Is it still worth it? Those of us who labor in the sacred groves of academe are not as isolated or insulated as the popular imagination sometimes portrays us. Indeed, we hear the concerns about affordability and access and we share them. Here at Albright we have worked hard to keep costs down, diversify our revenue, strengthen philanthropic support, and still provide an excellent educational experience for our students. Our commitment to affordable access is further reflected in our generous scholarship and financial aid program. Last year we awarded more than $25 million in assistance to our students. It is the single largest expense in our operating budget—exceeding the total of all wages paid to faculty and staff! The need for continuing gift support in this area is pressing, and we are deeply grateful to all those who have created endowed funds to help us meet that commitment. Indeed, even those who make comparatively small gifts to The Fund for Albright are helping out. It all adds up. Nationally, 72 percent of college students graduate with some amount of debt. Despite our commitment to assist students financially, most of our graduates depart with loans to repay too. The average amount of that debt exceeds $34,000, not counting loans that the parents may have secured. Obviously, this is a considerable sum for a young person to start out in life carrying, and, of course, some graduate with even heavier loads. As one who had his own college loans to repay, I can look back with confidence that it was one of the best investments of my life, but today the numbers, even after adjusting for inflation, are higher than ever. So the inevitable question is whether it's still a good investment? A recent article in The New Republic, "Bad Job Market: Why the Media is Always Wrong About the Value of a College Degree," provides heartening evidence that despite horror stories to the contrary, a college education continues to have enduring economic as well as intangible benefit: www.albright.edu/tnr. It's easy enough to find stories of recent college grads employed as bartenders or custodians, but the author argues that one should check back with them in a few years and see where they are. Although many recent college grads are being challenged today by a difficult economy, in the long run, their college education will serve them well. Indeed, a constantly changing economy, the increased impact of technology, and growing globalization demand increasing numbers of individuals with precisely the sophisticated intellectual skills that Albright has been providing for generations. An Albright education is ultimately a great investment because it's one that will stand the test of time, providing our graduates with the skills that will enable them to adapt and adjust in a world where the only constant is change. Further evidence appeared last month in an article by David Leonhardt, a business writer for The New York Times, who writes, "the evidence is overwhelming that college is a better investment for most graduates than in the past" (June 25, 2011). He cites a recent study titled "The Undereducated American," which was produced at Georgetown University's Center on Education and the Workforce showing that by 2025 we will need an additional 20 million college-educated citizens and workers. With confidence in the durability and long-term benefits of an Albright education, we will continue to work hard to fulfill our mission and remain grateful to all who provide essential support in these challenging times.
Lex O. McMillan III, Ph.D. |
 President Lex McMillan (left) joins honorary degree recipients The Most Rev. John O. Barres, D.D., S.T.D., J.C.L., and Andrew Maier II at Albright's 152nd Commencement. photo: Ryan McFadden Albright Awards Two Honorary Degrees Two honorary doctoral degrees were awarded during Commencement on Sunday, May 22. Baccalaureate speaker The Most Rev. John O. Barres, D.D., S.T.D., J.C.L., was awarded an honorary doctor of divinity degree. Barres was ordained a bishop and installed as the fourth bishop of Allentown by His Eminence, Justin Cardinal Rigali, Archbishop of Philadelphia, at the Cathedral of Saint Catharine of Siena in Allentown on July 30, 2009. A native of Larchmont, N.Y., Barres was ordained to the priesthood Oct. 21, 1989, by Bishop Robert E. Mulvee of Wilmington (now bishop emeritus of the Diocese of Providence). He served as an associate pastor at Holy Family Church in Newark, Del. (1989–1992) and St. Elizabeth's parish in Wilmington, Del. (1992–1996). After further study in Rome (1996–1999) with residence at the Pontifical North American College (Casa Santa Maria), he served as vicechancellor (1999–2000) and then chancellor (2000–2009) for Bishop Michael Saltarelli and then Bishop W. Francis Malooly. Pope John Paul II named Barres a Chaplain to His Holiness in July 2000 with the title of Monsignor. Pope Benedict XVI named him a Prelate of Honor in November 2005. Former trustee Andrew Maier II was awarded an honorary doctor of laws degree. Maier served as president of Maier's Bakery from 1975 to 1998. Under his family's ownership for 90 years, the company manufactured bread and rolls and sold them in eastern Pennsylvania and New Jersey, as well as parts of Delaware, Maryland and New York. He has been retired since 1998, when the company was sold to Weston Foods. Maier served as a member of the Albright Board of Trustees from June 1985 to September 2009. He served in a variety of roles, most significantly as the co-chair of Crossing Boundaries: The Campaign for Albright, which resulted in the construction of Albright's new Science Center and the Schumo Center for Fitness and Well-Being, as well as the growth of |
