Post from Thomas Coen's Blog:
The Morality of College Endowments
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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.


Reader Comments
  
Harvard's Generousity***
By DJ Aug 26th 2007 at 8:28 am EDT
This is certainly a step in the right direction...now let's just see how many students from families making $60k or less actually apply to Harvard AND get in.....that would make an interesting statistic.
Re: Harvard's Generousity***
By Thomas Coen Aug 26th 2007 at 12:48 pm EDT
Good point. There is still way too much weight given to factors that help the well-off get into schools like Harvard. Legacy admissions is one example.
Re: Harvard's Generousity
By Superduperficial Aug 26th 2007 at 5:19 pm EDT
I'm not a fan of legacy admissions, believe me - but I'd be interested in seeing some data on whether they're a net gain, due to the increased alumni giving I'd imagine they bring in?

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.
  
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