Maine’s higher education structure is a little unusual. The flagship university, in Orono, is too remote from the state’s economic and cultural core on the Kittery-to-Rockland coastline. The state’s second-largest public university, the University of Southern Maine, has campuses in Portland and nearby Gorham, but long had a reputation as a more second-tier institution.
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Until recently, much talk about student loans was fact-free: There simply weren’t publicly available figures worth paying attention to. The official balance of student loans from the NY Fed were unreliable: There was a bucket of random obligations called “Miscellaneous”, which included things like utility bills, child support, and alimony. And it turns out that […]
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The Chronicle Review is notorious for publishing outlandish opinion pieces more in the nature of white-hot rants than well-reasoned essays. A good case in point is Professor John Quiggin’s “A Vicious Duo” (September 16 – subscriber site), is one of the most overwrought pieces I’ve read there. Quiggin, who teaches economics at the University of Queensland […]
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How easy do some college professors have it? Here is a paragraph from an Aug. 28 story in the Chronicle of Higher Education about the effect of recession-hit Nevada’s higher-education budget cuts at the University of Nevada-Las Vegas: One person who hasn’t spent much time on the campus since May is [Lynn] Comella. Sitting behind a […]
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One of the frequent complaints one hears from humanities professors and figures in the “softer” social sciences is that students and a growing number of higher education officials, consultants, and commentators regard college more and more as a job-training program. While driving across the country this week, I heard Rush Limbaugh declare that the only […]
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As a regent of the University of California (UC), I voted against “fee” increases proposed by the administration as often as I voted for them, but with each vote I realized that UC was slowly moving toward the day when basic decisions would have to be made about how the university is financed, who can […]
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Community colleges stand to be major beneficiaries of the massive Student Aid and Fiscal Responsibility Act passed by the House on Sept. 17, with about $9 billion in federal dollars to be directed their way if the bill becomes law. Community colleges, as locally based, take-all-comers institutions that typically offer two-year degrees for minimal tuition, […]
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Some faculty members in the University of California system plan to stage a walkout starting on Sept. 24—which also happens to be the first day of classes at several of the system’s 10 campuses. The aim of the walkouts is to protest an $813 million cut in state funding for the university system during the […]
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Cuyahoga Community College expects to see nearly 30,000 students enrolled for credit on its three campuses in Cleveland when it opens for the fall semester late in August, with an additional 30,000 taking non-credit courses for job-training “personal enrichment” (instruction in art, photography, and other hobbies). According to campus officials, the 30,000-strong for-credit student population […]
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A recent report from Education Sector shows that about half of America’s college undergraduates go into debt these days in order to work toward their degrees. In 1993 only 32 percent of college students took out loans to pay for their educations, so these latest figures, from 2008, based on the U.S. Education Department’s National […]
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Two weeks ago a state district judge in Denver issued a ruling that makes it next to impossible for a college in the Colorado state system to revise its faculty handbook so as to make it easier to lay off tenured faculty members in the event of a reduction in employment force, even when state […]
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Even the dark cloud of the current recession has some silver linings. One of them seems to be an unexpected up-tick in the number of college students majoring in engineering, an academic field that actually leads to production of useful things, such as bridges and medical devices, in contrast to, say, women’s studies, which produces […]
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If you thought last fall’s staggering endowment drops were the end of collegiate financial troubles, you haven’t been paying attention. Another minefield awaited – application season. It wasn’t simply colleges that were feeling a pinch, so were their future customers. After decades of tuition increases that failed to dent application numbers, colleges were suddenly forced […]
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The last time President Obama gave a speech dealing with education (his address to Congress on February 24), he misrepresented government data to make his case that the country needs to put a significantly higher percentage of people through college. (I wrote about his fudging of the figures here) For that reason, Americans would be […]
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Like Caesar’s Gaul, President Obama’s plan for higher education is divided into three parts: 1) Every American should have postsecondary educational training, and within a few years we should again lead the world in the proportion of young graduates with bachelor’s degrees; 2) Federal financial assistance to pay for college should become an entitlement like […]
