Saint Mary’s received the No. 8 ranking on New York Times’ list of Most Economically Diverse Top Colleges in the nation, published Tuesday.Sam Coughlin | The Observer According to the article, the colleges in the ranking have all made significant changes in recruiting policies and have made compromises elsewhere to ensure that a diverse student body is a top priority. Oftentimes, talented poor students who have traditionally excelled in high school, do not go onto top colleges, nor graduate from any college.Saint Mary’s College President Carol Mooney said it is the College’s goal to meet the financial needs of every student and ensure all students, regardless of socioeconomic background, have the chance to receive a Saint Mary’s education.“We do not want any student to be unable to attend Saint Mary’s because she lacks the financial means to do so.“As part of our Catholic mission to reach out to those with the greatest need, the College must find ways to allow these students to pursue a Saint Mary’s education,” Mooney said.President Mooney said the College is dedicated to educating all qualified students. In the College’s ongoing campaign, “Faith Always, Action Now,” the College has raised more than $23 million for such scholarships.Compared to the other colleges in the New York Times’ ranking, Saint Mary’s has a noticeably smaller endowment per student, at $80,000. As stated in the article, Vassar’s (no. 1) endowment per student is $340,000, Grinnell’s (no. 2) endowment per student is $880,000 and Harvard’s (no. 6) endowment per student is $1.52 million.Vice president for enrollment management Mona Bowe said the ranking accords with Saint Mary’s mission to enroll qualified students who are ready to learn, work hard and make a difference in the world.“We first look for students with the academic background we feel will result in a successful academic performance at Saint Mary’s,” Bowe said. “But beyond the academics, we look for students who are well rounded: aware of the needs of others, strong in their faith, willing to go the extra mile, athletes, performers and artists.“A wide variety of backgrounds and interests makes for a rich community where learning happens outside of the classroom as much as it happens in the classroom.”Director of the office for institutional research Daniel Flowers said the article reflects the College’s ongoing efforts to provide education to students from all economic backgrounds, which began nearly 20 years ago.“[NY Times] calculated a ‘College Access Index’ that looks at the percentage of students receiving Pell and the net-price for low and middle-income families while taking into account our financial resources as measured by the endowment size,” Flowers said. “They found that out of the universe of top colleges with a four-year graduation rate above 75% (about 100 institutions) we were near the top of the list in terms of this access index.“We’ve also experienced one of the largest increases in students from economically disadvantaged backgrounds from 2007-08 to 2012-2014, from 14% to 24%,” Flowers said. “Only Vassar and American saw larger increases.”Bowe said the admissions team does not consider the ability for students to pay a requirement for admission.“After acceptance, the financial aid team works very hard to make Saint Mary’s a reality for as many students as possible,” Bowe said.As a member of the enrollment team for almost 20 years, Bowe said she is proud of the mission-driven, ethical approach to recruiting the next generation of Belles.“It is a team effort, from our colleagues that raise the funds for scholarships, to our professors and student life professionals, who tend to the needs of our students,” Bowe said. “And not only do we make it possible for students with less financial means to choose Saint Mary’s, we make it possible for them to stay and graduate on time.“We will continue to be good stewards of the resources that our amazing donors have made possible. We hope to continue to provide access to students who find Saint Mary’s to be a great fit for them.”Flowers said the ranking proves that Saint Mary’s is true to their mission of pioneering education.“In sum, we’re living our mission as there aren’t many other top-quality institutions out there doing more for low and middle-income students than Saint Mary’s College,” Flowers said.Senior Amanda Gilbert said she and many of her fellow Belles felt honored to discover the news of the ranking.“It’s just another great accomplishment for Saint Mary’s in our ongoing mission to be a well-rounded campus full of inspirational and confident women,” Gilbert said. “One of the things we students always say we love about Saint Mary’s is our sense of community.“This ranking came as no surprise to us, for we are constantly aware of our opportunities here to engage with a diverse student body and community.”Tags: Economic Diversity
21SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Jeremy Colvin Jeremy Colvin is a Managing Director for Olden Lane. Jeremy has over 20 years of institutional sales experience. Prior to joining Olden Lane, Jeremy was a Managing Director with BNY … Web: https://www.oldenlane.com Details Many of you may remember the 1985 cult classic “Desperately Seeking Susan.” In this movie, an unfulfilled New Jersey housewife seeks to break out of her mundane, predictable life and follow a bohemian drifter (Madonna) via the New York personal ads. Believe it or not, a comparison can be drawn between Madonna’s first major motion picture and the current state of affairs in the credit union space. Many of you are seeking to break out of your mundane, predictable business practices and diversify. I’m hearing from many credit unions that this “awakening” is a byproduct of concentration issues and the necessity to increase earnings. As of Q1 2017, the industry average ROA was 71 basis points and 85% of the loan book was comprised of auto and mortgage/real-estate. I think you all know the issues you are facing, but how do you create real solutions? My contention is that many credit unions don’t even know the resources they have at their disposal.Consider for a moment the funding sources available. Those of you who are not low-income designated have FHLB advances, member deposit listing services and directly placed member funding programs. The other 44% of the industry that has obtained low-income designation has several addition options, including non-member funding programs like underwritten DTC CDs. All of these programs allow you the ability to match fund an asset based upon your own interest rate risk profile. Translation: you can literally compartmentalize spread by utilizing wholesale funding sources to match fund specific durations.For example, you could utilize DTC issued CDs to create funding anywhere from one month to 10 years in duration. But if you’re stuck in a financial rut, what asset could you pair with it with to exceed the industry average of 71 basis points? The answer is out there and it’s not more auto loans or single-family mortgages. You have to be more creative and open minded.At CMS for example, we are showing our clients loan participations just like many providers but with a keen eye on diversification. Of course, we can deliver autos and mortgages but that’s not the secret sauce. The real value is in asset classes that provide measured risk with yield enhancement (USDA, motorcycle, manufactured home, secondary capital, etc.). If you leverage these assets and pair them with some of the funding tools discussed above, you can literally place spread on your balance sheet far in excess of 71 basis points. The same can be done in fixed income. CMS has created a proprietary Municipal Bond Unit Investment Trust (UIT) yielding approximately 3%. We are showing our clients how to utilize very short dated collateralized mortgage obligations (CMOs) paired with funding to generate 80-100 basis points in spread. Basically, what I’m saying is that you have options beyond callable agencies and FDIC insured CDs.You don’t have to be satisfied with the status quo. Your membership deserves the best services that you can provide. Think about those programs you have had on your membership “wish list” that you simply can’t afford due to an anemic ROA. You should be challenging your partners to provide you more value and the ability to widen your spread without taking on too much risk, instead of being satisfied with the same mundane predictable programs that you have been offered for the last 30 years.Reach out and explore your options because you have more than you think. Your most valuable resource is your membership. The more revenue you create, the more products and services you will be able to provide. Those two things are directly related. We can no longer simply accept our limitations as an industry. Don’t desperately seek spread, because you have options to satisfy this systemic issue. You just have to be willing to watch a Madonna movie.