<p>I agree with MidwesternDad that our students will feel the effects for all four years. While we can and will make any adjustments necessary in our personal life to live within our means, it's a little hard to swallow taking on significantly more debt, or cutting out things at home (is it more cost effective to drop the extended warranty on the car, or gamble that we won't have a major car repair bill during the next 6 years?) to fund the rising cost of an education with fewer amenities. And it isn't just happening at small privates. Friend's son is at a flag ship state u., and because of increased enrollment this past fall they tripled students in double rooms. It's more than just an inconvenience - with two desks, two dressers, three beds, while each student has a bed, one doesn't have a desk. It's very possible that that situation adds to the stresses on a new student to the point where that student doesn't succeed. </p>
<p>My comments are not meant to be anti-Middlebury - just that I'm watching what unfolds.</p>
<p>All schools will be making signficant budget cuts. However, schools are in different situations. For example, Middlebury has been spending above its targeted endowment spending policy for a number of years. They were already trying to bring endowment spending down to the targeted levels. This means that their reaction to endowment losses will have to be faster and deeper than a college that has been spending at the low end of their endowment spending policy range.</p>
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All schools will be making signficant budget cuts. However, schools are in different situations. For example, Middlebury has been spending above its targeted endowment spending policy for a number of years. They were already trying to bring endowment spending down to the targeted levels. This means that their reaction to endowment losses will have to be faster and deeper than a college that has been spending at the low end of their endowment spending policy range.
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<p>True, but part of the reason they've been spending above their target is because they've made significant capital improvements in the past decade. Three new dorms, a new science center, a new library, a new center for the humanities, a new pool and hockey rink...all of these facilities have cost a pretty penny. BUT--they're also attracting new talent to the school and are partly responsible for Middlebury's rise in prominence in the past decade. Many schools that were planning capital improvements now have those plans on hold.</p>
<p>Exactly Arcadia. Frankly, it is Midd's newer science facilities that are a real plus from my son's point of view. You know they are huge in humanities, etc., but when their science facilities for undergrads is superior to a lot of schools who now have to put off those things, well, it sure does make it more attractive for our side.</p>
<p>But see the following quote from attached link. They may have built it but have they finished paying for it? I have seen other discussions on this site that argues that Middlebury may have been "eating its seed corn" by building all of these beautiful facilities.</p>
<p>"3) Have you looked at other schools? I have heard that Middlebury has a huge amount of debt ($700 million?), so much that their net endowment might be close to zero.</p>
<p>I’ve looked at quite a few. Most fall into line proportionally similar to Williams and Swarthmore as far as bond debt, cash call commitments, and so forth. Amherst caught my eye as an outlier on the cash call commitments. Their asset allocation is much more “aggressive” than Swarthmore’s or Williams’. I have no idea about Middlebury. They don’t make their financial reports available that I can find. They have been “out of equilibrium” in terms of endowment spending in recent years."</p>
<p>Middlebury has been relatively forthcoming and public with its budget cutting. It's debt, reported in open meetings and in the presentations referenced in this link </p>
<p>is $269 million, not $700, and most is fixed rate at what looks like less then 4.5%. The presentation also shows the spend rate was brought down to the goal of 5% this fiscal year. A lot of debt, but not $700M and the spend rate issue seems to be have been tackled before this downturn came.</p>
<p>damn that sucks. i heard atwater was closing and couldn't believe it. i don't go to school at midd but it's a sweet school, always liked it. williams is doing incredibly poorly now as well. bates is doing great though, because none of their operating budget depends on their endowment</p>
<p>middlebury's got VERY nice buildings as well but they've definitely used credit to expand so rapidly- i hope in the next few years nothing bad happens</p>
<p>not every school is in the same boat- bowdoin hasn't implemented any hiring freeze, just finished a band-new hockey rink (it's just like midds except not right next to a swimming pool), and this summer we'll be finished with a big fitness center witha yoga center and spa :)</p>
<p>However, it is true that Bowdoin will finish the fitness center since it was already in progress. But it is clear that all schools are more or less taking the same course of actions. Some are increasing their classes by 25 students, some are 50, but added income is obviously the direction. I just wonder if their need-blind admissions goes out the window for those extra 25-50 because it won't do you much good to bring in students who require more of your dwindling financial aid monies.</p>
<p>I kinda am beginning to look at things this way: These schools made it through some pretty rough times in the past. They made it through the depression, they made it through the 70's and they'll make it through now. Sure, there won't be all the bells and whistles as the past decade, but there has been an expectation of entitlement and excess in our society that wouldn't be bad to tone down.</p>
<p>the need blind admissions will not apply to those students admitted to increase the student body by 50 students. these students will be admitted from the wait-list, and the need blind admissions policy does not extend, nor has it extended, to the wait-list. the orient has been critical of administration for not being explicit about the implication, since it's a fairly easy inference to make.</p>
<p>bowdoin's administration has claimed that they will account for budget shortfalls in part by increasing the student body by 50 students over the next few years. one can easily assume that this will fulfill their stated goal only if each of those students pays full tuition. when pressed, the administration admitted that the increase in the student body would be taken from wait lists, which is not, nor has ever been, a need blind process. students have been frustrated that the administration did not explicitly state that their plan requires 10 full-paying students each year, even though it was a fairly simple few dots to connect. </p>
<p>the point, i guess, was complete transparency. but the issue of class can be tricky, particularly if the college is relying upon full-paying students to help it weather difficult financial times. the administration rightly took pains to soften its announcement to avoid suggesting that students who do not pay full tuition are, in any way, and at this time less important to the college.</p>
<p>increasing 50 students over the next 5 years is weak. bowdoin is already small enough i think we need to do something like 20 students a year. increasing 10 students a year isn't even going to make a difference</p>
<p>10 students a year will make a difference, especially if each is paying full price. But diluting the resources available by adding 10 students per year changes the quality of the education available. The point is to draw an increase in tuition from students who can afford to pay, thereby increasing income for the college but to minimize the impact such an increase has on the quality of instruction and life at the college. Substantially increasing the student body is not, I don't think, a wise move in response to an ever-changing economic climate. It would require input from current students, alumni, and faculty and should not be entered into easily.</p>
<p>bowdoin should get some febs like midd :)
whatsup febs</p>
<p>i can't believe middlebury counted the pre-app as part of their application stat. that thing was like, "What is your name?", and that counted as an application. cool.</p>