Quick Takes: Discount Rate Up Slightly, New York City to Pay for Students to Take PSAT, Purdue Loses Patent Case, Cornell Bars Sudan Stocks, Scare at Virginia Tech
Submitted by Scott Jaschik on August 22, 2006 - 4:00am
Colleges increased their average discount rate slightly in 2005, following a slight decrease the previous year, resulting in the same average rate for 2005 as 2003 -- 38.8 percent -- according to an annual survey by the National Association of College and University Business Officers. Tuition discounting is popular with many admissions officials, who see it as a recruiting tool, but with the rise of discounting in recent years, many finance experts have warned that the practice is getting out of hand.
New York City and the College Board announced an agreement Monday under which the city will pay for all students in 10th and 11th grades of its public high schools to take the PSAT. The city has allocated up to $1.2 million for 150,000 students to take the test, the College Board's prelude to the SAT. Mayor Michael R. Bloomberg said that the program would encourage low-income students to prepare for college and to seek scholarships. The normal fee for the PSAT is $12 and while the College Board offers waivers for those unable to pay, many students who would be elible for the waiver don't apply for it or take the test.
A company that produces tissue-growth products did not infringe on a Purdue University patent, a federal appeals court ruled last week. ACell, the company, the company, had layoffs last year after losing a trial court case in the dispute, but now plans to expand production of its product, The Indianapolis Star reported. Purdue officials told The Star that they were reviewing the decision.
Cornell University announced Monday that it would bar from its endowment investments in oil companies operating in Sudan. A statement from the university noted that much of the revenue for the Sudanese government comes from those oil companies -- and that government has been complicit in the genocide in Sudan. The statement also noted that the university would look for "meaningful ways" to assist the people of Darfur.
Virginia Tech largely shut down Monday, calling off all classes and programs while a suspect in the fatal shooting of a non-university security guard and sheriff's deputy was believed to be in the area of the campus. The suspect was captured in the afternoon, and regular activities are expected to resume today.