Amherst College is not the only college making significant budget cuts due to the recent economic downturn. Colleges and universities across the country have lost millions from their endowments and have been cutting budgets and positions, leaving hundreds to find new jobs.

After losing a sizable percentage of its previous $1.6 billion endowment, Wellesley College struggles to continue meeting students’ financial needs. The college had relied on the endowment for about a third of these payments. In an attempt to limit its budget gaps, the college plans to cut 85 of its 880 non-staff positions. Furthermore, members of the faculty who will be over the age of 60 by the end of 2009 and have worked for the college for at least 10 years will be offered a retirement package.

Moreover, Dartmouth College aims to cut spending by $72 million in the next two years. Their endowment, covering a third of their expenses, has dropped by $700 million in the last six months. In response, 60 administrative employees and three percent of the college’s faculty will be laid off. No tenured or tenure-track faculty will lose their jobs, but they will be affected as well; as of July, all salaries will be frozen. According to the college’s president, this was a difficult but necessary decision; the freeze will minimize the number of jobs that the college will cut. Dartmouth hopes to continue its recent program to provide full tuition to families making under $75,000 a year.

Ivy League universities are following suit. Harvard plans to answer its $8 billion (22 percent) endowment loss by attempting to cut 1,600 non-staff employees. Those who have worked at the university for over 10 years or are more than 55 years of age will be offered a buyout package in March. The university has already implemented a hiring freeze and many budget cuts. Cornell University is facing budget cuts from the state, a $6 billion loss in endowment, and few donations. It has eliminated over 80 positions, frozen hiring and halted construction. The budget is being strictly reviewed to allow for as many further budget cuts as necessary.

Middlebury College looks to save $5 million of its current $10 million loss by cutting 100 of its 1,455 staff positions and making other cuts anywhere possible. Its endowment is expected to lose a quarter of its original value by the mid-year.

With these changes hitting colleges across the nation, each institution is attempting to deal with the financial crisis in its own way. From the salary freezes to the lay-offs, colleges like Amherst are attempting to stave off more drastic measures such as cutting financial aid, an area of the College that President Anthony Marx hopes to leave intact.