AID AMOUNTS AWARDED 2004–05 2005–06 2006–07 2007–08 2008–09 2009–10 2010–11 2011–12 2012–13
Skidmore aid awarded Aid recipients, number Aid recipients,%of class Average aid package Tuition and fees
$17.6 mil 1,008 42.2% $17,466 $39,815
$19.9 mil 1,051 42% $18,929 $41,780
$21.4 mil 1,038 40.8% $20,653 $44,250
$24.3 mil 1,057 41%
$23,021 $46,696
“Financial aid did basically everything for me,” says Mon- tilla. Starting college was a huge step for her: “I was so lost when I first came to Skidmore. So alone. Now, I’m a com- pletely different person—I want to say, woman—because I’ve grown up so much. I’m confident and happy. I don’t feel like I’m behind anyone at all.” As for getting virtually all of her college costs covered, the psychology major says, “I felt some initial guilt, because it was a lot of money and no one from home was doing what I was doing. Then I thought about all the work I’d put in to get to this point, and I real- ized that I deserved it. I was so motivated and wanted to prove myself—that was a big deal to me.” This year Skidmore awarded $36 million in grants to 1,150 students, about 44% of the student body. The average grant amount was $31,315—twice what it was in 2003–04. This 10% annual growth rate over the past decade has easily outpaced increases in Skidmore’s comprehensive fee and overall US inflation. But it has also placed increasing stress on College finances, especially as employee health care, technology, and other costs have been claiming more budget dollars at the same time. As a percentage of its operating budget ($135 million this year), Skidmore aid has grown in the past decade from 15% to 22%, a clear reflection of the institution’s unflagging commitment to broad access. Alum- ni, parents, and friends have supported this commitment by contributing more than $60 million for scholarships over the same decade. Yet even with these investments, Skidmore officials have struggled to keep up with the demand. Be- tween 2007 and 2013, the percentage of applicants request- ing aid has risen from 52% to 68%. And while the propor- tion of students receiving aid has expanded by 20% over the past decade-plus, Bates still finds it “incredibly hard any time we can’t admit a compelling student because of limited aid resources.”
What is financial aid really worth? Thanks in part to its determination to find more aid dollars in tough times, Skidmore has seen an important shift in the composition of its student body. American students of color increased from 13% of the student body in 2003 to 22% in 2012, and the international student population leapt from
$26.5 mil 1,088 42.1% $24,322 $49,265
$28.9 mil 1,120 43.3% $25,805 $51,196
$32.1 mil 1,167 43.6% $27,505 $52,170
$32.9 mil 1,127 42.8% $29,240 $53,684
$36.2 mil 1,156 44.2% $31,315 $55,764
1% to 6% (today’s students come from 43 states and 51 countries). These changing demographics are already being cited for helping to enhance the intercultural understanding of all students—a key goal of Skidmore’s current strategic plan. “Recent studies and firsthand experience tell us that diversity increases the intellectual and cultural vitality of our academic community,” asserts President Philip Glotzbach. “Likewise, it links directly with creative thought. Interac- tions among disparate perspectives frequently strike the in- tellectual sparks that herald the emergence of a new idea.” Bates is hardly one for hyperbole, but even she can’t resist touting Skidmore’s progress in opening its doors wider than they’ve ever been. She says, “Considering our relatively small endowment when compared with our peers, our com- mitment to access and diversity is second to none.” Skid- more’s endowment is squarely in the middle in a 17-member peer set (with the likes of Vassar, Colgate, Kenyon, Sarah Lawrence, and Trinity), yet in student diversity it scored fourth in US News & World Report’s 2011–12 “Campus Ethnic Diversity” breakdowns. At the same time, Skidmore’s retention rate (freshmen
returning as sophomores) has been climbing and now stands at 92%, and its six-year graduation rate is 88%, both strong figures. One example Bates points to is the College’s oppor- tunity programs, which enroll and mentor students who come from disadvantaged secondary-school backgrounds but who show the ability and drive to flourish at Skidmore. Serv- ing 170 students (over 5% of the student body), these pro- grams have been hailed as national models not only for widening access but also for fostering high student achieve- ment, from grade-point averages to graduation rates. Another aspect of Skidmore aid that gives students a leg up is its attention to helping families keep their indebted- ness reasonable. Rather than spreading smaller aid amounts among as many applicants as possible, Skidmore provides a complete package to each student it aids. As aid director Post-Lundquist says, “Skidmore’s policy is to meet the full need of everyone it admits; we don’t gap.” Gapping, or offer- ing less aid than a student’s full need, is a growing practice at many colleges and universities. The problem, Post-Lundquist notes, is that gapped students often resort to taking on moreg
SPRING 2013 SCOPE 13
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