April 11, 2013
Re: Increased costs = increased benefits:
I appreciate the editorial board’s support for Hamilton’s 2013-14 budget (“Increased Costs = Increased Benefits”). There is no doubt that need-blind financial aid is an important initiative for Hamilton, and I want to clarify the funding for the effort.
The decision to achieve need-blind admission at Hamilton was driven by a committed Board of Trustees and is financially supported by them and other dedicated alumni. Approximately $40 million of additional endowment funds were raised to support the initiative and individual trustees donated $3.5 million of “bridge” funds to pay for the additive financial aid until the new endowment was in place.
Financial aid also increases for reasons other than the need-blind initiative, including the continuing slow economy. The tuition increase for 2013-14 is also driven by a combination of modest salary increases for Hamilton employees, facility maintenance costs and debt service, and necessary operating budget increases.
Vice President of Administration & Finance