At Key Time of Year, College Affirms Commitment to Financial Aid, Academic Resources



The month of June marks a turning point in the life of Holy Cross. Almost immediately after seniors commence from Fitton Field, the campus begins transforming itself to welcome first-year students.

June also marks the end of the College’s fiscal year. So, along with preparing for the arrival of more than 700 new students, Holy Cross is continuing to examine — and proactively manage — the current economic situation and its affect on students, faculty and overall operations.

Holy Cross, like most colleges and universities, is navigating a sea of financial challenges: a significant drop in endowment value; the increasing financial need of students and their families; and the repercussions when benefactors feel the pinch in their own lives and portfolios.

Yet what, specifically, do today’s economic realities mean on Mount St. James?

It’s a big question and the next issue of Holy Cross Magazine will tackle it. A special report, “How the Economic Crisis Affects Holy Cross (and You),” will be available in print and online at the beginning of July.

In the meantime, here are several facts worth knowing — and considering:

• Holy Cross remains committed to admitting the most qualified students without regard to their ability to pay.

• Applications for the incoming Class of 2013 were very strong. There was a slight drop in the number of applications, but the yield percentage of students accepting admission was on par with previous years.

• More than 60 percent of Holy Cross students receive some form of financial aid.

• Despite a major hit to the endowment, Holy Cross has maintained its commitment to providing financial aid and has increased funds for this purpose.

• The College has had to make some immediate budget cuts and put several projects on hold, but thus far has avoided any cuts that would affect the academic experience.

• Over the past few years, Holy Cross has succeeded in lowering the student-faculty ratio to 10:1; smaller classes benefit students and professors alike.

• Tuition and fees provide about 66 percent of revenue; endowment earnings last year accounted for another 14 percent.

• Support of the Holy Cross Fund (which closes on June 30) therefore takes on greater significance, both now and for the coming years. Gifts are put to work immediately, and can be targeted specifically to underwrite financial aid and faculty resources.

You’ll read much more on the economic picture in the next issue of Holy Cross Magazine, including an exclusive interview with U.S. Rep. Timothy Bishop ’72, a vigorous supporter of federal funding for higher education … comments and advice from Holy Cross’ faculty experts … and resources available for alumni who may be feeling the impact of the global recession.

Related Information:

• Holy Cross Fund • Make a Gift • From the Office of the President: Economic Conditions and Holy Cross