Northwestern Tightens Belt

University President calls for sacrifices

Wednesday, Feb 25, 2009  |  Updated 12:15 PM CDT
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Northwestern Tightens Belt

between2cities

Evanston's Northwestern University is responding to the tight economy by cutting costs and raising tuition.

Northwestern University on Wednesday announced that it is cutting operating expenses and raising tuition at a time when its endowment has fallen 25% to $5.6 billion.

According to Crain's, a memo to faculty, staff and alumni from Northwestern President Henry Bienen said the university “faces significant financial challenges as a result of the worldwide recession.”

Bienen said the school’s financial position is “relatively strong” as a result of “prudent fiscal management,” and that “there will, however, be a need for sacrifices.”

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