Word: meyerson
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...spend heavily to recruit and keep the best faculty and meet the growing demand by students for more course choices, more diversity, more access to professors and--one of the most salient trends of the post-'60s student body--more amenities, including comfy dorms, indoor tennis courts and pools. Meyerson had been acting chancellor at Berkeley during the height of student unrest. At Penn, he says, "the worst sit-in I experienced was when we tried to shut down the hockey rink...
Despite such pressures, Meyerson managed to restrain Penn's tuition increases. By 1980 Penn's base tuition was $5,270, more than double the cost a decade earlier, but inflation had risen at roughly the same rate. So had median family income. If tuition was higher, so was America's ability...
...have always kept close watch on one another, setting their tuition to make sure no one school became so much of a bargain that it drew the best students just on the basis of price. Less prestigious schools set their prices in relation to what the Ivies charged. Says Meyerson: "We were building up a kind of notion about colleges and universities that the higher the price, the better they were...
...inflation and Penn's tuition rose in concert; in 1981 they parted company. From the 1980-81 school year--when Meyerson retired--to the next, Penn's base tuition increased 15%, to $6,900, far more than the 10.3% boost in the cost of living. The following year the disparity became starker. Penn's tuition rose 16%, 2 1/2 times the slowing rate of inflation and more than three times the growth in median family income...
...Chivas Regal effect proved to be correct. "The theory of it was, basically, we will raise the tuition as much as the market will bear," says William Massy, a former Stanford University finance officer, now a consultant on the subject. And parents bore it. Throughout the '80s, says Meyerson, parents came increasingly to feel that a college education was a necessity, a direct conduit to a high-paying job. Easy financial credit, moreover, made it possible for parents to borrow large sums of money; doing so for college became more socially acceptable. From 1983 through 1988, the number of applications...