A little under a week ago, I posted a video in which Josh Krugman ’14 took the microphone at a senior class reception and, immediately following speeches by University administrators exhorting members of the senior class to donate to Wesleyan, asked his fellow seniors to not donate in protest of the University’s abandoning of need-blind admissions and alleged fiscal irresponsibility. The post generated a debate over whether alumni should give to the University – informed in part by a recent letter from alumni who withheld donations on “Giving Tuesday” due to the University’s financial aid policies.
This post was followed immediately by a post by pyrotechnics about the 68% figure referenced in Josh’s speech. This post shed light on a serious problem with the way the University deals with financial aid donations:
There is currently no way for donors to increase the amount of money the University plans to spend on financial aid. Given the budget cap, there is no such mechanism for that right now, confirmed to me by President Michael Roth himself. (Again, note that there is a way to decrease the amount of money spent: not donating.) This is something I (wearing a different hat) am currently working on fixing with University Relations, with tentative support from both President Roth and Barbara-Jan Wilson.
In response to this and the fact that the number of students on grant-based matriculation aid fell this past year, Benny Docter ‘14, Danny Blinderman ’14, and Josh Krugman ’14 presented a letter to the administration calling for a revision to the financial aid donation policy. This letter, cosigned by WSA leadership, campus group leaders, student fundraisers, Greek-life presidents, and others, makes two simple demands on the administration:
1) Donors should be able to specify that 100% of their gift goes to increase financial aid for the following school year; 2) Donors should be able to specify that 100% of their gift goes into the endowment for financial aid, to be drawn at a rate equal to the annual draw rate of the endowment as a whole, and could be spent only on permanently increasing the number and quality of financial aid packages that the University offers.
The idea is that any donation made in this new manner would result in an increase in financial aid spending proportional to the size of the gift – as opposed to the current system, where all donations received are already planned for in the financial aid budget. The letter does not call for a boycott on donations to financial aid, nor does it ask for a return to need-blind admissions. Rather, it demands that the University allow those who donate to financial aid to increase financial aid spending as a total portion of the University budget in the same way that alumni donations to athletic programs or academic departments do not result in a corresponding decrease in the funding those programs receive from the University.