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The University, the Economy, and You

Sent to University students

October 29, 2008

The global financial turmoil in recent weeks has raised many questions about the University of Minnesota's financial health and the impact on faculty, staff, students, and their families. I know that many of you and your families are feeling the effects of the current economic challenges. The University understands that in times like these the cost of a student’s education can represent an even greater burden on a family’s budget; at the same time, it becomes an even more important family investment.

I want to assure you that the University is committed to working with students to control the cost of education and ensure their academic success as they prepare for the next phase of their lives. We do this in three primary ways:

• The U provides financial counseling services and support. If your financial circumstances have changed significantly or you are having difficulty paying your bills, don’t wait to contact the One Stop office.


• The U provides incentives and support to encourage timely graduation. One of the best ways for you to control your total cost of education is to graduate in four years. For most courses of study, that means students should take at least 15 credits each semester and work with an academic adviser to ensure that the credits apply toward graduation. Our 13-credit tuition band means that credits taken above 13 are free to students.


• The U has made student support and cost reduction its two top priorities. We’ve seen tremendous success in recent years in raising private funds for scholarships and finding creative ways to streamline our organization, reform policies and practices, and improve services while saving millions of dollars. That work continues with renewed vigor today.

We have a responsibility to the state, its citizens, our students, and their families to preserve the quality and competitiveness of the University and protect its ability to deliver on its public mission. I have charged U leaders with examining the real and potential financial impacts of the economic crisis on all aspects of our operations, as well as implementing University-wide strategies to substantially reduce costs. This will require all of us to be principled and deliberate in our decision-making and to carefully manage our budgets.

In addition, acknowledging that the state may face significant budget challenges next session, I believe the University must present an honest and responsible biennial budget request that demonstrates our most pressing needs. Our request focuses on three essential areas of investment: an increase to the compensation pool to help faculty and staff deal with rising costs at home, middle-income scholarship support to help reduce the cost of a U education for students and their families, and enhancement of our research capacity to meet the demand for University resources, equipment, and support by researchers, business and industry, and other higher education institutions statewide.

Make no mistake: local and global economic challenges will impact the U—but the University community is responding decisively to protect our students, faculty, and staff; ensure our future financial strength; and encourage investment in the U. It is crucial that we work to meet our own challenges, that we improve financial management and accountability at the U, and that we garner strong support to maintain the level of excellence you expect from your University.

Sincerely,

Robert H. Bruininks