In addition to its cost-cutting moves to manage the economic downturn, Franklin & Marshall College also has added a reserve fund to help students stay in school if their families suffer sudden and serious financial hardship.
F&M already has an appeals budget for students who need emergency financial aid, but this provides additional money on top of that, said Sara Shapiro Harberson, vice president for enrollment management and dean of admission.
The reserve fund was started in case the number of students seeking extra financial aid increases, she said. That hasn't happened yet, Harberson said, but the college is ready if it does.
Tuition and fees to attend F&M for the 2008-09 academic year are $38,630. Room and board costs are another $9,870.
It was announced several weeks ago that the college plans to reduce operating expenses this fiscal year by $1.3 million. Some of the ways that's being done include lowering the temperature by 2 degrees in most buildings during the fall and winter months; reducing it to 50 degrees in unused academic buildings; limiting the amount and variety of food offered at events; and transforming the college's computer store into a procurement and repair center.
On the revenue side, Franklin & Marshall also hopes to raise up to $300,000 more through charges for the use of its facilities and by expanding its summer programs.
In an e-mail sent last week to F&M parents and alumni, college President John A. Fry wrote:
"As a result of these measures, and actions taken last year, we will be able to set aside a fund specifically to meet the increased demonstrated financial need of students whose families have been severely affected by the economy.
"This fund will provide a bridge of support to the 2009-2010 academic year for families who suddenly find themselves in immediate need of financial assistance to keep their students enrolled at the college. This fund will bring peace of mind to Franklin & Marshall families, while ensuring the stability of our student body during a time of economic uncertainty."
Both those who receive financial aid and those who don't can apply for the money, Harberson said, although students not getting aid must supply more documentation.
"We don't ever want a change in financial circumstances to affect their ability to finish their education," she said.
Paula Wolf is a staff writer for the Sunday News. She can be reached by e-mail at pwolf@lnpnews.com.
