FAQS: What You Really Need to Know
The Economy, Trinity and You
In these troubled economic times, Trinity students, faculty and staff want to know how the external financial conditions affect their interests, and Trinity's finances. Some of the questions include:
What is happening to Trinity's finances during these difficult economic times?
Trinity is in sound financial condition and is not unduly disadvantaged by the current external financial situation. In large part, Trinity's stable condition at present is due to the university's historically conservative approach to fiscal management. While some colleges and universities have engaged in speculative investments, for example, Trinity manages cash and the endowment in highly conventional ways. Trinity's longstanding economic discipline makes it possible for the university to remain stable in times when other institutions are experiencing difficulties.
Since Wachovia has been Trinity's bank, what's happening now that Wells Fargo has taken over Wachovia?
Trinity's former accounts with Wachovia, now Wells Fargo, are stable, and the Wachovia team who provided such great service to Trinity in the past continue to do so. We have not experienced any interruption in services. In fact, all of our account liaisons at Wachovia --- from the regional president on through the managers and associates handling each of Trinity's several lines of business --- have responded professionally, immediately and with full information to all of our questions. Trinity's management is in daily contact with the bank, and with Wachovia's assistance we have reviewed each account position and taken actions that make Trinity's business interests even more secure.
What's happening to Trinity's endowment? Will my scholarship be affected in a negative way?
Your scholarships are safe and will not experience any negative consequences. Like all schools with endowments, we have seen a decline in the value of our investments. But Trinity invests for the long-term, and over time we are confident that the market will rebound and recover the lost value. Trinity has very few scholarships funded through endowment income, but our financial policies ensure that Trinity continues to fund the scholarships through periods of investment fluctuation. The vast majority of Trinity's grants and scholarships --- $4.7 million in scholarship value --- occur through what is known as an "unfunded discount" meaning that Trinity simply reduces the tuition price by the amount of the scholarship. We do not have actual dollars backing up these grants; instead, Trinity simply does not receive the revenues. This is how grant aid works in most of higher education today.
What about my student loans? Will I still be able to get the loans I need to pay for my education?
YES! Absolutely! The student loan situation is one of the areas where what you hear in the media is not quite accurate. Almost all Trinity students take out federally guaranteed student loans, and these come from the federal government and are not affected by the current economic situation.
As you have heard in the media, the economic crisis has had some effect on the student loan industry. Some lenders have stopped offering Federal Stafford Loans. To make sure that Trinity students continue to have access to low-interest government-guaranteed loans, Trinity is now participating in the Direct Loan Program.
Trinity will offer Direct Loans, rather than bank-based Stafford Loans, to all students starting in the Fall 2009 semester. Direct Loans have the same loan amounts and beneficial repayment terms for students as the Stafford Loans, except that the lender is the U.S. Department of Education rather than a bank.
Students who have borrowed both the Stafford Loan and Direct Loans will be able to consolidate all of their loans through the Direct Loan program at graduation. The Office of Enrollment Services can provide more information about Direct Loans.I
In this tough economic climate, all students should be sure to submit your financial aid paperwork as early as possible, and pay close attention to the directions you receive from the Enrollment Services Office. Our staff is eager to help you; every student who wants aid should be able to get federal and local assistance. But we can only help you if you file the paperwork in a timely way.
What if somebody's job is being eliminated --- a student who works at Fannie or Freddie, or a parent who works at a troubled bank? What if someone's house is going into foreclosure? What can Trinity do to help students, faculty and staff whose personal financial conditions are changing?
If you are a student and your personal financial situation is changing, please let the Financial Aid Office know as quickly as possible so that we can re-evaluate your aid needs and repackage you if necessary.
If you are an employee and your personal financial situation is affected by the mortgage crisis, please visit with the Office of Human Resources for a personal consultation about strategies and supports to manage through this crisis.
What about my retirement fund?
If you are a Trinity employee participating in the TIAA-CREF retirement fund, please visit with the Office of Human Resources to learn more about ways to manage your account. You can also find a great deal of information on the TIAA-CREF website www.tiaa-cref.org
Tuition and Budget Information
How much does Trinity cost? Slideshow
Trinity's tuition prices and related fees vary by the school in which the student enrolls, the degree level, and whether the student is full-time or part-time. Tuition prices also change annually.
To see the current list of tuition and fees visit the Tuition and Fees page of Trinity's website.
How does Trinity spend my money?
Take a minute to review this slideshow on Trinity's tuition and budget, including more detailed FAQs about how we spend your money.
In short, in the current fiscal year (2009, which is the 2008-2009 academic year), Trinity has received about $20 million in net student tuition and fees ("net" means what's left after we reduce the gross tuition by the amount we award back to students in grants.) In addition, Trinity has received about $3 million in other revenues --- mostly gifts and grants, or from auxiliary enterprises like conferences and food service.
Hence, Trinity has a $23 million operating budget this year. Of that amount, Trinity spends a little more than half on salaries and benefits for faculty and staff. Another 15% is spent on facilities including utilities. Another 5% goes for Security. As you review the slideshow, you'll see other expense allocations.
Bottom line, Trinity's annual expenses are modest for the size of the university, and the ratio of spending in all categories is fairly typical for a small university without a large endowment.
Where can I get more information on Trinity's finances?
Trinity engages the accounting firm of Brown Edwards LLP to conduct the annual audit, and the audited financial statements provide a detailed picture of Trinity's finances. Click on the fiscal year of interest to you below to go to the audited financial statements for those years:
Fiscal 2008 (July 1, 2007 to June 30, 2008)
Fiscal 2007 (July 1, 2006 to June 30, 2007)
Fiscal 2006 (July 1, 2005 to June 30, 2006)
You can also see Trinity's Form 990 Federal Tax Return for the past several years and other information about Trinity's finances by visiting the public website www.guidestar.org
Will Trinity have some new buildings anytime soon?
Trinity's new Campus Master Plan received Zoning Commission approval in February 2007. Since that time, President McGuire and the Development Team have been working on preparing the new capital campaign that will be necessary to raise the money to support new facilities.
The Campus Master Plan anticipates several new buildings, including the Trinity Academic Center, and new residence halls.
More information on the new capital campaign and new building program will be available during the Summer of 2008.