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Weathering the Challenges of the "Great Recession:" Band Together to Support Student Aid
Updated: Thursday, October 08, 2009
cIcu president urges protection of higher education investments
Three billion dollars. That’s the current gap that New York’s governor is now predicting for this year’s state budget. The four-year shortfall totals $38 billion. Even as the national economy takes modest steps toward recovery, we face unique challenges here in the Empire State. Historically, New York state enters recessionary periods later than the nation as a whole, and our economic recovery tends to begin later, and last longer.
By working and acting together, the Independent Sector of higher education has weathered storms before. We need to do so again—now.
New York state is charting its course amid the rocky shoals of what is coming to be called the “Great Recession.” Already the state’s Division of the Budget is working to craft the fiscal plan for SFY 2010-11—while it addresses budget gaps in the current year.
As New York state leaders consider proposals to close a historic budget deficit, your support for our state’s diverse collection of colleges and universities—and especially students—can make a difference. I invite you to visit the New York Student Aid Alliance (www.nystudentaidalliance.org) today to learn more, stay informed, and to reach out to your elected officials.
Each year, more than 300,000 New Yorkers count on state financial aid programs, such as the Tuition Assistance Program (TAP) and opportunity programs, to meet their college expenses. We must ensure that all who have the desire and preparation to attend college have the means to do so. We need to bolster the state’s commitment to student aid through grants, scholarships and low-cost loans. When all who care about college opportunity and access speak with a unified voice, we can protect investments in higher education.
The federal government has recognized the “stimulus” power of higher education and has increased funding in critical areas of student access and university-based research, including Pell Grants, the College Opportunity Tax Credit, improved benefits for veterans, and the budgets of research agencies such as the National Institutes of Health and the National Science Foundation. The state, too, must direct funding to critical-need areas to help recovery and to promote growth.
Higher education is one of New York state’s great strengths and now, more than ever, it should play a significant and central role in shaping our future. Our colleges and universities are home to the thinkers, researchers, educators and innovators who will play a vital role in defining new technologies, in finding solutions to our energy dependency, and in training the new workforce needed for our state to be competitive in the future.
We know that a multitude of benefits flow from New York’s institutions of higher education into nearly every aspect of life in our state—from improved health care and national security to technology innovations and greater civic engagement. College graduates volunteer more, vote more often, and participate more in their communities. A college education is also the most effective way of transcending distinctions—of race, ancestry, or wealth—that can fragment our society.
A recent report by the Organisation for Economic Co-Operation and Development or OECD provides evidence that governments yield significant financial returns on funds allocated for higher education. In an interview with The Chronicle of Higher Education, the head of the OECD unit that prepared the report said, “In virtually every country, the public benefits of higher education outweigh the costs.” Strictly from an economic point of view, the person who earns a college degree is on track to earn more, which in turn, yields greater resources for government to allocate to a state’s and nation’s priorities. When factoring in the social benefits of a college education, the investments in higher education that we as a state and nation make yield a real “talent dividend” that benefits us all.
The governor’s and the Legislature’s past support for programs that assist students at private, not-for-profit and public colleges and universities has made college possible for thousands of students. However, they need to know that these programs matter to you, their constituents. College and university communities have a critical role. I invite students, faculty, administrators and staff, as well as alumni, parents, and interested citizens to band together under the umbrella of the New York Student Aid Alliance. Register with the Alliance now, and we will keep you informed of key budget developments. We will need your continued contact with policy leaders and your ongoing support in the months ahead!

