The day I received my acceptance letter to Penn, my dad shook my hand, clapped me on the back and offered me $80,000 to turn it down. He reminded me that I already had a free ride waiting at the University of Georgia, and that, even with ample financial aid, four years at Penn would still cost the better part of 100 grand. It was a blunt reality check, and one that has only grown more relevant as stocks continue to plummet and jobs disappear.
Given the darkening gloom of international recession, has Penn done enough to justify its staggering base cost of roughly $50,000 a year? Luckily for Penn students, particularly those who rely on the lifeline of financial aid, the answer continues to be yes.
Doubtless most of us remember the end of last September, when the market crashed and Congress dropped a cool $700 billion to keep the banks afloat. A few weeks later, President Amy Gutmann issued an unsettling notification that was quick to remind undergraduates of the University's focus on affordability, but conceded that, "volatility in the markets is likely to continue for some time." The most telling reminder - that "we at Penn know how to do more with less" - did little to allay the concerns of financially aid students. Although Gutmann's December follow-up spoke of a "resolute" commitment to need-based financial aid, it remained purposefully vague.
This uncertainty was put to rest with President Gutmann's third letter at the end of last month. She announced a total-cost increase of 3.8 percent for next school year; a figure even below that of the rate of inflation for calendar year 2008, and our lowest tuition hike in 41 years. Furthermore, she wrote that need-based financial aid funding will rise by 15 percent, and that Penn's recent efforts to eliminate cost for low- and moderate-income families and replace all loans with strings-free grants will continue undeterred.
As a columnist, I try to approach University policy with a careful eye toward criticism and improvement. That said, it's difficult to find fault in Penn's current actions. Our University has approached the issue of need-based accessibility in close sync with its much more heavily endowed peers. Harvard recently announced a 3.5-percent tuition increase, with an 18-percent boost in total financial-aid allocation. Meanwhile, Princeton's tuition and financial aid increases came out to 2.9 percent and 13 percent, respectively. It's impressive that Penn has managed to avoid any larger cost increases despite relying on tuition for a much larger portion of its operating budget. Our university has tackled the worsening economic storm with a keen emphasis on efficiency; belts have tightened, but the net impact on vital undergraduate services has thankfully remained minimal.
If there is criticism to be found in Penn's financial decision-making, it's likely the fact that our university has increased tuition at all. Inside Higher Ed recently published a piece examining the tuition strategies private universities are following in the face of the financial crisis, alluding to Penn's 41-year tuition low. Don Heller, a professor at Penn State, responded, "Let's be careful to distinguish between percentage versus dollar increases. Penn congratulated itself when it announced 'The lowest tuition [increase] in 41 years'. but this still represents a total increase of $1,654 [actually $1,838]. [This sum comprises] 19 percent of the average public-tuition price charged across the nation this year."
Heller's point is valid, but contrasting Penn's tuition and budgetary concerns with those of the state university compares apples to oranges. As a student body, most of us rejected alternative - and cheaper - college options in favor of Penn's leafy Walk, world-class education, and army of Ben Franklin statues. According to College sophomore and Undergraduate Assembly member Alec Webley, "A good college education is incredibly important, and cost shouldn't be the sole determinant. There's only one thing we should ask ourselves, and that's if our money is money well spent."
I suspect that for the vast majority of us, that's not a hard question to answer. For a private university embroiled in worldwide recession, Penn has taken incredible pains to do well by its students. And, judging by the recent tone set by University administration, this is unlikely to change anytime soon.
Emerson Brooking is a College sophomore from Turnerville, Ga. Southern Comfort appears on alternating Wednesdays. His email address is brooking@dailypennsylvanian.com.
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