The priority for Hobart and William Smith admissions, regardless of changes in the fiscal landscape, is and always will be enrolling high ability students. That has always been true, but what has changed is that being a great college isn't enough. Affordability is as important, sometimes more important. So we need substantial resources to help meet their need. If we falter, even for a moment, it will have huge ramifications on the quality of classes we enroll and our subsequent ability to compete.
Financial aid is an investment in the long-term health of the institution.
So, regrettably, the vast majority of money used to meet student need at the Colleges comes directly from tuition revenues. In other words, for every tuition dollar the Colleges receive, they pay out more than 40 cents in aid. We're committed and get the job done, but it places tremendous stress on the system. Kraus sees fund raising, particularly toward permanent endowment, as a way to reduce the College's dependence on tuition-funded aid. While The Campaign for Hobart and William Smith Colleges has increased the Colleges' overall endowment almost twofold, Kraus worries that some donors don't see the link between scholarships and the long-term health of the Colleges.