Minority students concerned by fin. aid funding

When Engineering senior Kimberly Kirby was deciding which university to attend, she picked Penn over eight other schools because of its strong Bioengineering Department. And while Kirby, who is African-American, was sure Penn would be the best academic option for her, she said she had doubts about attending the University because its financial aid package was less attractive than those offered by other schools. "[Penn's] was the worst [offer] out of eight schools, including Harvard," Kirby noted. Kirby is one of many minority students who say that Penn's financial aid offers are not matching up to students' needs. Student Financial Aid Director William Schilling explained that while there are students with financial needs among all racial groups on campus, "the percentage of minorities who have need is higher." He said there are approximately 750 African-American and Latino students, combined, on financial aid at Penn. "Other schools have initiatives that make it easier," said United Minorities Council Chairperson Chaz Howard, who said Penn's financial aid packages have "turned [minorities] away from [Penn]." "If you want me to come, I need more than $10," the College junior added. But Howard said he was confident that the University administration is actively fundraising to better its financial aid packages for all students -- a move that is likely to increase the minority population on campus. Admissions Dean Lee Stetson said increased funding for financial aid and greater minority recruitment go "hand in hand." Currently, African-Americans and Latinos make up just 5.9 percent and 4.8 percent of Penn's freshman class, respectively. Those figures are lower than the minority groups' representation throughout the nation, which rank in at 12.7 percent and 11.4 percent, respectively, according to U.S. Census Bureau data. College junior Leslie Heredia, who is Latina and of the first generation in her family to attend college, said that better financial offers may attract minority students who otherwise would not consider schools like Penn. "My parents wanted me to go to community college up until the bitter end," she said. Schilling attributed Penn's small packages to its low endowment. He said only 5 percent to 6 percent of the approximately $52 million spent on financial aid comes out of the University's $2.7 billion endowment. The rest, Schilling said, is taken from the University's annual operating budget. Since Penn's endowment is the lowest on a per student basis in the Ivy League, the University cannot offer financial aid packages comparable to those offered by its peer institutions. "Penn's endowment for undergraduate financial aid is meager in comparison to fellow institutions," Associate Vice President for Finance Frank Claus said. At Princeton University, in comparison, 95 percent of money spent on financial aid is taken from the school's $4.8 billion endowment. Since Princeton spends very few of its own budget dollars on financial aid, it can use the majority of its budget to focus on quality of life at the school. And after overhauling their financial aid program a year ago, Princeton students with an annual income of less than $40,000 now receive entirely grant-based aid. Schilling said the University has been aggressively fundraising for nearly a year to increase its endowment. The goal, he added, is to triple the endowment over the next five years, which would push the endowment's contribution to financial aid up to 15 percent. "We're making a major effort to increase the endowment," Schilling said. "And we've had some good success with pledges [within the past year]."