<p>Swarthmore’s revenue/expense budget adjustments are detailed in the 26 page three year budget plan approved by the Swarthmore Board of Managers a week ago Saturday, in conjunction with the cuts made for the current fiscal year and announced last winter. This document covers all areas of the College’s operations, including a section on financial aid.</p>
<p>Need-blind, full-need, and loan-free financial aid policies continue. The only cut to financial aid is a budgeted $457,000 reduction in the anticipated $25 million financial aid budget. As a point of reference, the cost of going loan-free last year for the extra 60% of finanicial aid students (up to $200,000 annual income) who weren’t already loan-free was $1.7 million.</p>
<p>The Board decided that the $457,000 savings would be achieved by increasing the expected summer earnings of financial-aid students by about $600 a year per aided studetnt on average. For comparison purpusoses, Amherst’s new budget calls for $1.5 million in additional summer earnings or about $1650 per aided student.</p>
<p>There is no need to speculate on these issues. Swarthmore College and many of its peers have been transparent in making budget documents available publicly. Swarthmore’s June 30, 2009 year end audited financial report and the comprehensive budget document approved by the Board are available for any alumni interested learning the facts:</p>
<p>Financial Reports:
[Swarthmore</a> College :: Finance and Investment Offices :: Financial Reports](<a href=“http://www.swarthmore.edu/x21991.xml]Swarthmore”>Financial Reports :: Finance and Investment Office :: Swarthmore College)</p>
<p>Budget Plan (PDF):
<a href=“http://www.swarthmore.edu/Documents/administration/finance_investment_office/approved_budget_adjustment_Dec09.pdf[/url]”>http://www.swarthmore.edu/Documents/administration/finance_investment_office/approved_budget_adjustment_Dec09.pdf</a></p>