Two weeks ago, I wrote ASU a big fat check for $6,058. I was not alone in doing this. I joined many other non-resident, non-scholarship students in cutting a check that was $500 larger than any semester check I have had to write in the past.
But I was relieved to know that a large portion of the collected tuition increase would go toward financial aid to help those who wouldn't normally be able to afford attending ASU.
So imagine my surprise when I opened Wednesday's The State Press to the front-page headline: "Low funds leave scholarships in limbo," accompanied by a nice big picture of students waiting to receive their scholarship money at Student Services. Strange news to get when I recalled the way the tuition increase was touted last year under the auspices of helping more students afford ASU. In February, The State Press reported that Executive Vice President and Provost Milton Glick planned to use the "new, fresh money" to help increase the amount of financial aid available to students and fund scholarships.
Now, the fresh money hasn't just gone stale - in refrigerator-speak, it has totally expired. Our increased tuition went to ASU, which gave 14 percent of it to the ASU Foundation, which handles the endowments that pay for our scholarships. That is an increase from the 8 percent of tuition money endowed in previous years. In spite of this bigger helping of tuition, the value of the endowments that are run by the ASU Foundation went with stock market.
But at a school crawling with future financial consultants and investment bankers, this devaluing of tuition funds seems inexcusable. While the Foundation has no control over the stock market, it does have control over its investment management.
And yet it did not anticipate value changes in the endowment in time to pay out the promised scholarships. A good business policy for the Foundation would be to establish how much money it has before the fall semester starts, taking care of the problem with foresight and preparation.
This problem is compounded by the fact that we are now a week into school and expenses for many students are adding up. Scholarship and financial aid money pays for more than just tuition: It pays for books, food and rent. And now many students can't pay any of their bills due to poor planning by the ASU Foundation.
Tuition payments can be deferred and taken care of at a later time, but things like rent simply cannot wait until the Foundation frees up the funds it owes the students.
Leaving ASU students without their scholarship and financial aid money a week into school is irresponsible and dangerous. This money is precious to a great number of students, and abruptly delaying the payment of it is hurting those who the University is supposed to support.
The Foundation needs to dip into their coffers and pay out the money promised to students this year with financial aid, as well as take substantial steps to properly and openly account for its finances. ASU Foundation shouldn't let students' "fresh money" go bad again.
Grant Klinzman is a journalism junior. Reach him at grant_klinzman@hotmail.com.
