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The following "Q & A" has been prepared to help increase awareness and understanding of the changes in admissions and financial aid policy being recommended by the Admissions and Financial Aid Task Force. These questions have come up often during forums and meetings with students, faculty, and staff. We hope this information is helpful to ongoing discussions.--Mary Jo Maydew, treasurer; Kim Condon, director of financial aid; Anita Smith, director of admissions; Mike Robinson, senior advisor to the president for enrollment analysis
Q: In a nutshell, what changes are being recommended by the task force ?
A: The task force recommends that the College continue a substantial financial aid program. But it also recommends that the College control the financial aid budget so that it doesn't spend more on financial aid than is consistent with having the resources to sustain academic excellence. To achieve this goal, the task force suggests that the College become "need-sensitive" for a small part of its applicant pool. While 90 to 95 percent of all admissions decisions would be based solely upon traditional criteria (high school record, writing ability, standardized tests, recommen- dations, and extracurricular and cocurricular achievement), the final 5 to 10 percent of all decisions would also include financial need among the other considerations.
The task force recommends that the College continue to fund fully all students' demonstrated financial need, though it has suggested additional review of ways to vary the composition of an individual's aid package (grant, loan, and work study).
Q: How do these recommendations compare with what has traditionally been done at Mount Holyoke?
A: Only since 1983 has Mount Holyoke been need-blind and awarded full funding of demonstrated need. Prior to 1983, the College was need-blind, but awarded financial aid to only some applicants on a competitive basis. For many aid applicants, this meant that even though they were admitted to Mount Holyoke they could not attend due to financial reasons. The task force recommends that we continue to meet the demonstrated need of every admitted student, so that all admitted students would be able to attend Mount Holyoke.
Q: Why are these changes being considered?
A: To protect Mount Holyoke's standing as one of the leading liberal arts colleges in the country. Over the past ten years, annual financial aid costs have grown from $6.5 million to $21.4 million (an annual compounded growth of over 12.5 percent, twice the rate of tuition increases). This pattern of growth threatens the long-term quality of the College's educational program, which must not be compromised. As part of the strategic planning process, the EPC (Educational Priorities Committee) assigned a task force to review what changes might be made in admissions and financial aid policies that would address this problem head-on.
Q: Is the College taking other steps?
A: Yes, several. To bring the College back into a sustainable financial situation, we must work on several fronts: continued cost reduction, fundraising, aggressive admissions and marketing efforts, and a well-diversified investment portfolio. However, these other steps cannot offset the continuation of the growth we are experiencing in financial aid costs-- without dramatically changing the quality and character of the overall educational program.
Q: Couldn't the endowment be used to solve this problem?
A: Currently, funds from the endowment account for 22 percent of our annual operating budget. Increasing spending would erode the enduring value of the endowment which, in turn, would threaten the College's long-term future. Mary Lyon demonstrated extraordinary vision in her conviction that an institution requires a strong endowment to ensure its long-term future. It is our responsibility to use these funds at a level that enhances our educational programs as well as enables the endowment to maintain its purchasing power over time. The financial plan that has been drafted calls for annual endowment spending to decrease from over 6 percent to 5 percent.
Q: Would the proposed changes affect the financial aid packages of current MHC students?
A: No, all current students will continue to receive financial aid awards at the level of their demonstrated need.
Q: Would international students be affected?
A: No. International students are currently admitted on a need-sensitive basis.
Q: Would Frances Perkins Scholars be affected?
A: No. FPs are currently admitted on a need-sensitive basis.
Q: Would the number of ALANA students decrease?
A: No. Mount Holyoke believes that racial and cultural diversity is of great value to the College as a learning community. One of the College's enrollment goals is to increase ALANA student representation from the current 17 percent to between 25 and 30 percent of the student body by 2003.
Q: The proposal calls for 5 to 10 percent of admissions decisions to be made using financial need among the other criteria. Why did the task force choose that range? Would it escalate over time?
A: The task force's goal was to assure the continued academic excellence of Mount Holyoke by slowing the rate of growth in financial aid expenditures without compromising the excellence or diversity of our student body. The committee concluded that the goal was attainable by changes that would affect no more than 5 percent to 10 percent of the applicants admitted to the College. Making reasonable assumptions about the next five or six years, the committee is confident that there is little likelihood of a need to increase the percentage of applicants affected as time goes on.
Q. But, why a range? Why not a fixed percentage?
A. The composition of each year's applicant pool varies. The range allows the admissions office the flexibility it needs to make selection choices.
Q: Wouldn't these changes alter how the College is perceived by prospective students and have an adverse effect on admissions?
A: Because many of our competitors employ similar strategies, the task force believes these changes in policy would have no discernible negative impact on applications or the external perception of Mount Holyoke. Research has shown that prospective students and their families are most concerned with the quality of the educational program and their specific financial aid package.
Q: Would this mean that the admissions office would stop recruiting in areas where the population is poor?
A: No. One of the principal goals of the admissions effort is to attract an applicant pool that is broadly diverse. To accomplish this, the Admissions Office will continue to recruit in areas across the entire socioeconomic spectrum.
Q: Has the College decided to adopt the task force's proposed changes?
A: No. They are in the discussion stage. Opinions and suggestions are now being gathered in special forums (the next ones will be December 10 from 4 to 6 pm and December 12 from 7 to 9 pm, both in Blanchard Campus Center); via correspondence and email (planning@mtholyoke.edu); and in various student, faculty, and staff committee meetings. The proposal has garnered endorsement by the faculty Planning and Budget and Admissions and Financial Aid Committees. However, the final decision will come only after careful consideration by the EPC and President Creighton.