Cornell faces 10 % budget shortfall -- what does this mean for financial aid?

Colleges and Universities A-Z Cornell University
1

<p>The New York times in today's edition says:
"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 university’s president, David J. Skorton."
<a href="http://www.nytimes.com/2009/01/27/education/27college.html%5B/url%5D"&gt;http://www.nytimes.com/2009/01/27/education/27college.html&lt;/a&gt;&lt;/p>

<p>This is far from a Cornell problem. All university endowments are down 23 % in 5 months to November after being flat the prior 12 months.</p>

<p>What does this mean for the class entering 2009? 2010? or beyond?</p>

2

<p>Cornell increased its financial aid by $35 million.</p>

<p>
[quote]
In order to maintain our historic commitment to student financial aid and to fund the two financial aid initiatives announced last year, there will be an additional endowment draw of $35 million for undergraduate financial aid in 2009 -10.

[/quote]
</p>

3

<p>The budget is not entirely Financial Aid. The money used for financial aid is like 100 million or something like that. Their budget is probably in the billions.
Sorry for the exaggeration, but I don't know the exact numbers.</p>