"This Is Our Leadership Moment"

In May, in response to the global economic meltdown that has hit hundreds of Dartmouth families, President Philip J. Hanlon ’77 announced that Dartmouth was rededicating The Call to Lead campaign to highlight financial aid support for our students.

President Hanlon outlined a plan of action that contains a series of steps, including:

• A reaffirmation of the goal to secure $500 million in endowed scholarship funding
• Creation of a special bridge fund to meet the anticipated surge in financial aid need in the next two academic years
• Establishment of a Presidential Commission on Financial Aid that will take a lead in financial aid fundraising efforts

“We will make the tough choices required to get our institution through this challenging financial time,” he declared. “But financial aid will not only be spared, it will be enhanced. When it comes to our students, this is our leadership moment.”

President Hanlon here outlines Dartmouth’s response to the economic crash and the campaign’s rededication to financial aid.

What is the urgency driving the rededication of the campaign and establishment of a presidential commission?

We’re facing a moment of historic hardship. The level of unemployment in America is at its worst since the Great Depression, and the rate of recovery is unknown. With the need to grow our financial aid budget by an unprecedented $8 million to $10 million in a single year to make sure we support our students, we cannot sit and wait for the economy to turn around.

Is this essential?

Absolutely. Dartmouth has a pivotal role to play in revitalizing our nation and our world. Today’s Dartmouth students—a generation of young people with grit and creativity forged by extraordinary circumstance—will be the leaders who develop innovative solutions to improve human health, restore and broaden prosperity, and overcome the systemic racism that plagues our nation and causes horrendous suffering.

In that regard, is a financial aid gift about more than helping a single individual?

I believe so. One immense challenge facing us is racial injustice—a cancer on our society. Addressing the deep-rooted hatred and bigotry that afflict our nation requires smart, determined, and compassionate leadership. It’s our duty to prepare tomorrow’s wise leaders.

How realistic is our financial aid strategy given the global economic collapse?

Today’s grim economic situation has underscored the remarkable compassion, conviction, and generosity of the Dartmouth community. Given how quickly the economy crashed, I worry many students may say remaining in college is simply unaffordable for their families. I’ve discussed this with hundreds of alumni in recent weeks, and there is unanimous consensus that we will not put budget constraints before the future of our students. Our students are talented young people with nearly unlimited futures. We cannot—and will not—allow cost to keep them away.

Can’t we dip into our endowment to cover the immediate shortfall?

Dartmouth’s endowment comprises thousands of individual gifts that donors intended to be perpetual. It’s a gift to all future generations of students—to help them learn, grow, and thrive for as long as there is a Dartmouth. The endowment provides more than one-fifth of our operating budget and protects the College from extreme ups and downs, but it’s not a rainy day fund.

How has the College cut expenditures?

We’ve taken several steps, such as a freeze on hiring through December, canceling salary increases, and targeting multiple spending reductions, and there will be more cost-cutting measures in the coming weeks. Reducing expenditures, however, will not be enough.

Can you talk about your decision to direct a portion of your salary to financial aid?

I believe in the transformational power of a Dartmouth education—its impact on my life is immeasurable—and I want every admitted student to have the opportunity to attend Dartmouth, regardless of family circumstances. Everyone in the College’s Senior Leadership Group shares that conviction, which is why we’re all giving back portions of our salary to financial aid this year.

How confident are you that we can achieve these goals?

I’m very confident. Dartmouth has been part of my life for more than 45 years, and I know our community doesn’t shrink from a challenge. Success will mean that together we have reaffirmed our position of higher education leadership in a time of crisis.