Updates on Devaluation Impact
October 31, 2022
Dear AUC Community,
As we announced on Thursday, we are working to assess the full impact of the recent EGP devaluation on all aspects of our operation and on various members of our community.
We appreciate that our students and their families are among those most impacted, and we are committed to working with every student to ensure their education is not interrupted due to an inability to pay because of the devaluation.
In addition to the existing mechanisms for financial aid, we are establishing the Student Tuition Emergency Fund to support current students who are facing difficulties with their tuition payment. The Office of Scholarships and Financial Aid is also extending its staff resources to support students who wish to apply to the fund. Students who have not paid the last installment for Fall 2022 and are having financial difficulty, may apply through this link for emergency funding, starting Wednesday, November 2, 2022.
In addition to students, staff whose salaries are fully denominated in Egyptian pounds will be impacted by the devaluation. We recognize that whatever additional support is provided within the existing budgetary constraints, especially for colleagues at the lowest end of the pay scale, may not fully address all of their needs. Nonetheless, we are working through options to provide a one-time payment in the November payroll to help our staff as they adjust. We will be sharing additional details in the coming weeks.
On the operational side, we expect the devaluation to have several significant impacts that we have not yet fully quantified. Looking ahead, we are committed to finding ways to improve efficiencies while mitigating the risks of devaluation.
We will hold a Campus Conversation on Monday, November 7 to discuss the overall impact of the devaluation on the university. Working together, we will find sustainable ways to address the budget implications while supporting those among us who are most in need.