An expansion of the financial aid endowment tops the list of priorities in the College's recently-launched capital campaign, a move administrators say will help keep financial aid funding secure for the next five to ten years.
The current financial aid endowment stands at $165 million, or approximately a third of Bowdoin's entire endowment of $520 million. College officials hope that the capital campaign will bring in about $80 million for the financial aid endowment.
In increasing the financial aid endowment, the College will ensure that it can stay need-blind in its admissions process. Bowdoin has been need-blind since the early 1990s, and trustee and campaign Steering Committee Co-chair Deb Barker '80 said the campaign's financial aid goal is meant to continue its "long history of enabling
and ensuring student access to the College through financial aid."
But remaining need-blind, Director of Student Aid Steve Joyce admitted, is a very expensive proposition.
"We have been living on the edge," Joyce said, noting that the College has just barely stayed within its financial aid budget in the past few years. He points to President Barry Mills' efforts to raise $35 million for financial aid early in his tenure as important to maintaining the financial aid budget.
Part of the challenge is that much of what determines the demand for financial aid is beyond the College's control.
"College costs are up and the economy is somewhat shaky," Joyce said, also pointing to potential variations in the applicant pool as an influential factor.
President Mills said he feels that it is going to continue to become harder and harder to pay for the rising cost of a college education, including people in the middle class.
Dean of Admissions Jim Miller agreed, and pointed to the changing demographics both at colleges and in the United States at large. "If you look at the changing demographics in America," he said, "in ten to 15 years we'll be drawing from a bigger pool, and that will likely be less affluent. Inevitably we're going to need more dollars."
That, coupled with the College's continued commitment to a diverse student body, will guarantee financial aid a continuing significant place in Bowdoin's budget. Miller called the commitment to providing assistance to students who need it "a big part" of the College.
According to Joyce, forty-two percent of Bowdoin students currently receive institutional aid in the form of loans, grants, and work-study assignments. This year the College is spending $15.7 million on aid, with half of that funded by general revenue and the other half by the endowment.
Mills is confident that the portion of the capital campaign devoted to aid will be well-received by donors, noting that donors have often listed strengthened financial aid as a top goal and have responded enthusiastically to events such as the Financial Aid Luncheon in May.
"The endowment allows you in good times and bad to maintain your highest priorities," Mills said. One of his top goals is to make sure "talented students can come here regardless of financial resources," he said.
Mills also said that while the College prefers unrestricted donations to the financial aid endowment, it is open to donors' preferences about which students receive the aid. Often donors are interested in helping to recruit students from underrepresented parts of the country or students who would be the first in their family to attend college. The College can work with these preferences, so long as they are not discriminatory, Mills said.
Other liberal arts colleges currently conducting capital campaigns have also made financial aid a priority. Williams is currently aiming for an additional $90 million for its financial aid endowment, while Bates seeks $45 million. Dartmouth is hoping to bring in $130 million from its campaign for the purpose of strengthening undergraduate financial aid.
Meanwhile, Barker reported that the campaign's Steering Committee was planning to meet late this week to discuss committee members' responsibilities, schedules, and assignments.
Editor's Note: This is the second in a series of articles detailing Bowdoin's capital campaign. Look for continued coverage in future issues.