To Whom it May Concern in the Wesleyan Community:
I write to bring to your attention the recent decision of Davidson College in North Carolina, which announced on Monday, March 19th, 2007 that it would be eliminating student loans from all of its future financial-aid packages. Although there will be a significant financial responsibility for the college, Davidson will help students with financial need pay costs by providing only grants and jobs, starting in August. Davidson is not the first institution to make this type of decision—already Princeton, Columbia, Penn, Stanford, Harvard, Yale have done this as well.
When I was accepted to Wesleyan in the spring of 1993, I was elated! However, I soon had to make a very difficult decision. Although Wesleyan has long prided itself on maintaining a “needs blind” admissions policy, the financial aid award that I received would result in my having to assume significant financial debt in the form of student loans. Other institutions that I was accepted to offered financial aid packages that would have been financially much less stressing. I (with the help of my family) very nearly chose to go elsewhere as I considered the financial burden I would be saddled with. After a great deal of discussion with the financial aid office, I chose Wesleyan. Despite the financial burden that I undertook by attending Wesleyan, I have been extremely glad about that decision ever since. During my time as a student, payments on the loans were suspended and I did my best not to think about their steadily increasing total each semester when I reported to the financial aid office to sign my award letters.
Upon graduation from Wesleyan in 1997, I decided to pursue my dreams of being a teacher. As I looked into potential starting salaries and budgeted out the rest of my expenses, I began to consider alternate career options that would have greater financial rewards. In the end, it was only with continued financial help from my extended family that I was able to make student loan payments for the first few years of my career. A number of times I questioned my decision and wondered whether I could have had a comparable education at another institution without such a long period of financial stress, or whether I should give up teaching in order to relieve the burden on my family.
I urge Wesleyan to take similar actions to Davidson immediately. I know from personal experience that many students will be receiving their acceptance and financial aid award letters in the coming weeks. It would be a terrible shame, and loss, to the Wesleyan community if any potential Wesleyan students chose to go elsewhere for financial reasons. The fact is that Wesleyan is in a secure enough financial position to make this a reality, I cite the recent article trumpeting the $2.5 million raised for scholarships at a single fundraiser with Bill Cosby. I urge all members of the Wesleyan Community to contact the decision makers in the administration and on the board. Please push to follow the lead of other institutions to eliminate all student loans from future financial aid packages.
Sincerely,
Andrew Frishman
Leave a Reply