Since talk of America's recession began to be heard months ago, newspapers and magazines have carried spectacular stories about investors losing thousands, and sometimes even millions of dollars.
Indeed, since the April 14 crash in the Nasdaq market in 2000, over $4 trillion has been lost in shareholder wealth, much of this by private individual investors who have become increasingly important players in the market. With earnings warnings and layoffs ubiquitously in the news, many have described the present as the worst economic situation Americans have seen in over ten years.
However, for the average College student, the effects of the declining economy have still only been at most mild.
A random sampling of students contacted by The Dartmouth said they did not hold investments in the stock market and did not think their families had seen significant losses within the last year.
Most were not clear what the financial situation of their household funds were, but were fairly sure that they were not being held in risky ventures.
According to Karl Furstenberg, director of the Admissions and Financial Aid Office, a real declining economy could well have an effect on the composition and situation of the Dartmouth student body, although the College is prepared to meet whatever are the changing needs of its students.
"I think there could be a couple of effects. Obviously, if the economy continues to decline, it's going to affect people's individual situations. But since all of Dartmouth's aid is need-blind, it won't hurt these people." Furstenberg said. "However, Dartmouth will have to spend more on financial aid.
"If people's financial situations take a turn for the worse, Dartmouth will meet their need."
Students can always request for more aid as their economic situation worsens, and the office will reevaluate their applications on a term to term basis.
At more than $30 thousand dollars a year, Dartmouth tuition is considered a very high-priced purchase, and could be a deterrent for people facing economic problems.
Furstenberg is aware of this possibility and hopes that the College's newly expanded financial aid package will help.
"A real downturn in the economy and the stock market can affect whether or not people apply to any high-priced college," he said. "Certainly the financial aid program will respond to individual needs."
He also noted that the new package was intended to increase the number of applicants, hopefully overcoming the effect of the slowing economy and people's reluctance to spend their savings.
With some pride, he said that Dartmouth is "right at the top of the list" concerning the quality of financial aid. During times of economic decline, people tend to look to schools that offer more a appealing financial aid package, which Dartmouth has.
"This is really the true meaning of being need blind," Furstenberg added.
With a $2.5 billion endowment that earned a return of approximately 50 percent last fiscal year, the College is well-equipped to handle the fluctuations of the needs of its students, which is partly the purpose of the endowment.
During the Asian financial crisis three years ago, the College readjusted its financial package and used that as a marketing tool for potential students who were in need.
The last recession to hit America occurred almost 20 years ago in an economic environment that is vastly different from the one of today.
It was so long ago, in fact, that Furstenberg said he "honestly [doesn't] remember" what the College's reaction was like.
