More than a third of the students in the University received a total of nearly $6 million in financial aid last year, President Pusey stated yesterday.
In his annual report to the Board of Overseers, Pusey pointed out that this sum--"inadequate...as it necessarily is"--equals more than half of the $11,595,-688 received from tuition charges.
This financial aid includes not only University scholarships and loans but also funds from outside corporations, foundations, and government agencies. It does not include money earned by students in jobs outside the University; though such sums are "clearly considerable," Pusey said, no figures are available.
In its effort to increase faculty salaries, the University has greatly increased tuition charges in the past several years, the President commented. But, he added, "she has been even more assiduous in her efforts to increase her capacity to help needy students to meet the heavy financial burdens placed upon them."
1200 Per Cent Increase
Over the past 25 years, Pusey reported, the University's total income from tuition charges has risen 350 per cent. But in the same period there has been an increase of 1200 per cent in the amount of financial aid available to students.
Last year 1271 undergraduates or 26 per cent of the College, received $1,136,140 in gift aids, and many of these were among the 586 who received an additional $233,882 in loans, according to the report.
But President Pusey asserted that in order to avoid keeping college teaching "a depressed profession" any longer, higher education will have to seek increased help "from all the sources of support which have thus far been developed," including endowments, students and their families, alumni, business, foundations, and government.