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Newspapers are folding right and left—the Rocky Mountain News in February, the Seattle Post-Intelligencer in March, the Boston Globe any day now, it would seem—and, according to the American Journalism Review, some 15 percent of the newsroom jobs, about 5,000 of them, last year (with another 7,500 vanishing so far this year) at newspapers across […]
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In a recent article that received a fair bit of buzz, The New York Times spun a story of the supposed new reality in the recession-plagued U.S.—Students from more well-off families being given admissions preference at increasingly cash-strapped universities. But the Times article misses the larger point. Lawrence University, Colby College and Brandeis (some of […]
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Here’s a sign of colleges’ desperate need for tuition cash to make up for shrunken endowments and less generous donors in today’s economic downturn: many institutions are slinking away from their vaunted “need-blind” admissions policies that admits applicants deemed qualified regardless of their ability to pay and makes up any shortfalls with scholarships and other […]
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Finally, it would seem, colleges are doing something realistic to cut costs in this era of tight budgets and shrunken endowments: they’re scaling back or declining to expand their Ph.D. programs. Inside Higher Education reported last week that a range of institutions, including Emory, Columbia, Brown, New York University, and the University of South Carolina […]
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A modified version of this piece appears today in the Washington Examiner Georgetown University, like many colleges and universities hit by the current economic downturn, is in what look like dismal financial straits. The value of Georgetown’s endowment shrank 25.5 percent last year, to $833 million, the annual deficit it has been running is estimated […]
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Many people think the colleges and universities are overreacting to the sharp drop in their endowments. Lynne Munson, former deputy chairman of the National Endowment for the Humanities, is one of these critics. In a letter (subscription only) to the Chronicle of Higher Education, she argues that higher ed endowments haven’t lost much value if […]
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Harvard University, trying to trim its operating budget in the face of a projected 30 percent decline in the value of its endowment stemming from the current financial meltdown, announced its intention to cut 13 of the 27 janitors who service its medical school and an unspecified number of custodial workers elsewhere at Harvard residential […]
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Dr. Macchiarola, chancellor of St. Francis College in Brooklyn, delivered these remarks on February 5th at a one-day conference in New York on “The Future of the University.” The conference was sponsored by the Manhattan Institute’s Center for the American University. If I were making this presentation a year ago, I would not have some […]
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In the area of higher education especially, but in most other areas too, the Stimulus bill looks more like an emergency measure designed to maintain current programs than a strategic package aimed to stimulate growth. Among others, college and university presidents are likely to be among those sorely disappointed. Last November, shortly after the election, […]
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The Boston Globe reports that Harvard alumni have written to President Faust asking that, given the recent drop in endowment value from $36.8 billion to $28.7 billion, the latest bonuses paid to the fund’s managers be returned. The five highest-paid executives earned between $3.4 and $6.9 million during the last fiscal year. Those aren’t especially […]
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The good news is that neither the House nor the Senate version of President Obama’s $825 billion so-called economic stimulus package opens the sluicegate of federal slush-funding for higher-education construction projects as wide as many college presidents would like. Back in December some 31 university presidents and trustees, representing some of the biggest public university […]
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Hardly a sector of the American economy is unaffected by the current recession; however, no matter how painful this period is, it provides an opportunity for many institutions to do the kind of restructuring that should have been done before now. And, fewer segments of our society are in greater need of financial restructuring than […]
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One thing to be said for the $42.5 billion or so in supposed stimulus dollars that publicly funded institutions of higher learning are trying to squeeze out of the incoming Obama administration’s economic package is that the amount isn’t too much larger than Harvard’s $28 billion endowment. Oh, and it’s also not too much larger […]
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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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Duke’s Endowment down 19%. Yale’s down 25%. More blows to the “Yale model” of investment. If you didn’t catch it, read more from Joe Malchow on the topic here.
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