TCNJ

18 The College of New Jersey Magazine between, say, investing in scholarships or the wraparound services our students need, like additional counseling, tutoring, and mentoring, or, whether to proceed with or delay meeting critical facility needs, whether they be renovations of labs and classrooms, studios and performance spaces, athletics venues, or residence halls. As we get leaner and leaner, we still have to function well. Right now, we're in the midst of a multiyear project to replace the nearly hundred-year-old steam piping that we use to heat the campus. Our business and nursing programs need more space. We need to invest in our campus housing. These projects cost millions and millions of dollars. When we have to borrow, debt service takes up more of our budget, which then leaves less to spend on instruction and student aid. Remarkably, despite the budget constraints, we continue to deliver exceptional outcomes. We have a 75% four-year graduation rate. That's the highest in New Jersey among public institutions, the second best in the state overall, and ninth in the country. Ninety- two percent of our first-year students return. We have alumni leading top businesses and in prestigious graduate schools. The question is, how long can we continue to do more with less? It is simply nonsensical to think TCNJ can continue to deliver exceptional educational outcomes without an increase in available resources. This past year, one public official told me that it was hard to believe the college needed more support given the excellent job it was doing. Frankly, the comment left me speechless. I understand the state's budget is dramatically squeezed. Nevertheless, it is remarkably shortsighted to undermine the contributions TCNJ makes to New Jersey. In what sector of the economy would the rational response to strong outcomes and results be a reduction in investment and support? BERNSTEIN: We're very sensitive to the burdens our students and families take on to attend TCNJ. It's been a major commitment on the part of the institution to keep the education we provide affordable. Since the 2016–17 school year, we've more than doubled the amount of institutional merit- and need-based aid to our students. Assuming you believe in the value of a college education, something has to give. Nothing that we do is free. And in fact, the costs of what we do just go up. In some cases, they go up for reasons beyond our control — utilities and supplies become increasingly expensive and, of course, attracting and retaining excellent personnel requires the provisioning of competitive salaries and benefits. Even so, in some cases, our costs are being driven by decisions that are made beyond this campus — many of them in Trenton, some of them in Washington. Rarely do new government mandates and regulatory requirements come paired with the dollars attached to fund them. Fundamentally, the solution on one level is growing student aid. Clearly, we will need to make scholarship fundraising one of the highest priorities in our advancement efforts for many years to come. 3. MOUNTING STUDENT DEBT U.S. student debt has doubled over the last two decades, and it now outpaces most other types of consumer borrowing. Colleges, prioritizing affordability, are trying to hold the line on tuition increases and are also putting more money into aid. The flip side, however, is limited revenue growth and additional expense. 2006 2010 2015 2020 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 Student loan debt, in trillions of dollars 2023 Source: United States Federal Reserve Student loan debt, in trillions of dollars

• Cover