It\u2019s that time of year when leaves are turning color, autumn is around the corner, and colleges have opened across New York. A college experience promises to dramatically impact students\u2019 lives, often shaping their career paths and opening their minds to new ideas. Colleges help mold the state\u2019s \u2013 and the nation\u2019s \u2013 future civic and business leaders.<\/p>\n\n\n\n
Colleges not only educate the adult leaders of the future, but they are also dynamic \u201ceconomic engines.\u201d These economic engines create jobs that stimulate and anchor local economies. Independent colleges and universities in New York State contributed<\/a> an estimated $97 billion to the state\u2019s economy and supported more than 400,000 jobs. The State University of New York contributes as well: SUNY\u2019s economic impact in the state is $31 billion. For every $1<\/em> invested<\/em><\/a> in SUNY, New York State\u2019s economy benefits the equivalent of $8.<\/em>67<\/em> and is responsible for nearly 2% of the gross state product.<\/p>\n\n\n\n These institutions (as well as the City University of New York) provide cultural and educational resources to the larger community, contributing to the quality of life in their communities. Both sectors \u2013 independent colleges and SUNY \u2013 exist side-by-side across the state and both contribute mightily to the state.<\/p>\n\n\n\n When New York State decided to expand the State University system in the middle of the 20th<\/sup> Century, not surprisingly independent colleges were concerned that their finances would be undermined by the public sector. In order to assuage those concerns, the state made a promise to the independent sector to offset any financial difficulties with financial support.<\/p>\n\n\n\n New York State established the Unrestricted Aid to Independent Colleges and Universities (known as \u201cBundy Aid\u201d). Bundy Aid<\/a> directs financial support to independent colleges. The program was established in 1968 with the goal of providing an answer to the question \u201chow the State can help preserve the strength and vitality of our private and independent institutions of higher education\u2026.”<\/em> In response, the state decided that “the moderate but real level of need calls for direct assistance from New York to private colleges and universities.”<\/em><\/p>\n\n\n\n Once a vital component of independent colleges\u2019 finances, the program has been decimated by cuts over the past four decades. The peak state support occurred during the 1989-90 fiscal year, when nearly $114 million was appropriated. During the current fiscal year, that amount has been reduced<\/a> to under $20 million. If New York had merely kept pace with inflation, the amount of Bundy Aid would be around $260 million \u2013 not less than $20 million.<\/p>\n\n\n\n The result? Not surprisingly, many colleges \u2013 usually small ones \u2013 have seen their finances become damaged or worse. According<\/a> to New York education officials, over the last 18 years, New York has lost seventeen<\/em> independent colleges, universities, and other degree-granting institutions. Ten<\/em> of those seventeen shut their doors in only the last few years, throwing their students into educational uncertainty and potentially, entire communities into economic insecurity. Recent examples<\/a> of colleges closing includes the College of St. Rose in Albany, N.Y. and Wells College in Aurora, N.Y., both in 2024. In 2023, two other colleges closed their doors.<\/p>\n\n\n\n