For College Admissions, It Pays to Have Money Need to Give out More Finan- by Jennifer Migliore ‘10 Cial Aid

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For College Admissions, It Pays to Have Money Need to Give out More Finan- by Jennifer Migliore ‘10 Cial Aid A Public Forum for News, Opinion, and Creative Thought of The Governor’s Academy MARCH 5, 2009 VOLUME 50, ISSUE 8 As Green Season Ends, g3 Looks Forward IN THIS ISSUE: February, by percentage from by Aboubacar Okeke - Diagne ‘11 EDITORIALS its baseline. Baselines are gen- Unload The Tea! 2 The Governor’s Academy’s erally based on electrical A New Sensitivity 2 second year in the Green Cup usage from the last several Challenge has come to a close. years in the same time period OPINION The Academy achieved as the 2009 Challenge. Last Gay Marriage 2 approximately an 8.83 percent year, the Green Schools drop in electricity consump- Alliance, a large organization FEATURES tion during the four weeks of committed to helping educate Soup’s On Sucess 3 the Challenge. The Academy’s students about climate change Fashion Forum: Oscars 5 best showing came in the final and bringing solutions to its ‘Fac Brats’ 4 week when the community member schools, took over the dropped its energy consump- previously regional GCC, a SPORTS tion by 16.38 percent. The dor- move that promises to help Milan Lucic 4 both organizations reach their mitory that used the least The g3 Logo Boy’s Hockey Captains 4 amount of energy during the full potential. The previous Green Cup Challenge and the Green Cup champions were - money they will receive will REVIEWS weeks leading up to it was petition was used by the lead the Northfield Mount- Movie: Slumdog Millionare 5 ’s Goes not be released until later. freshmen girls’ dorm, Nannie ers of g3 (Governor Hermon School, Millbrook, in green), the school’s environ- The Green Cup Challenge B. The dorm used on average upstate New York, and a split mental club, as a way to offer (GCC) is an interscholastic BACK PAGE 19.53 Kilowatts per hour per title between Berkshire and Birthdays 6 a cash incentive to dorms that competition among hundreds occupant during the two The Governor’s Academy last St. Patty’s Day 6 reduced their energy con- of America’s boarding and weeks before(January 12 – 25) year. Final rankings in the Spring Break 6 sumption. Because the 2009 college prep day schools. The and the four weeks of the 2009 Challenge will be dorm prizes ar object of the challenge is to Green Cup (January 26 – e being funded released after results are veri- by donations, the details on reduce each school’s energy February 23). The dorm com- fied. what dorms and how much consumption in the month of Continued on Page 3 For College Admissions, It Pays to Have Money need to give out more finan- by Jennifer Migliore ‘10 cial aid. In essence, they Like many homeowners would rather have a discount- who borrowed beyond their ed person in the seat than no means and are now struggling seat at all. Colleges recognize with escalating mortgage pay- that the full-paid applicants ments, or businesses that are are few and far between, but unable to sell their products what they are hoping for are and subsequently can’t pay 'better pays.' their bills, many colleges are So what does this mean for confronting the same issues- wealthier students? Indeed, they're going broke. The eco- they will be given preference nomic downturn is affecting in admissions and scholar- them too; they're facing high- ships to help offset that extra er borrowing costs, tighter cost, according to college budgets, and fears over the administrators. Because the This issue of The availability of loans for their full pay applicant is rare to Governor is printed on students. But most off all, Metcalf Hall at Brown University find in this bleak economic state, it will be easier for them 30% recycled paper. their endowments have taken www.wikipedia.org a major hit. In the past year, to get into colleges that might many higher institutions have bills. Although many people tuitions, which are the top have rejected them a year or suffered an endowment loss view endowments as a rainy source of revenue, are expect- two ago. However, “Being full of over 20 percent, and for day fund, a majority of them ed to increase, many colleges pay does NOT mean an auto- some the loss in value is clos- serve as a permanent source are trying to keep the increase matic acceptance to any col- er to 30 percent. Harvard of income for them. within a few thousand dol- lege,” according to Academy University's endowment, the So what measures are col- lars. And although cutting Director of College largest in the country, lost leges taking in order to com- financial aid seems like a Counseling Mrs. Janet about $8 billion (22 percent) in pensate themselves amidst viable option when cutting Adams-Wall. “Admission four months; and Yale's, No. 