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The Economy and SPU: Assurance for Families

President Philip W. EatonI trust you are having a good fall, as good as we are experiencing on our campus at Seattle Pacific. We are off to a great beginning with so many positive things happening, despite the turbulent times in which we are living.

 

As you have heard me say often, the parents and family members of our students are very important to us. You too are part of our community at Seattle Pacific. We are grateful for your trust in us. We are grateful for the privilege of partnering with you in this extraordinary time of growth and development for your son or daughter.

 

How Is the Economy Affecting SPU?
I’ve been feeling that you might like to hear from me about the impact of the volatile economic events that are swirling around the world at this time. How does all of this reach into the finances and the life of our wonderful University? How might all of this impact the experience of our students and their families?

 

I don’t have all of the answers, of course. Uncertainty seems to be the name of the game these days, but perhaps there are a few things I can share that will make a difference. Our commitment always is transparency, and you need to look into our world as much as anyone.

 

SPU Is Healthy
I want to assure you we are monitoring these economic matters daily. We are watching attentively — with a team of exceedingly competent people — as the events unfold.

 

Quite honestly, we are in great shape at Seattle Pacific.

  • We met our enrollment targets in the fall, a hugely important part of our financial well-being.
  • We assisted families more than ever to help them meet the costs.
  • Our goal is to graduate people who can change the world, and our graduation rate this year is in the 75th percentile of comparable institutions.
  • Our commitment to keep SPU affordable through a combination of price and adequate financial aid and competitive scholarships is part of our graduation-rate success.
  • Our endowment, like most others in the country, has dropped in asset value, but that investment is something we look at for the long haul.
  • Our cash flow and liquidity are very strong.

 

All of this comes out of conservative and prudent financial planning over many, many years. We are in good shape.

 

We Are Here to Help
We know that many of our families are anxious about the future. Some of the recent reports in the media suggest that all students will face significantly higher tuition costs and less financial aid will be available in the coming year due to the economic climate.

 

I encourage you not to make these sweeping judgments right now. Rather, know that we are here to help in every way possible, and we will take great care as we look at tuition and financial aid in next year’s budget.

 

In the meantime, should you experience significant change in your financial situation, please contact our Office of Student Financial Services. We are working with families and their needs every day.

 

A Word About Student Loans
Federal student loans are readily available to students; the tightening has occurred in the lending of private loans from banks. Federal legislation passed in the spring has allowed lenders to remain in the federal loan program by:

  • Providing capital to relend to students.
  • Increasing the annual federal loan amount limit.
  • Making the federal Parent PLUS loan more attractive and easier to access through a loosening of the credit check.

 

Our practice is to present to students and families lenders who have scored well on customer service, processing, and borrower benefits. We have sufficient options for both federal and private lenders for our students. By the way, SPU students have an amazingly low 0.6 percent default rate on student loans.

 

We Are Planning for the Future
You need to know that we are continuing to plan with confidence for the future. My encouragement to our board and our campus community is that we will keep working hard toward sharpening our competitive edge for the future with our eyes wide open to the present economic climate. We are just about to complete the next steps in our strategic planning, and we look to the future with confidence.

 

We Are a People of Hope
Let me say how much I continue to believe in the value of what we have to offer here. We are indeed a first-rate university — a premier, national Christian university.

 

What your student is receiving here is of high value: the competence to succeed in life, the skills for a productive life. Our graduates are sought after in the professions, in education, in ministry, and in business. No question about it. But our students are also given the opportunity to shape a meaningful life.

 

We hope to equip them with a vision of hope, a vision that they can make a difference in the world for good. We hope they choose enthusiastically to embrace the Christian story of human flourishing. That makes all the difference.

 

I encourage you to provide us any feedback you may have. We would be pleased to hear your thoughts.

 

Philip W. Eaton
President




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