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About Oregon daily emerald. (Eugene, Or.) 1920-2012 | View Entire Issue (May 17, 2005)
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Call 346-4343 or place your ad online at www.dailyemerald.com Number of billionaire schools hits 47 BY JUSTIN POPE THE ASSOCIATED PRESS NEWTON, Mass. — Crossing the main quad at Boston College, visitors can’t miss the billion dollar view. There is Higgins Hall, the recently renovated science center, with its pricey, Gothic exterior. Behind it sits a new, $41 million office building, complete with coffee bar. “I don’t think you can ever over invest in higher education,” said the Rev. William Leahy, BC’s president. With a $1.15 billion endowment, BC can invest a lot: The school is in the stratosphere of wealth in American higher education. But the stratosphere is getting crowded. Forty-seven U.S. colleges and uni versities now have endowments of $1 billion or more, compared to 17 a decade ago, according to the National Association of College and Universi ty Business Officers. Harvard alone has $22 billion, nearly $10 billion more than No. 2 Yale. The billionaire schools have amassed their wealth through savvy fundraising, shrewd investing and generous tax laws, and they are the envy of the world. Outside the Unit ed States, only England’s venerable Oxford and Cambridge are in the same financial class. In this country, $1 billion has be come a benchmark, a point beyond which schools can stop worrying about the day-to-day and dream big. To shed light on how these schools are using their unprecedent ed wealth and why they still cost so much to attend, The Associated Press analyzed thousands of num bers collected by the federal govern ment and college guidebooks ovei the past decade. The AP found an increasingly varied mix of private and public schools in academe’s financial elite, a group spending heavily on new construction and aggressively recruiting top faculty. They also are a clique that can in duce tuition sticker-shock as never before: Despite tripling its wealth over the last decade, the average billionaire college has nearly doubled its price. TUition and fees at the average private billionaire college hit $29,002 in 2004; at pub lic universities in the group it cost $7,230 to attend the typical flagship campus. A significant boost in financial aid means many students aren’t paying full freight, yet the costs have provoked criticism that the richest colleges should use more money from their savings than they do now — at most schools, about 5 percent per year. Some also worry the wealthiest colleges take too big a piece of the financial pie. The 47 billionaire schools possess nearly two-thirds of the endowed wealth in American higher educa tion. They are indisputably engines of life-improving research but, ex cluding the branch campuses of bil lionaire public schools, they edu cate fewer than one in 25 American undergraduates. Each of the eight Ivy League col leges is a billionaire, perhaps unsur prisingly, as are other private schools that wouldn’t be hard to guess — Stanford, Duke, Chicago and Notre Dame among them. Yet there also are small liberal arts colleges, such as Grinnell in Iowa, and 14 public universities, up from four a decade ago. The new comers among public schools include Ohio State, North Carolina and Illinois. A billion dollars goes a lot farther at a small school than a large one. Wellesley College, an all-women’s school outside Boston, for instance, ranks 39th on the endowment list with $1.18 billion. Purdue Universi ty is one slot higher with $1.20 billion, but the Indiana school has 17 times more students. What all these schools have in common is that — by American standards, anyway — they’re old. Their average age is 168, ranging from 93 (Rice) to 369 (Harvard). Colleges need decades, even cen turies, to build a reputation, reap the rewards of compounding invest ment returns, and produce genera tions of alumni who can be tapped for donations. Ask any president of a billionaire college about the endowment and you’ll get a lecture on how little $1 billion really is: Spend too much each year and there isn’t enough left for the future. And many endow ment funds are for specific purpos es, from scholarships to professor ships to landscaping. That’s why the presidents say their endowments can do little more than put the brake on tuition increases. The AP’s analysis found tuition and fees rose 63 percent at the aver age private billionaire school over the last decade, slightly less than the increase faced by students at four-year colleges nationally. Of the 14 public schools on the list, many still deal with state budg et cuts and are more dependent on tuition than a decade ago. Tliition and fees at flagship campuses are up 106 percent, compared with an increase of 90 percent for students at four-year public colleges nationwide. That translates to an in crease of $3,712 at the average public billionaire. It’s no surprise, then, that the debt loads of students who borrow to attend the billionaire colleges stands above $16,000 at both the flagship public universities and private schools. Still, for many, billionaire colleges have become more affordable. That’s partly because the percent age of students receiving loans is down and the percentage receiving grants is up. Private billionaires are meeting almost all of what’s called “demonstrated need” — getting stu dents the cash they must have to stay enrolled. Public flagship schools are meeting 84 percent of demonstrated need. Princeton recently replaced loans entirely with grants, and Yale and Harvard eliminated tuition for stu dents from low-income families. Among public schools, the universi ties of Virginia, North Carolina and Michigan have recently implement ed or announced more financial aid for low-income students. \ MomngGuide On stands Friday! Oregon Daily Emerald The independent campus newspaper for the UO community Ncftvmwgmmoa Positions Available: Legislative Affairs I Educate and activate students for political action on state and federal issues related to students and higher education. Campos Outreach Serve as ajiaison between the student body and the ASUO, in addressing issues of safety and WIIW WIV/IW W V/j Ilf UVJVJI V^JIl FJ \J I 0\J I C university housing, as well as inclusion with student groups and University Committees. Community Outreach Serve as a liaison Jo the University and the greater community to develop programs and address issues around students’ needs and concerns with the community. Serve as a liaison to the University administration, faculty, staff organizabons, councils and committees. Multicultural Advocate (2) I Advocate for and develop programs addressing concerns of students of color, gay lesbian, transgender and queer students, and other under-represented groups, and to be a liaison between these groups and the ASUO. International Student Advocate Act as a liaison to international students and act as a resource for programs serving international students. Serve as a liaison between the University of Oregon’s Greek Community, including all ethnically, culturally, and professionally based chapters, the ASUO, and the greater student body Programs Administrator Provide information and assistance to ASUO programs, and approve and monitor student programs. Non-Traditio'nal Student Advocate (Grad, Law, Returning Students and Student Parents) Participate in addressing issues of concern to non-truditional students in conjunction with student and University organizations, councils, and committees at the campus, local and state level. Elections Coordinator Oversee elections for student government, ASUO programs, and Family Housing. Finance Coordinator Work with the ASUO President and Vice-President to coordinate the ASUO budget process and oversee expenditure of current ASUO program budgets. Marketing Coordinator Coordinate the Fall and Spring Street Faire, os well as create marketing plans and strategies for the ASUO, develop fundraising projects for the ASUO Executive, and assist ASUO programs in their fundraising efforts. I Provide visibility and communications within and outside of the University community for all projects and events in the ASUO, and act as the spokesperson for the ASUO. Health and Women’s Advocate To advocate for and develop programs addressing the concerns of self-identified women and areas of student health, and to be the liaison between Women’s groups, the Student Health Center and the ASUO. Environmental Coordinator To advocate for environmental policies and programs on and off campus and to serve as a resource for programs and administrators in adhering to such policies. Applications available in ASUO Office (Suite 4 EMU) Due Friday, May 20 by 5 pm g An affirmative action/equal opportunity/Americans with Disabilities Act employer. (AA/EOE/ADA)
