Tuition Support and Updates on Devaluation Impact
January 17, 2023
Dear AUC Community,
On Thursday of last week, I wrote to the community to share our early thinking around the impact of the recent devaluation of the Egyptian pound.
As I announced, we established immediately the Student Tuition Emergency Fund and will continue to accept applications until Sunday, January 22. All students currently receiving financial aid or students who recently applied for financial aid will automatically be considered for the fund without the need to apply again. Financial aid decisions will be communicated to students by Tuesday, January 24.
In addition, the University will provide one-time financial support equivalent to 10% of the spring semester payable tuition for all students (excluding international students), provided they pay the full tuition due by Thursday, February 2. We understand the concerns parents have voiced over the uncertainty of the exchange rate and currency fluctuations weeks before the start of the spring semester. Our hope is that this exceptional, one-time tuition support for the spring semester will assist families and mitigate roughly half of the impact of the post January 4 devaluation for everyone. Students already receiving financial aid and new applicants to the Student Emergency Tuition Fund may be eligible for additional support (beyond the 10%). Those who do not pay the full spring tuition by February 2 are still eligible for the payment installment plan and the emergency fund; however, they will not be eligible for the one-time 10% financial support.
We recognize that all interventions will be imperfect. AUC simply does not have the resources to fully mitigate the impact of the currency devaluation on all of our constituencies. We are trying our best, within our financial realities, to support members of our community in meaningful ways. In the immediate term, this means prioritizing the concerns of parents and students.
In parallel, we are studying other interventions we may be able to make for employees, as well as the longer-term implications. In the immediate to short-term, we can only consider one-time, exceptional interventions. Any lasting changes to our financial commitments and structures will require careful analysis and thoughtful planning.
We will announce shortly the details for a Campus Conversation to advance our discussion and provide updates. As we work together on the complicated and interlinked set of challenges related to the devaluation and financial outlook, we need to remember our shared community values of mutual respect, care for each other and resilience.