University News

Creighton Responds to Economic Climate

Like most industries, higher education has been affected by the national economic downturn. Creighton University, while not immune to these stresses, has taken proactive steps to address today’s economic realities.

Creighton University’s approach has been multifaceted. While several aspects of the 2009-2010 budget are still being finalized, of primary concern for the University is keeping a Creighton education affordable for students and their families. In recent years, Creighton University has experienced historic enrollments, and freshman retention recently hit an all-time high. Preliminary indicators for the 2009 freshman class remain positive.

The University has taken deliberate steps to continue those trends. Creighton’s undergraduate tuition rate will increase by a modest 3.5 percent next year — the lowest increase in 46 years. Recognizing that any increase will represent a challenge to some students and their families, Creighton is adding $2.4 million to its financial aid pool. In addition, members of the President’s Cabinet have agreed to an average 4 percent contribution from their 2009-2010 salaries to create a financial assistance fund for returning students needing additional aid or resources.

“These steps are needed to assist students and their families so they can continue to afford a quality Creighton education during these challenging economic times,” said Creighton President the Rev. John P. Schlegel, S.J.

Other cost-saving measures have included hiring restrictions, a voluntary separation program, financial enhancement plans from each division, a restriction on capital projects, and no increase in nonsalary expenses for next year.

The significant effect of market declines on university endowments has been widely reported in the media. The value of collegiate endowments nationally has declined anywhere from 25 percent to 35 percent for the last half of 2008 alone.

During his convocation address to the University community, Fr. Schlegel said he is confident that the University will achieve its budget objectives. He then asked all faculty, staff and administrators to remain vigilant.

“Everyone has some part to play in our success, whether that is welcoming prospective students and their families, preparing the campus for visits or even turning off light switches and watching our spending,” Fr. Schlegel said.