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View Diary: Student loan debt will exceed $1 trillion this year (123 comments)

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  •  Endowments are tricky things (5+ / 0-)

    Some of them are anchored to specific things (fill-in-the-blank professor of fill-in-the-blank) or actually are designed to be perpetual gifts (set up such that the interest or dividend is consumed as the institution sees fit, but the principle remains untouched).

    I didn't graduate from an Elite Institution (my wife did), so I'm not going to defend them. Rather, the bigger problem from my perspective is that we have underfunded the place where the vast majority of middle class and working class students have historically gotten college educations: our state-supported colleges and universities. The California system used to provide world class education to hundreds of thousands of its citizens at well over 90% subsidized by California taxpayers - some of those schools are as highly regarded as some of the Ivy League schools.

    And as far as the size of endowments, I had this argument with my niece and pointed out to her that Harvard's endowment (currently $32 billion) - accumulated over centuries - was less than  one year of annual profit by Exxon/Mobil.

    Occupy Wall Street AND K Street!!!!

    by Egalitare on Wed Oct 19, 2011 at 05:00:36 PM PDT

    [ Parent ]

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