Although University President Lee Bollinger’s fireside chat on Thursday night included neither a fire nor much chat, approximately 50 students had the opportunity to share their concerns about the effects of the economic crisis on the cost of tuition, the stability of the University’s financial aid program, and job prospects after graduation.
Bollinger, who remained standing for the entirety of the approximately one-hour “chat,” spoke frankly about Columbia’s ailing finances—the effects of which “may become visible” to students. However, Bollinger managed to keep the discussion—which was conducted in a mainly question-and-answer format—relatively light by making jokes, discussing his personal life in detail, and premiering his new puppy after the chat was over.
Bollinger set the evening’s tone by identifying what he perceives as mixed feelings about the economic crisis, both at Columbia and throughout the world. While Bollinger conceded that “the crisis is affecting us in all kinds of ways,” he noted that there is now a “new wonderful administration [under President Barack Obama] making people all around the world feel hopeful.” Similarly, although students are undoubtedly feeling the effects of the economy and the sparse job market, Bollinger pointed to a silver lining: Students are now looking at career options that they may not otherwise have considered, in such underappreciated fields as public service.
But the prospect of a silver lining seemed distant to students, who raised concerns about their ability to pay for Columbia in future years. One student asked if, like Jewish Theological Seminary, the University would implement a tuition freeze to eliminate the possibility that students would have to help compensate for the University’s declining endowment. Bollinger said that it was unlikely that such an assurance could be made.
“We don’t know yet,” Bollinger said. “I’m doubtful we will [implement a tuition freeze] ... Cost is going up and we need to share that with students.”
Other questions about University finances were posed, though not necessarily in the context of the current economy. One student asked why Columbia students who study abroad are required to pay the same amount of tuition even though overseas universities are far less expensive than Columbia. Bollinger laughed that the University “becomes dependent on your money and we don’t want to give it up” when students leave for the semester. Bollinger qualified this statement by saying that the financial system is built around students paying “the full freight” for tuition and that any reduced costs for students who go abroad would thus have to be redistributed to the students who don’t go abroad.
To allay the concerns of students who worry that receiving a Columbia education may require too much of a strain on their finances, Bollinger advised students to simply make a “leap of faith,” saying that the “investment in education is the best you’ll ever make.”
Looking to the future, Bollinger said that Columbia “is a great institution,” but that “it could be better. It should be better.” Specifically, Bollinger highlighted that space constraints limit the University’s growth. He specifically mentioned the School of International and Public Affairs’ need for extra space, which he said would be remedied by the Manhattanville expansion.
As the hour came to a close, Bollinger announced that he had to leave because he and his wife were going out and he needed to feed his new golden Labrador puppies, Arthur and Lucy. Bollinger delighted his guests when he brought Arthur down to greet them, and anxieties seemed to dissipate.
“It’s going to be a tough year” for Columbia, Bollinger said, but “we’ll be fine.”
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