2, this economic crisis? Many budgets, many colleges feel as officers have worked too hard dropped by nearly $6 billion are postponing construction if this would be highly detri- to create college communities (25 percent). No doubt this is projects, cutting programs, mental. In other words, they that reflect the values of their a reflection of the nation's and laying off teachers. The need to maintain a full class in institution, so they will con- financial meltdown, but it is general idea is to cut costs, order to survive. The loss of tinue to admit students who also an added source of finan- rather than squeeze more even a handful of students are academically qualified for cial stress, because many money out of students since can bring some institutions to their institution and who will schools rely on endowment the colleges need students in the brink of collapse. Thus contribute to making their money to pay some of their order to operate. Although many colleges feel as if they com- Continued on Page 4 Send to: Send Op/Ed THE GOVERNOR 2 Editorial: Unload the Tea! A Public Forum for News, Opinion, and Creative Thought of The Governor’s Academy “How many of you people want to pay for your neighbor's MARCH 5, 2009 VOLUME 50, ISSUE 8 mortgage that has an extra bathroom and can't pay their bills? Raise your hand!” That's what Rick Santelli, a CNBC on-air Editors-in-chief: Editorial Advisor: Skylar Frisch ‘11 Julia Blanter ‘09 Ms. Judy Klein Rachel Cabitt ‘12 editor, wanted to know on February 19 when talking at the Will Kavanagh ‘09 Chicago Mercantile Exchange about the then-proposed gov- Gabriella Riley ‘09 International News: ernment bailout plan. He and the other traders there were fed PJ Lin ‘09 Managing Editors: up with the government wanting to bailout people that took Dylan Press ‘09 Sports: unnecessary risks in the past and are paying the consequences Jen Migliore ‘10 Conor Helfrich ‘11 now. Santelli went on to add that “the government is promot- Katharine Brine ‘09 Back Page: ing bad behavior” because they're essentially giving a free Photography Editors: Lindsay Grant ‘10 pass to people who rolled the economic dice and lost. And Abby Wallman ‘10 guess what? He's right! Maiki Kaneko ‘09 Staff Writers: This isn't about people who lived within their means and Bonnie Xia ‘09 Shaan Chatterjee ‘10 Lindsay Mackay ‘10 used credit wisely feeling the heat of the recession. This is about the people who lived beyond their means and used credit with impunity to buy themselves lavish lifestyles. Free- Editorial: market economics with no government intervention would let the recession play out for them and watch them go under from A New Sensitivity the burden of their poor fiscal decisions. Unfortunately, in this “To be an educated person in the new millenni- either China or Honduras. This is a very sig- case, we have government intervention and these people most um one must have the new skills that come from nificant event for the school community that likely will not be taught the lesson that they sorely need: be exposure to other cultures and the understanding demonstrates that we are recognizing the smart with your money! produced from the study of different societies and importance of learning beyond the classroom Yes, American families are hurting in these harsh econom- nations. To be employed in those parts of the econo- walls. ic times. The majority of Americans, however, can still pay my that cross national borders and the barriers of Studying Spanish in the classroom is one their mortgages because they were smart and bought a house different languages one must be educated in a global thing, but being able to go to a Spanish-speak- that they could actually afford! To the people who used credit environment that provides comfort and understand- ing country and having the chance to converse like their personal plaything and bought the huge ing of the cultures. Even to function at home, as with a native and understand their culture's McMansion, Mercedes Benz and 72” plasma TV, Santelli says most of our graduates will, in an increasingly customs, people, and language, is a much that he doesn't want his taxes to bail you out! And any smart diverse United States environment, a new sensitivi- broader experience. There is no substitute for American taxpayer should agree with him! Why should the ty and understanding is required.” living and studying in a foreign country.‘Hands financially responsible have to shoulder the burden of the Statement from the American Association of on learning’ studying abroad can also lead to financially irresponsible? If somebody ordered a combo meal State Colleges and Universities personal growth and a new perspective on for lunch at a restaurant that she can afford, surely she would- There is no doubt in anyone’s mind that the world affairs.
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