In difficult times, people reassess what is most important to them. And support for others, through financial aid at Colorado College, remains strong.
Despite the nationwide economic downturn, Colorado College will award six new scholarships next year that will contribute more than $110,600 to the financial aid budget. The $110,637 generated in new scholarships for 2009-10 is actually an increase of nearly $4,000 from the previous year, when the economic situation was far less turbulent.
Further good news – the $110,637 does not include additions to existing scholarships. The Woman’s Educational Society, for example, has added $118,000 in 2009 to their endowed scholarship fund for CC students.
The total payout from endowed scholarships for 2009-10 will be a robust $8,239,757, which represents only a 1.19 percent decrease from 2008-09’s payout of $8,338,792, despite a significant drop in the endowment value over the last year. The donations to existing scholarships were instrumental in helping to mitigate the decrease in the total payout, said Jay Maloney ’75, assistant vice president for development.
“We believe that as people reevaluate the priorities in their lives, they rediscover the value of their Colorado College education, and want to ensure that opportunity for others,” Maloney said.
Financial aid remains a top priority at all levels of the college. In January 2009, Colorado College students banded together in their support of financial aid and the diversity it brings to the student body. A campus-wide rally was held in the Worner Campus Center, organized by Zach Rowe ’09, admissions fellow, David Carlson ’10, incoming president of the Colorado College Student Government Association, and Mark Neuman-Lee ’09, outgoing CCSGA president.
Additionally, the trustee response to the college’s need for supplemental financial aid has been impressive. CC trustee donations to financial aid have now reached more than $250,000, which is equivalent to $5 million in additional financial aid endowment.
Colorado College anticipates spending approximately $5 million funding the incoming class. While this is not as much as the current first-year class (which was a larger class), it is consistent with funding levels from previous years. Overall, Colorado College will spend about $25 million in financial aid next year, which is about what was spent this fiscal year, said Jim Swanson, director of financial aid.
|Since 2004 there have been a total of 49 new endowed scholarships:|
|Year||Number of New
|Total Amount Awarded|
|Average per Year:||7||$116,015|