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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By Harvey Silverglate With Kyle Smeallie Harvard University may be losing money like a hard-luck high-roller, but the Vegas tagline (what happens in Vegas stays in Vegas) certainly does not apply: what happens at Harvard reaches well beyond the Cambridge confines. For better or for worse, many schools follow in Harvard’s footsteps. What better place, […]
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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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“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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The nine-campus University of California system is reducing the number of freshman admissions because of the financial crisis. But “underrepresented groups”—non-Asian-American minorities—shouldn’t worry at all. Apparently all the cuts will come from white and Asian-American applicants. Down in the ninth paragraph of a 13-paragraph Associated Press story in the San Jose Mercury News, we learn […]
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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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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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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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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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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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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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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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Harvard’s Endowment has suffered a staggering eight billion dollar loss, or a loss of at least 22% in the last four months. That’s the worst endowment drop for Harvard in 40 years, and dwarfs most comparable recent plunges in University endowments. Read on. Given uniformly dolorous news in the financial sector, it’s encouraging to see […]
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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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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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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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Those who have been operating the managerial levers of the financial system have failed embarassingly and massively to comprehend the processes for which they are responsible. They have loaned money avidly and recklessly to people who couldn’t pay it back. They fudged data to get loans approved and recalculated . Then they sausaged fragile figments […]
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Cary Nelson’s belle lettre to Antioch in this week’s Chronicle is enough to make anyone want to nail another board over the school’s windows. What did Antioch teach? Spunky ideas, like the following: I used some of Lyndon Johnson’s antipoverty money to hire buses to take the program participants [inner-city children] to an antiwar demonstration […]
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Antioch College, of fame for strident sexual interaction policies, and Abu-Jamal commencement speeches, has ceased to be. American colleges are not in the habit of disappearing, but then, there are few colleges anything quite like Antioch, as Peter Wood today notes in What Happened To Antioch? on the site today. In a universe of left-inclined […]
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