Most colleges and universities plan to tighten their belts during this recession year, what with shrunken endowments, curtailed donor gifts, and students and parents suddenly feeling too strapped to pay high tuition costs. Yet for a lucky few institutions—institutions with connections to members of Congress—this year will provide some unusual financial bonanzas, thanks to a […]
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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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As expected, President Obama’s plan to aid community colleges, to the tune of $12 billion, drew impressive praise. “Dean Dad,” who blogs at Inside Higher Ed called the president’s Macomb Community College speech in Michigan, which outlined the program, “by far the most intelligent presidential discussion of higher education I’ve ever seen.” But there were […]
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The talented education bloggers at The Quick and the Ed have turned their attention to a topic dear to the hearts of us at Minding the Campus (see my March 31 opinion piece for the Washington Examiner): the reluctance of colleges and universities to take serious steps to cut costs in the face of shrunken […]
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“Maximize Your 529 College Savings Plan” from the Boston Globe
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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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“8 Tuition-Free Colleges” from Mental Floss
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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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This article is adapted from the American Council on Education’s Atwell Lecture, delivered on February 8th by Dr. Gee, president of The Ohio State University The transformative effect of higher education, to change individual lives and to remedy global problems of all kinds, is without question. And it is shared equally among us. Public or […]
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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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On February 11 art-lovers packed a meeting room at Brandeis University to protest Brandeis’s plans to shut down its on-campus art museum and auction off the museum’s entire 6,000-piece collection. The list of holdings at Brandeis’s Rose Art Museum, most of them donated since the museum’s opening in 1961, reads like a Who’s Who of […]
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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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By William Creeley & Harvey Silverglate Reaction to Brandeis University’s plan to close the Rose Art Museum and sell its esteemed collection was swift—and scathing. Within the Brandeis community, President Jehuda Reinharz’s proposed fire sale provoked howls of betrayal from students, faculty, alumni, and donors. In the art world and news media, the move was […]
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Here at Minding the Campus we’ve been elaborating on Charles Murray’s argument that college isn’t for everyone, and that a college degree—which can cost graduates at least four years of forgone earnings and leave them drowning in student-loan debt—isn’t necessarily the ticket to economic prosperity that it’s cracked up to be. So what?, you might […]
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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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By Maurice Black & Erin O’Connor The current upheavals in the financial markets have left everyone confused. But in the midst of all the confusion, one thing has become crystal clear: A free country simply must be an economically and financially literate country. Amid the waves of failing banks, roiling stock exchanges, massive government bailouts, […]
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Despite all of the rhetoric from our elected officials about their interest in containing college costs, every American should know that the legislation Congress passed last year reauthorizing the Higher Education Act significantly increases the cost of running a college, and therefore the cost of attending one. By way of example, let’s look at the […]
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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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An interesting story: The NCAA has provided what Kretchmar describes as a startup grant for the advisory group and its journal. The association, he said, has no editorial review over the journal, and no controlling hand in the research or colloquiums. The NCAA is, in essence, funding a group of researchers striving to be as […]
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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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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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