Marquis Society Letter

Lafalum · Marquis Society Letter

I got a letter from Dan Weis addressed to the Marquis Society. The letter addresses the new financial aid programs instituted by Harvard and other schools and how it affects Lafayette. He is concerned that a"fundamental division is being created between the majority of America's colleges and univeristies and the handful of super wealthy schools. He regrets that they have shifted their orientation from market based economics to resource based economics." Firstly I didn't kow there was a difference. The present pricing structure in colleges is based on oligopolies not on the usual demand and supply relationships. Schools including Lafayette have been raising tuition faster than inflation for more than two decades. They have also been reducing classroom time ( Lafayette students now are required to carry only 4 classes per semester, semesters are shorter and end earlier), professors are required to teach less ( typical teaching load is 2 classes per semesters and they are permitted a paid sabatical every 7 years), administrative salaries have skyrocketed ( the typical dean makes twice what the president was paid 10 years ago).
The answer as decribed in the letter is more alumni giving. He is asking for 50 mio or more to provide scholarship aid out of a proposed new campaign of 300 mio dollars. Keep in mind the school raised tuition last year by 6 pct and apparently did not raise revenue that much because that qualified more students for aid and he reduced the size of the incoming class. I think perhaps that was a mistake. He points out that the average Lafayette student incurrs more debt at the end of his four years than graduates of peer schools. Given that our endowment per student is higher than most of our peers why is that the case?? Have we not been diligent in cost control?? Are we giving less and asking more??
Any thoughts on this???