The Dow Jones Industrial Average dropped 684 points Monday, one of the largest one-day falls in the market's history. It was the first day the markets were open after last Tuesday's terrorist attacks in New York City, Washington, D.C., and Pennsylvania.
"It really scares me a lot," said Mark Richardson, a freshman from Wendell. "I don't have money in the stock market, but my parents do, and part of the money that helps pay for my college education is in mutual funds."
Although students might be concerned about the future of the economy, not everyone on campus is expecting a significant downfall.
Economics Professor Michael Salemi said he is confident in the economy's ability to recover from recent events.
Not only was Salemi not alarmed by Monday's market drop, he said he was actually reassured that the fall was not worse."I take a great deal of comfort in what the market did on Monday," he said. "It did not free fall."
Salemi said he believes the U.S. economy will snap out of its lull. "I don't think there's a good case for panic or depression," he said. "Be confident, and be optimistic."
Many UNC officials are not worried about the economy's effects on students. Shirley Ort, associate provost and director of scholarships and student aid, said her office will do its best to provide for students' financial needs, regardless of the economy's status.
UNC provides most students with financial aid packages that are based on a two-thirds grant and one-third loan formula. Although Ort said she believes the University might be forced to increase loans and decrease grant money, she doesn't believe the system will be dramatically altered. "Carolina has a wonderfully proud tradition of meeting students' financial needs," Ort said. "I'm confident, but I'll have to work real hard."
Despite this confidence among University officials, some students still have doubts that their education is secure.
