On December 16, the higher education establishment put out its tin cup, asking Congress to give it a 5 percent cut of any “stimulus” spending package—around $40 to $50 billion for new university construction projects. In the interest of full disclosure, I should say that I’m opposed to the concept of “economic stimulus” spending. The […]
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After years of fat, our colleges and universities are now facing decisions imposed by the coming years of lean. Will the academy pull back from the spending binge of recent decades by cutting away administrative fat, or by chipping away at academic bone? Will it be administrations or faculties that get downsized? The answer will […]
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The idea of “bubble” has been on everyone’s mind since the escalating housing and economic crisis first erupted in July 2007. Throughout these turbulent times, one institution appeared to be coasting along above the fray: Higher Education. Higher ed has been growing for decades, becoming a staple in the national political economy. The supply and […]
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In the reporting on our present economic infelicity we learn, astonishingly, that among the most extravagantly foolish investors have been America’s oldest and (so we are given to believe) wisest institutions of higher learning, including Harvard, Princeton, and Dartmouth. A twenty-something taking his first dip in the stock market might be expected to display irrational […]
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Former Commissioner of Education Statistics Mark Schneider has caused a bit of a stir with a paper in which he argues that colleges are getting a free pass on a huge problem – a very high drop-out rate. Our colleges are failure factories for literally millions of students, Schneider says, and I agree. To be […]
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The week is full of bleak educational news. Take a look: A Forbes story, “The Coming College Bubble”, forsees a world of trouble for Higher Education’s economic fortunes: According to a September 2008 study by the National Association of Independent Colleges and Universities, of the 504 member institutions surveyed, one-third said the credit crunch had […]
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The stage is now set for wide debate over mandatory student fees These are the fees that educational institutions or student governments assess students above and beyond the monies that pertain to tuition, housing, dining, and similar goods. Some of these additional fees typically fund extracurricular activities or needs such as medical services, crime victim […]
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– The Engingeering Student Council at Columbia has advanced a measure to permit student petitions on issues. The Not only are Barack Obama and John McCain for the step, the Columbia Spectator is as well. Past polls revealed majority student support. Opposed? The faculty, the administration, and, in past forms, student government. – Richard Vedder […]
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With its $34 billion endowment growing at the rate of nearly 20 percent a year thanks to astute investments, Harvard University is probably the richest university on earth. But that didn’t stop Harvard from raising its undergraduate tuition 3.5 percent for the 2008-2009 academic year, to a record $32,557. When you figure in room, board, […]
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Today’s Chicago Sun-Times offers tips for college saving, from “experts” and from students.
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The New York Times ran a piece Monday on Berea college, which, judging from the article’s comment section and blog responses, appears to have hit a raw nerve. At a point when Congress is about to publish a list of the worst tuition-increase offenders, and yearly college price-tags are climbing nearer $50,000 a year, it’s […]
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In 2003 Lee Bollinger, president of Columbia University, decided that the one-year curriculum at the university’s historic Graduate School of Journalism wasn’t intellectual enough, because it focused on the acquisition of practical skills such as reporting, editing, and broadcast techniques rather than training fledgling journos for what many of them would rather be: public intellectuals. […]
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Harvard president Drew Faust spoke at the ROTC commissioning ceremony, a controversial act on a campus where hostility to all things military is entrenched orthodoxy. The question hanging in the air was: will she tarnish a celebratory moment by taking the opportunity to denounce “Don’t ask, don’t tell,” or perhaps irritate the anti-military crowd by […]
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The student loan crisis – or near crisis; narrowly-averted crisis ; or postponed crisis – no one is sure – comes co-incidentally at a moment when many colleges and universities are once again repackaging their basic programs. The new buzzword, as John Leo has pointed out is “sustainability.” I also recently tried my hand at […]
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Despite a great flurry of activity to expand financial aid at selective colleges over the past several years, a new study by the Chronicle of Higher Education reported this gloomy bottom line: “Top Colleges Admit Fewer Low-Income Students.” As someone who has worked for more than a decade to push colleges to enroll more economically […]
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The Wall Street Journal reports on college savings plans. Take a look, save (more).
