As the nation’s economy continues to slide, students should take this time to continue their education, University leaders said during a forum to discuss the nation’s financial crisis.
“This is a very good time to invest in your human capital,” economics professor Linda Tesar said during the Jan. 16 panel discussion “The Financial Crisis and You,” sponsored by LSA Student Government and the Michigan Economics Society. “The job market is going to be tight for a long time, so it’s a good time to build up your resume, go back to school, join the Peace Corps,” said Tesar, also chair of the Department of Economics.
Other panelists included Jim Adams, the Arthur F. Thurnau Professor of Economics; Teresa Sullivan, provost, executive vice president for academic affairs and professor of sociology; Margaret Rodriguez, senior associate director, Office of Financial Aid; and Beth Blanco, credit financial counselor, U-M Credit Union.
As U-M faces a decline in state funding, University officials are dedicated to keeping education accessible and affordable, Sullivan said. Budget priorities include meeting the full demonstrated financial aid need for residential undergraduates, maintaining excellence in research and scholarship, and responsible stewardship.
Sullivan plans to meet with deans across the campus to discuss reallocation of priorities in light of state budget cuts.
“At the University of Michigan, we are in a better position to face this crisis,” Sullivan said, “But it won’t be without pain.”
The financial crisis impacts people in many ways, Adams said. “There are many dimensions of this crisis.
“Every generation is marked by great social challenges that arise in a specific moment in time. This is an opportunity to think about public policy in a more sensible way.”
Other advice Tesar offered included taking care of personal finances and enrolling in an economics course. “In this time you need to get a basic understanding of economics. We need to become educated citizens.”
Panelists also answered questions from the audience about how to maintain talent in Michigan and financial aid.
Blanco said the U-M Credit Union has several counselors available to help students balance their budget so they don’t run out of money before semester’s end. Rodriguez said the Office of Financial Aid has financial aid officers who will meet with people to discuss concerns.
“We can help them achieve a realistic plan for balancing finances for the term,” Rodriguez said.
