Alumni

Spring 2009 Newsletter

St. John’s and the Economy

At St. John’s, the recession means devoting more resources to financial aid and cutting costs across the board to protect the program of instruction.

Ensuring quality in the classroom and continuing a strong commitment to financial aid are the college’s first priorities during this recession. “We have the resources to support financial aid, and we plan no reductions that would affect instruction,” says Christopher Nelson (SF70), president of the Annapolis campus.

Guiding all of the college’s decisions right now, says Santa Fe President Michael Peters, is a commitment to providing the same quality student experience, with no sacrifices to instruction. In lean times in the past, both campuses have turned to one-tutor seminars and slightly larger class sizes in tutorials; this measure would be one of the last the college would turn to if the economic crisis worsens. “We know where we need to direct our attention and place our resources,” Mr. Peters says.

The college’s governing board in January approved a 2.9 percent increase in tuition, the lowest increase in 30 years, and cost-cutting measures have been taken on both campuses. Retention is high, and the admissions picture looks good for the fall. Endowment losses, while significant, have not been as serious as those of many other colleges and universities. As of Feb. 1, the college endowment was down about 19 percent.

St. John’s has not had to consider furloughs or staff reductions, as other colleges and universities have. However, the college is evaluating all open positions, slowing down hiring when possible, and trimming budgets in all departments.

The college continues to receive gifts and grants for endowment and operations, although it is clear that philanthropic support will not be as strong as it was in the past few years.

While the recession may have a more serious effect on the college in the coming years, St. John’s is better positioned now because of its successful capital campaign. The college raised $134 million in the campaign that ended June 30, 2008. “As a result of the campaign, we have a strong base of support,” says Mr. Peters. “Many people feel the college is important, and they are contributing.”