As reported in Inside Higher Ed www.insidehighered.com today, both Dartmouth and Williams have reversed their two-year old policy of no loans except for the most needy of students. In addition, Dartmouth is cutting non-teaching positions in response to a “structural” budget deficit. Translated, their endowment revenues that are relied upon for operating budget are down. EVEN the rich and famous private universities are hurting in this recession!
What should parents and students do? Take the time to research the financial viability of the colleges/universities you are considering. A good starting point is www.nacubo.org/research , the National Association of College Business Officers. As will all other parts of our economy each college/university will bring a different set of circumstances to the recession.