The global financial crisis has had a tremendously adverse impact on many families and most sectors of our nation’s economy. And higher education has not been immune.

Indeed, this is a pivotal time for higher education and the hopes of a generation of young people who aspire to share in the American dream.

Many colleges and universities are facing unprecedented challenges to making higher education an affordable opportunity for students — especially those from low- and- middle income families. Stories in the mainstream media clearly illustrate the serious financial hardships experienced by students and their parents as they search for solutions.

In this difficult economic climate, it is important for higher education to respond decisively to these challenges so that talented students with the determination to earn a college degree do not miss out because of their socio-economic situation.

Like institutions across the country, Buena Vista University has had to meet the twin challenges of rising costs and lower earnings from our endowment. We took action several months ago to tighten our budget and were successful in making changes that did not affect the quality of the student experience.

At Buena Vista, we make every effort to offer a relentless student-centered focus on learning through innovative and imaginative programs. We will not do anything that would erode the high quality of that educational experience.

For a number of years we have had a very high percentage of students with documented financial need, and this year has not been an exception. So, an important part of our planning has been to ensure that our students are able to afford a BVU education without incurring an unmanageable debt load at graduation.

Students at Buena Vista and other Iowa private colleges who receive the Iowa Tuition Grant are also anxiously waiting to see what impact Gov. Culver’s recent executive order for state budget cuts will have on this important program. The state’s 30 private colleges and universities educate more students who have financial need than the Regent institutions combined, so the Iowa Tuition Grant is a key part of their educational aid package.

Keeping all of these concerns top of mind, Buena Vista University has taken several initiatives to help our students meet their educational financing needs:

• When the credit markets for student loans began to tighten last year, we worked with our local banks to develop a unique initiative to help our students secure private loans.

• Starting with the current academic year, our incoming freshman could choose to pay a modest upfront premium to lock in one tuition price for all four years, an option we refer to as the “Level Tuition Plan.” The positive response to this program has been much higher than we had anticipated.

• We set aside funds to accommodate student financial aid appeals last spring, and this academic year, for families hit by the downturn in the economy.

• All new students who apply to BVU receive a minimum of $5,500 in assistance just for listing us on their Free Application for Federal Student Aid (FAFSA) form. Students may earn up to $13,000 regardless of financial need by demonstrating higher academic achievement.

• We have increased our awards for merit scholarships by up to $2,000 over last year.

We are also proud of the fact that more than 80% of BVU graduates complete their degrees in four years or less, which is another way that our students can take the initiative to control the cost of their education. This percentage compares favorably with other Iowa private colleges and exceeds that of the Regents institutions.