<p>Wow, that's quite a blow.</p>
<p>Wow.</p>
<p>I doubt they'll be need blind and be able to meet 100% demonstrated need in the near future.</p>
<p>its so hard for me to believe that they will be 100% need blind THIS year..</p>
<p>smh..</p>
<p>Yeah, I have my doubts for this year as well.</p>
<p>Judging by hilsa's response, it looks like people may not be reading to the very end of the article. In that case, they'll be missing the important final two paragraphs. Since they address hilsa's very legitimate concern, I've included them here.</p>
<p>"Vanderbilt still plans to push ahead with its $15</a> million initiative to subsidize tuition for students who otherwise could not afford to attend or would end up mired in debt. It will continue hiring new faculty. Junior faculty will continue to receive university research funds.</p>
<p>"The university is also preparing to provide a financial safety net for students whose parents may be hit by layoffs in the coming year. No student, McCarty said, should have to leave Vanderbilt because their parents can no longer afford the tuition."</p>
<p>I did read that. But how many times have officials said not to worry and that everything is fine, until things get so bad that it turns out that they were covering up something?</p>
<p>And that article says nothing about next year.</p>
<p>Considering that Vanderbilt is "already nearly half-way toward the fundraising goal for [its] ambitious financial aid initiative" and the fact that it is the crowning jewel of a seven year plan, I have trouble seeing it cancelled this year or next year. A $20 million donation was just made for the express support of this initiative. The money is there. Vanderbilt will continue to ensure the financial ability of its students to attend. Of that I have no doubt.</p>
<p>Vandy has been very successful in getting virtually every department at the medical center and university to cut all discretionary spending to achieve a 5% decrease in budgets without laying people off. They still have many options left to continue decreasing expenditures without laying people off or changing their financial aid goals. All future construction plans are being delayed for 2 years (no new research buildings will be added and the new addition to the Children's Hospital is also on hold). Except for needed new faculty positions,most departments are on a hiring freeze and when employees resign,those positions may or may not be filled. A billion dollars is a huge loss, but when compared to the types of losses at similar caliber institutions, Vandy has done much better than most.
There are still no plans to revoke or revise the tuition benefit for children of employees who have 5 years of continuous service and that is a huge chunk of change each year. Vandy is the only university to make it into the Fortune top 100 employers ranks ever. They know what they are doing!</p>
<p>Yeah, we're still in pretty good shape and can handle it.</p>
<p>But let's not forget the fact that "when compared to the types of losses at similar caliber institutions," Vandy has NOT done much better than most, rather only appear to be dealing with it better than most. The average loss was 22.5%. UVa lost 25% from $3.8B. Harvard lost at least 22%, etc... (Bloomberg).</p>
<p>So, somebody somewhere screwed up more than other people.</p>
<p>In the Providence Journal today, Brown lost $800,000,000 with its endowment down to 2 Million. This is an issue all institutions are facing. A >28% decline at Brown. Same belt tightening as Vandy.</p>
<p>ouch......</p>
<p>Greetings everyone,</p>
<p>For those who don't know me, this is Brad Weiner, I work in the Office of Admissions at Vanderbilt and frequently post to CC.</p>
<p>Just to make sure you officially hear it from us:</p>
<p>Regardless of the financial situation, Vanderbilt remains committed to providing financial aid to any and all undergraduate students who are admitted. That overall philosophy is backed up by three specific promises:</p>
<p>*Vanderbilt meets 100% of demonstrated financial need.
*Vanderbilt reads applications need blind for all U.S. citizens and permanent residents. For these students, we never take your financial situation during the admissions process.
*Vanderbilt does not package any need-based financial aid loans. All financial aid dollars up to the total cost of attendance will be either grant money or work study. </p>
<p>The Board of Trust and University leadership would never more forward with these promises if they were unable to back them up. </p>
<p>I hope this helps ease your concerns. Best wishes to everyone on CC.
Brad</p>
<p>Ok. Well, that issue is all cleared up.</p>
<p>Thanks!</p>
<p>
[quote]
In the Providence Journal today, Brown lost $800,000,000 with its endowment down to 2 Million.
[/quote]
</p>
<p>That would be down to 2 billion.</p>
<p>Brown</a> endowment takes a hit | Rhode Island news | projo.com | The Providence Journal</p>
<p>The stock market is down about 30% compared with its highs last year. Accordingly, most college endowments are down about 30%. And my son's college savings fund is down about 30%. All of us sinking about the same amount on the same low tide.</p>