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| Also listed in: Campus Progress Blog |
Harvard University announced the other day that it posted a 23% gain in its endowment for the 2007 fiscal year, raising it from $33.5 billion to $41 billion, or to about the total annual GDP of Luxembourg. $41 billion dollars can go a long way, like giving $10,000 college scholarships to 4.1 million students. Thankfully, Harvard is starting to recognize its potential to equalize all the inequities in higher education. Students from families now earning less than $60,000 a year attend the school for free, which resulted in a record 22,995 applicants this past year. I guess all we need now is for all well-endowed schools to start giving back to middle and lower class students who can’t afford the same education that the wealthy can.

Is there any data out there on a university abolishing legacy admissions and what that did to its financial picture?
On principle, I don't think any of us like legacy admissions. As a practical matter, I don't have enough data to judge one way or the other.