The recently approved New York state budget includes a provision that will eliminate aid to private colleges and universities with endowments of at least $750 million, impacting schools such as Columbia University and NYU. The $18 million cut in aid affected 16 different schools in the state, leading to discontent among higher education officials. Governor Hochul initiated the cut in her executive budget, with the Assembly and Senate eventually agreeing to the decision.
Among the schools facing reduced funding are NYU and Columbia University, which saw cuts of approximately $4.7 million and $3.25 million, respectively. Both schools have been dealing with anti-Israel demonstrations that have led to tensions and hostilities on campus, as well as instances of antisemitism targeting Jewish students. Aid to Cornell University, another Ivy league school in upstate New York, was also reduced by $1.8 million.
Other schools impacted by the budget cuts include Fordham and St. John’s, which saw reductions of $1.3 million and $1.2 million, respectively. The decision to target specific schools for cuts has been met with criticism, with many arguing that it will harm hardworking families and limit access to transformative education opportunities. In addition, the funding model for Bundy Aid, which is tied to the number of degrees earned by students, is being questioned in light of the cuts.
The cuts also affected institutions such as Syracuse University, the University of Rochester, the Rochester Institute of Technology, and Hofstra University. Nearly half of endowment funds were used by colleges for student financial assistance during the 2021-22 academic year. Critics argue that the cuts will increase costs for students and their families, hindering their ability to pursue higher education. Lawmakers defended the cuts to well-endowed schools, noting the need to prioritize funding for public colleges in the SUNY and CUNY networks.
Governor Hochul’s office defended the cuts as necessary to target financial resources at institutions in need of the most support. The budget includes $16.9 million in aid to approximately 100 colleges and also expands family income eligibility for the college state tuition assistance program. While private colleges are facing cuts, some public colleges in New York have received significant donations, such as SUNY Stony Brook University receiving $500 million from the Simons Foundation and LaGuardia Community College receiving $112 million from Mets owner Steve Cohen and his wife.
