Despite headlines about the rising price of a college degree, fewer families are saving money for college and fewer have a plan to pay than in the past, according to a survey released today by Sallie Mae. The annual survey about families' saving habits found that only 50 percent of families with children younger than 18 were saving for college, a drop of 10 percentage points from 2010. On top of that, 16 percent of respondents said they were saving less than the previous year, citing unexpected expenses, higher cost of living, and lower income. When asked to describe their feelings about saving for college, parents were more likely to say that they felt overwhelmed, annoyed, frustrated, or that they don't like thinking about it than they were to say they were confident.
Lincoln Memorial University last week told 13 faculty members, one of whom had taught at the university for 18 years, that their contracts would not be renewed after this academic year, The Knoxville News Sentinel reported. The job cuts are being made because of projected decreases in enrollment next year. The university's graduate education programs have enrolled many students from Georgia -- educators eligible for raises if they complete certain degrees. Georgia has changed its rules such that completing the programs at Lincoln Memorial will no longer make people eligible for raises. Lincoln Memorial does not have tenure, so faculty members work on year-to-year contracts.
Grinnell won't consider applicants' ability to pay, at least for two years. But college will raise loan limits and try to attract more wealthy students. Is this the future model for elite private higher ed?
Florida Atlantic University has agreed to name its football stadium for a company, GEO Group, that runs private prisons, The New York Times reported. University officials are defending the deal, saying that they need private money for athletics and that GEO officials have strong ties to the institution. A number of groups have over the years raised questions about GEO Group's management of prisons, and some say that the university should not be using a major facility to promote the company.
Harvard University's investment arm has created a new position -- vice president for sustainable investing -- which will focus on the environmental, social and corporate governance issues related to Harvard's investments, The Boston Globe reported. While various groups have over the years urged Harvard to refrain from or sell certain kinds of investments, the university has generally focused on obtaining the greatest return.
The Cooper Union, which has traditionally awarded full scholarships to all students but which last year started charging tuition to graduate students, is again considering tuition for undergraduates, The New York Times reported. The move to start charging graduate students was designed to keep undergraduate education free, but officials at Cooper Union said that financial challenges may make it impossible to remain tuition-free. Many student and alumni critics, however, say that an important tradition is at risk, and some question spending priorities by administrators.
The University of Southern Mississippi is facing tens of millions of dollars in repair costs due to Sunday's tornado, The Clarion-Ledger reported. The tornado struck several campus buildings, and state officials met Wednesday to discuss the repair process. The university will resume classes today, but 87 class sections will be held in temporary locations.