Higher Education Quick Takes
The vice chancellor of the University of Oxford on Tuesday announced a major expansion of the university's fund-raising campaign, but also warned that philanthropy cannot replace state support for higher education. Andrew Hamilton, the vice chancellor, upped the goal for the campaign from £1.25 million to £3 billion (or from $2 billion to $4.8 billion). In a speech praising the role of philanthropy, he also cautioned against assuming that it can pay for all the costs associated with the university. Philanthropy is not, he said, "a magic bullet for the future funding of our universities, and nor is it a door through which the state can progressively leave the scene."
If elected, Mitt Romney would honor the work permits granted to undocumented young people under an executive order President Obama signed in June, the Republican candidate said in an interview with The Denver Post. The executive order, a short-term alternative to the DREAM Act that President Obama and others favor, halts the deportation of youth whose parents came to the United States illegally and have met certain other criteria, and gives them the right to apply for a two-year work permit. Some young people have begun to take advantage of the opportunity, but others express concern that the policy could be reversed under a Romney administration, causing trouble for them or their families.
But in the interview with the Denver newspaper, Romney said: "The people who have received the special visa that the president has put in place, which is a two-year visa, should expect that the visa would continue to be valid. I'm not going to take something that they've purchased. Before those visas have expired we will have the full immigration reform plan that I've proposed."
Moody's Investors Service said Monday that the weak return on Harvard University's $30.7 billion endowment, which the university announced last week had shrunk 0.05 percent in the 2012 fiscal year, is a bad sign for endowment-dependent universities. The rating agency said the results probably won't affect Harvard's rating, but are likely to lead the institution and others to rethink their dependence on endowments. "Based on highly variable investment returns over the past decade, we expect endowment-dependent institutions to make more conservative spending decisions for future fiscal years and to more fully assess their operational vulnerability to investment volatility," the agency wrote. "Budgetary models are increasingly stress tested, and management teams are adjusting to more conservative assumptions about long-term rates of return on their endowment. Many have lowered their assumed annual endowment returns to 7 percent to 8 percent, compared to the higher 9 percent to 10 percent return assumptions that were common prior to 2009."
Only a handful of private universities have announced their returns for the past fiscal year, but Moody's projects most endowments to have returns similar to Harvard's. "Most university endowments likely declined by 1 percent to 5 percent in fiscal 2012, net of new gifts, owing to weak investment performance and 4 percent to 6 percent endowment spending for the annual budget," the rating agency wrote.
Thirteen academics were among those named today as new MacArthur Fellows by the John D. and Catherine T. MacArthur Foundation. The fellowships -- commonly called "genius" awards -- provide $500,000 over five years, no strings attached. This year's academic winners are:
- Raj Chetty, a professor of economics at Harvard University.
- Maria Chudnovsky, associate professor of industrial engineering and operations research at Columbia University.
- Eric Coleman, professor of health care policy and research at the University of Colorado School of Medicine.
- Junot Díaz, the Rudge and Nancy Allen Professor of Writing at the Massachusetts Institute of Technology.
- Oliver Gunyon, assistant professor of astronomy at the University of Arizona.
- Elissa Hallem, assistant professor of microbiology, immunology and molecular genetics at the University of California at Los Angeles.
- An-My Lê, professor of photography at Bard College.
- Sarkis Mazmanian, professor of biology at California Institute of Technology.
- Dylan C. Penningroth, associate professor of history at Northwestern University.
- Terry Plank, professor of earth and environmental sciences at Columbia University.
- Nancy Rabalais, executive director of the Louisiana Universities Marine Consortium.
- Daniel Spielman, the Henry Ford II Professor of Computer Science at Yale University.
- Melody Swartz, professor of bioengineering at École Polytechnique Fédérale de Lausanne.
Details on these and other winners, and on the program, may be found here.
A new company, Wordprom, is helping those who have recently been admitted to M.B.A. programs sell their application essays, The San Francisco Chronicle reported. The site charges people $50 to buy an essay and half of that goes to the person who wrote it. Not surprisingly, admissions directors of M.B.A. programs are not happy about this new business, whose CEO earned her M.B.A. at Stanford University.
Merrimack College, in Massachusetts, has agreed to resolve issues raised in a federal compliance review by adding six women's teams, including a women's hockey team that will ultimately compete in Division I of the National Collegiate Athletic Association. The U.S. Education Department's Office for Civil Rights, which has been reviewing the college's compliance with Title IX of the Education Amendments of 1972, announced the agreement Monday. The OCR review found that during the 2009-10 academic year, women made up 47 percent of the student body at the college, but received only 35 percent of the athletic slots.
Barbara Couture resigned as president of New Mexico State University on Monday, after less than three years in office, The Albuquerque Journal reported. Couture and the university's board described her departure as "mutually agreeable," but no details were provided on why she was leaving.
Michigan State University is offering counseling to students whose professor started screaming and swearing, and eventually stripped off his clothing in class, only to later yell in hallways, The Lansing State Journal reported. The professor was taken into protective custody by police and hospitalized.