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You’ve just started your freshman year in college, so one of your first stops is the campus bookstore to pick up your textbooks. You signed up for Econ 101, where your professor has assigned one of the top-selling basic textbooks in the field: Harvard professor N. Gregory Mankiw’s 936-page Principles of Economics (South-Western/Thomson), now in […]
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An op-ed “Aid, Discrimination, and Justice” in Monday’s Columbia Spectator speaks to an increasing conception of universities not as American institutions, but as world institutions, with a responsibility to a global audience, and, in this case, student body. Columbia just announced an overhaul of its financial aid policies, of considerable benefit to poor and middle […]
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(This article originally appeared at Inside Higher Ed) Dartmouth College is now the latest institution to announce considerable changes to its tuition and financial aid structure, eliminating any charges for students from families making less than $75,000 a year. Dartmouth’s arrangement is not nearly so generous as Harvard’s or Yale’s, yet it’s markedly superior in […]
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Now that the Senate finance committee has requested – the New York Times said “demanded” – that the nation’s wealthiest colleges and universities supply detailed information about their endowments and financial practices, it seems clear that college cost is emerging as a long-running, popular and bipartisan issue. The request/demand came in a stern but polite […]
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With some recent encouraging efforts to right the ridiculous financial metrics of college attendance, let’s not forget how rapidly other aspects of the college experience continue steaming into absurdity. Andrew Ferguson offered a prescient corrective in the Weekly Standard – here’s a telling bit: A further symptom of college madness, as I should have known […]
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A few weeks ago, I alerted readers to the threat of a tightening of the student loan market . Banks have been bundling student loans, like home mortgages, and selling them as securities. First Marblehead Corporation in Boston has been the nation’s biggest player in “securitizing” student loans, and just like home mortgage-backed securities, the […]
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Harvard’s announcement, on December 10, that it was eliminating student loans, and otherwise increasing grant support for lower and middle income students, has set off a torrent of welcome news in the last nine days. Two days following, Yale declared that revisions to its student aid program were forthcoming. Soon, Swarthmore announced the elimination of […]
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Last week, First Marblehead Corporation, a Boston-based company, saw its stock plummet after cutting its dividend. The problem? First Marblehead is in the business of “securitizing” student loans. A year ago, this would have required some explanation, but the sub-prime mortgage mess has taught Americans – and people all over the world – the meaning […]
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The case of the Robertson Foundation versus Princeton University has not, after nearly five years of litigation, yet come to trial. But it’s already shaping up to be the most expensive donor intent case in history. Reports of spending by the Robertson family differ, but news reports indicate the family may have spent as much […]
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California Governor Arnold Schwarzenegger has signed legislation (SB 190), authored by State Senator Leland Yee, which would require the governing boards of California’s two university systems – the University of California and the California State University – to determine future pay increases of university executives in meetings that would be open to the public. “This […]
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The New York Times reports that “College Costs Outpace Inflation Rate.” Of course they have. The Chronicle offers a more telling headline: “Student Aid Has Gained, but College Costs Have Risen Faster.” The Times reports “in recent years, consumer prices have risen less than 3 percent a year, while net tuition at public colleges has […]
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In an Op-Ed in last Monday’s New York Times, UC-Berkeley sociologist Jerome Karabel painted an alarming picture of our elite universities as institutions that systematically discriminate against poor and middle-class students. In Karabel’s words, these schools are “serving less as vehicles of upward mobility than as transmitters of privilege from generation to generation.” This is […]
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President Bush just signed into law the College Cost Reduction and Access Act, passed by both houses of Congress on September 7. CCRAA – think of a crow signaling to his buddies that dinner is served – comes with the tag line, “The largest investment in higher education since the GI Bill – at no […]
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