Paying tuition is becoming increasingly difficult considering present economic conditions, but Gonzaga is ready to help future students, who they believe will have even more trouble.
Gonzaga is preparing to launch a 2012 endowment campaign that will help increase the amount of financial aid incoming freshmen receive.
Director of Public Relations Dale Goodwin said the University predicts a decrease in the average household income for the families of Gonzaga students. The University will be there to help them with financing their education.
"We're raising endowment funds to help make college education affordable for a population of future Gonzaga students who may not otherwise be able to attend," he said.
The University's current endowment is $150 million but Goodwin says it hopes to raise an additional $250 million to $300 million.
"None of this money will come out of the operational budget," which is primarily funded by student tuition, "but private funds will be raised."
Gonzaga solicits friends of the University as well as alumni and outside organizations for funding.
In the annual President's Report, Gonzaga President Fr. Spitzer, S.J. says that money cannot be raised by increasing tuition, "as that would tax the very students we are trying to help."
Fr. Spitzer says that a reason for the escalation in need is caused by a decline in the number of college-age students and a decrease in the affluence of students eligible to attend a college or university.
Presently, 94 percent of Gonzaga students receive financial aid in one form or another and Spitzer says that that percentage will increase, "and more importantly, the amount of support per student will significantly increase."
The increase in financial aid will be distributed in the form of need-and merit-based scholarships. In addition, academic programs, centers, professorships, faculty support and undergraduate research will experience an increase in funding through the campaign.
The mission, student life and technology will also be affected, according to the President's Report.
Endowment funds are invested by a group of professionals monitored by the Board of Trustees. A percentage of the interest earned by those investments goes to help students.
"There's a misconception," said Darlene Hendrickson, director of financial aid. "We only get what is earned."
Hendrickson said this is because the donors don't want their money to be a one-time gift.
"They want their money to keep giving," she said.
Hendrickson also said that the amount of financial aid given to students has increased in the last 10 years, and at least 10 percent of tuition revenue is being given back to students in the form of aid.
She said the endowment is extremely important because "the less reliant on tuition we are, the more we can provide for our students."
Another important reason for increasing the University's endowment is competition. As other institutions increase their amount of aid offered, Gonzaga has to keep up to retain and attract students.
"We're all competing for the same bright students," Hendrickson said.
Because of this Fr. Spitzer says that if Gonzaga doesn't keep up with what other schools are offering, "we will see a precipitous decrease in our entering GPA and SAT/ACT scores."
"This will affect the quality of our academic experience and the perceived value of our education, with highly undesirable results."
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