This comment says it all in my opinion.
Governor Spitzer’s proposal to upgrade New York’s public universities is welcome news, but his ideas need a reality check. The governor’s proposed $4 billion endowment would pay out anually only about $3M per campus, or $500 per student. By contrast, Princeton University’s endowment pays out annually about $80,000 per student. New York deserves a first-class public university system, but that will not happen so long as the campuses are hamstrung by a bloated centralized bureaucracy, deteriorating physical plants, and chronic underfunding from the state.
Spitzer Pushes $4-Billion Endowment Plan for New York’s Public Universities - Chronicle.com
The campaign for the creation of a $4-billion endowment for New York’s public-university systems is building steam. Gov. Eliot Spitzer, a Democrat, touted the plan today during a conference call with presidents and trustees from the State University of New York and City University of New York systems.
Governor Spitzer has discussed using the state’s lottery to help pay for the endowment, which he has said would result in an initial annual yield of $220-million. The university systems could hire 2,250 faculty members with that money, system leaders have said. The systems have often struggled with unstable finances and small reserves, particularly given their huge enrollments. For example, SUNY has an endowment of $1.1-billion and a total enrollment of 427,398.
“Let’s see if we can make this happen,” Governor Spitzer said on the call, adding that he needed help from university leaders to sell the plan.
The new endowment would be a boost for SUNY’s next chancellor. The university has begun the search to replace Vice Adm. John R. Ryan, who resigned last year. —Paul Fain
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3 users commented in " Spitzer Pushes $4-Billion Endowment Plan for New York "
Follow-up comment rss or Leave a TrackbackI totally agree…”chronic underfunding from the state”
More and more, our so called “public” colleges and universities are having their funding cut and the costs passed along to students, who in turn must take out more and more in private student loan debt. The average SUNY student will graduate with a mortgage payment hung around their neck.
This makes it difficult to near impossible to find a job that will allow them to stay in the area, while being able to make the $600-$700 in monthly student loan payments.
We also don’t need 25 different college campuses spread across the state…shut down half of them and funnel that money into the main campuses and we might actually get somewhere
How about economic common sense that lowers costs. Let the market decide, get the government out of education and let the schools compete for business.
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