Norwich graduates 500; honors ABC reporter
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Norwich graduates toss their hats in celebration at the end of Sunday's graduation ceremonies in Northfield. KYLE MARTEL/TIMES ARGUS |
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By Peter Hirschfeld Vermont Press Bureau - Published: May 11, 2009
NORTHFIELD – Even as they head off into an economic climate wrought with uncertainty, both Norwich University officials and graduates of the 2009 class say they're optimistic about the future.
Caleb Heller, a Morrisville native and class valedictorian, said Sunday that all but one of his civil engineering classmates had secured post-graduation jobs. The People's Academy alumnus, headed for the geothermal industry in California, said his classmates' expectations are measured but high.
"How it's affected us is we may have to consider positions or locations we weren't looking for," Heller said before the morning commencement at Shapiro Fieldhouse. "But there are still jobs available."
Graduation ceremonies, which included a commencement address from Martha Raddatz, senior foreign affairs correspondent for ABC News, capped a trying year for the university itself.
Tough financial markets took their toll on the private military college's endowment. The revenue downgrade opened up a $3.6 million hole in the year's operating budget, forcing 27 job cuts, including 12 layoffs.
"Given the tumultuous economic times of our country, all areas of higher education were of course concerned about what the economy would do to enrollment of new students," Karen McGrath, vice-president of enrollment management and communications said Friday.
Those concerns, according to McGrath, have been allayed by recent admission figures. An incoming class of 732 students, of which 516 will join the Corps of Cadets, marks the largest freshman group in 30 years.
"It puts us in a position of enrollment strength, despite what's going on in the economy," McGrath said. "For a private school that next year costs $38,000, we more than held our position in the market and we could not be more thrilled."
McGrath said the economy may continue to exact damage on the school's endowment, however enrollment revenue comprises the largest single income stream and will help offset potential losses in other areas.
"As colleges and universities deal with endowment income, we still have some rough endowment quarters ahead of us," McGrath said. "I don't know if any small private college is ever completely out of the woods financially, but the enrollment of both new and returning students this fall certainly strengthens our position financially."
Norwich graduated almost 500 undergraduate students Sunday, about 100 of whom will commission as officers in military. About one-quarter of the class hails from Vermont.
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