<p>The New York Times reports today that University endowments fell by 23% through November 30 after a prior flat 12 months. Public universities lost 24 % of their endowments, while private schools did only marginally better. Public universities face a double whammy because state budgets are under pressure and funding for state universities are being cut.<a href="http://www.nytimes.com/2009/01/27/education/27college.html%5B/url%5D">http://www.nytimes.com/2009/01/27/education/27college.html</a></p>
<p>"Cornell is facing a 10 percent budget shortfall for the current fiscal year because of a 27 percent decline in its endowment over the last six months, a drop in state financing and alumni giving, and students need for more financial aid, according to a report issued this week by the universitys president, David J. Skorton."</p>
<p>So, what does all this mean for the Class entering in fall 2009 and 2010?</p>