Smaller Private Colleges Worry How Economy Will Affect Enrollment - 4029tv

A lot of people have a lot riding on the stock market, including smaller private colleges that rely on their endowments for funding. John Brown University's endowment took a 30 percent hit during the last quarter of 2008. Administrators are trying to plan their financial future while worrying about the bottom line. "I think it's best to say we're all bracing. We're trying to be smart. We're trying to be conservative," said Pat Gustavson, the vice president of finance and administration for John Brown University. Professors will receive smaller raises. Tuition will increase 4.5 percent in the fall. But Gustavson said they are trying to keep the college affordable for families.