Word: tuition
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Dates: during 1990-1999
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...Tuition began its climb in the '70s, when universities suddenly found themselves confronting a fiscal landscape more hostile than any they had faced in the previous quarter-century. Although I did not know it at the time, in my freshman year, 1972, Penn was emerging from a fiscal crisis. The stage was set in the '50s, when, awash in the ever rising tsunami of federal spending triggered by Sputnik's assault on the nation's pride, Penn and its peers went on a building-and-hiring binge. A surge of Great Society financial-aid money helped them expand even further...
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...
...been called the "Chivas Regal effect." In the '80s a new ethos evolved among university officials--and parents--that equated price with quality. A collateral force ensured that tuition would not only rise but also rise at the same rate for comparable schools. Colleges in the Ivy League 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...
...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...
...University of Colorado. "Nobody believed inflation would come down as much as it did, so you were always making projections of inflation that were perhaps too high." But from 1982 to 1989--long enough, presumably, for Penn's analysts to adjust to the new inflationary landscape--Penn's tuition hikes consistently outstripped inflation, rising annually from two to four times as fast...