That's the bad news. Things could be a lot worse. Times are tough for small liberal arts colleges. Fewer people than ever think they want a liberal arts degree. Many of those who do can't afford one.
Costs continue to soar and government support has dwindled to a trickle.
Despite a very challenging market, Hobart and William Smith have maintained financial stability and, for a time, even progressed. Now the margin is very tight, and long-term trends need to be addressed. One is the amount of financial aid the Colleges award in order to enroll more highly selective classes. Thirty percent of the Colleges' budget is poured into assisting students. That money offsets tuition income, but it can't go on.