "I'm smiling a little more this year at the end of October than I was last year."
Director of Financial Aid Rich Moeggenberg said the tuition freeze was unique to Hillsdale last year, and Hillsdale's tuition is still below the average for four-year private schools. In the past, he said, tuition has been increased by anywhere between 2.1 percent and 4.7 percent - well below state schools especially.
Moeggenberg also said scholarships won't suffer as a result of the increase as they are based on a certain percentage of tuition and will rise as tuition rises. Students sometimes have opportunities to get more money even when tuition goes up, he said. Once tuition for 2010 is determined, the college will immediately send out that information to students who have been accepted.
"That's information we use right away," Moeggenberg said. "These families are saying, 'Can I afford Hillsdale College next year?'"
The college plans to stick closely to their budget, which was cut by 10 percent this year, Cole said, and save any surplus they may gain for later - a task he said they have done well with so far.
For a school as small as Hillsdale, Cole said the endowment is substantial, thus the administration is very protective of its investments.
No projects are being cut, but Cole said none were on the docket, though they are moving forward with the Kirby Center project in Washington, D.C.
The college did, however, put a freeze on the annual replacement program.
This program, which runs through Information Technology Services, updates the technology on campus yearly. Certain exceptions, Cole said, will be made.
"We're not going to take tools out of anyone's hands," he said, explaining that if a staff member's computer dies, the college will take care of it. Cole said the budget process will begin in November, where they will present a tentative budget.
"If the endowment held, we'd be pretty comfortable with how we budgeted the endowment this year," he said.
Cole's conclusion: "I'm smiling a little more this year at the end of October than I was last year."
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