University’s greed and rising tution cost
I was reading a post by G.E. Miller and it really struck me.
Universities like Harvard, Yale, MIT, NYU, Colombia and many others have endowment funds of billions and more. Even some public universities have such funds. And of course most of them have gone sour because of current economic turmoil and steep market. But one thing has not gone decreased, the tuition cost. Even in this economic slow down, top tier private universities are raising cost with their loss in the endowment as one of the major causes.
It seems like these respected institutions are profit oriented rather than service oriented. They are sitting on pile of cash while most students are struggling all over the nation to pay tuition cost.
This week being marked as the first anniversary of Lehman Brother’s collapse bringing the global financial system in the brink of destruction following disappearance / merger / government bail out of many financial institutions like Wachovia, Fannie Mae, Freddie Mac, Washington Mutual, Merill Lynch, AIG and so on. Most of the players of last year’s financial havoc were the products of these institutions. The greed of these institutions and greed of those bankers are quite similar (okay, I’m a bit biased on this issue) and morally irresponsible.
May be these universities can be be more social oriented by using some or portion of those pile of cash helping students rather than taking them as for profit investments.
