Word: tuitions
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...minimal. Mark Kantrowitz, a financial-aid expert based in Pitsburgh, Pa., who runs the website Finaid.org, predicts that fewer than 5% of schools will do away with loans entirely. That's because the vast majority of schools don't have large endowments they can tap to supplement lower tuition revenue. Many still depend heavily on net tuition to pay for operating costs, including faculty salaries and facility maintenance. That may be especially true at public schools - which educate 75% of undergraduates in the U.S., compared with the Ivy League's 1% - as funds decrease substantially during the ongoing economic downturn...
...loan-elimination program. The school has already raised $15 million of the $70 million needed to fund the initiative. And should Davidson have trouble getting alums to kick in enough cash, the school's trustees have pledged to dip into operating reserves rather than raise tuition costs. "This is the right thing to do to make sure every kid, no matter what their family's income, gets a first-rate education," Ross says...
...course, the colleges that don't offer such tuition breaks know they will likely lose students to those that do. But don't expect state schools to start rushing in. Even public universities that have large endowments have yet to embrace no-loan programs. Take the University of California system, whose $6.4 billion endowment was the 12th biggest in the nation last year. The UC schools already educate more poor kids than their Ivy League counterparts, both in terms of absolute numbers and as a proportion of their student bodies. Even at the system's flagship schools, UCLA and Berkeley...
...other donors, Sperry says he wants Stephenson to have an easier time paying for school than he did. "It's a shame that you get saddled with [loans] right out the gate," Sperry says, recalling that during his own years as an undergraduate, he worked three jobs to offset tuition costs. "It's tough to get ahead when you have that anchor weighing...
...instead of his home address. And the natural-born promoter also directs PayPal users to route the money using his e-mail address, MStephenson@AccessHybrid.org. "In case you're interested, I have plans to use my college education to improve our environment," he notes toward the end of his tuition plea, which explains that AccessHybrid is an organization he set up to help college and vocational students buy fuel-efficient cars. "I found the work incrediably [sic] satisfying," he adds in what would have been a pitch-perfect letter, had he bothered to run a spell-check. (To see the evolution...