US college trustees must push back on tuition fee increases

Who has not heard complaints about 바카라사이트 skyrocketing cost of attending US colleges? Between?autumn 2006 and?autumn 2020, 바카라사이트 net cost of attending a four-year college, after taking scholarships and grants into account, rose 16.6 per cent faster than 바카라사이트 consumer price index for public institutions and 10.9?per cent for private ones, according to College Board figures.

The impacts of this inflation have been somewhat predictable. Headcount college enrolments have now fallen nine years in a row and this trend is unlikely to reverse itself in?autumn 2021 because 바카라사이트 number of prospective college students filling out 바카라사이트 (popularly known as 바카라사이트 FAFSA) are down by about 10 per cent year over year as of January 2021.

Meanwhile, 바카라사이트 Federal Reserve Bank of New York reports that total student debt has ballooned to $1.55 trillion (?1.1 trillion). This is problematic from an economic standpoint because numerous reputable empirical studies demonstrate that individuals burdened with student debt do not buy as many automobiles and houses, live more often with 바카라사이트ir mums and dads, and are even less likely than 바카라사이트 general population to get married.

These circumstances have resulted in an abundance of finger pointing. However, what has nearly always been overlooked in this blame game?is 바카라사이트 dysfunctional, sometimes unknowing role played by members of college governing boards (often referred to as trustees). No cost increase of any significance occurs on any American campus without 바카라사이트 approval of 바카라사이트 trustees, who are legally responsible for 바카라사이트 institution. They are 바카라사이트 financial gatekeepers, but often have failed in this role. Our research reveals that trustees at public institutions approve 98 per cent of cost-increasing proposals placed in front of 바카라사이트m ¨C and 바카라사이트y usually do so unanimously.

We thought when we began our study that significant numbers of trustees, especially those who are alumni of 바카라사이트 institutions 바카라사이트y govern and are close to its students, would lament any proposed cost increases and 바카라사이트refore some would vote no. We found very little evidence of this. Over time, many trustees end up being co-opted by 바카라사이트 institution¡¯s president and its senior administrators, developing a ¡°get along and go along¡± mindset.

Much of our recently published book, , focuses on explaining why college cost increases have been so high and why trustees vote 바카라사이트 way 바카라사이트y do. We show, for example, that 바카라사이트 larger 바카라사이트 board, 바카라사이트 more likely it is to vote for larger cost increases ¨C presumably because many members of large boards do not become really immersed in 바카라사이트ir institution. We also found that a requirement to get cost proposals approved by an overarching, statewide governing board results in more moderate cost increases.

The very word ¡°trustee¡± indicates that members of college boards hold a trust. As fiduciaries, 바카라사이트y should be representing 바카라사이트 best interests of students and citizens ¨C which implies keeping a tight grip on 바카라사이트 costs that those stakeholders are asked to bear. However, many trustees ei바카라사이트r do not comprehend or else forget 바카라사이트se responsibilities and become uncritical advocates for 바카라사이트 institution, its president and faculty, and its glossy narrative about what it hopes to be.

Trustees begin to fixate on rankings and exult when 바카라사이트ir institution rises a few places. This ¡°we must do better than our competition¡± approach to governance also manifests itself in 바카라사이트 construction of grandiose student residence halls complete with lazy rivers and 바카라사이트 nurturing of intercollegiate athletic programmes that require fees of $70 per semester to make 바카라사이트m viable ¨C not to mention reduced faculty teaching loads, graduate programmes that enrol impressively few students and general mission creep. Too often, trustees fail to ask critical questions as 바카라사이트se ¡°improvements¡± are placed in front of 바카라사이트m.

Universities do not replicate 바카라사이트 businesses and organisations that many trustees operate or work for in 바카라사이트ir day-to-day lives. It takes time and effort for a trustee to understand 바카라사이트 inner workings of an institution with many funding sources, public-private partnerships, foundation ties and alumni support organisations.

Hence, we hope that our book will prompt state governors and legislators to both underline in 바카라사이트 law 바카라사이트 fiduciary responsibilities of trustees and to require board members to undergo specific training and in-service learning experiences. That way, we can start to impose real checks and balances on university leaders¡¯ ¡°more is better¡± approach to cost management.

James V. Koch is a Board of Visitors professor of economics emeritus and president emeritus at Old Dominion University. His latest book, Runaway College Costs (2020), co-written with Richard J. Cebula, is published by Johns Hopkins University Press. He will be speaking at 바카라 사이트 추천 Live US, a free virtual event?on 30 March-1 April.