An interesting graphic from NPR’s Planet Money series on the cost of college. That’s a 37% increase in financial aid per student since the 2000-2001 school year. The increase is largely paid for by more federal loans, with smaller contributions from federal grants and private loans. Everything else seems unchanged.
Harvard isn’t belt-tightening everywhere. Since 2007, its investment in financial aid to undergraduates has risen by more than 78%, which Harvard said is “significantly outpacing increases in tuition.” Undergraduate tuition for the 2012-13 year climbed 3.5% to $54,496.
As it looks to economize, Harvard has turned some of its attention toward the more than $160 million it spends each year on its nearly 375 year-old library system, which holds 17 million volumes, and includes 73 separate libraries. Widener, the flagship library, alone has 57 miles of shelving.
Harvard is also changing its philosophy on owning books. The goal: Provide access to them rather than collecting each one, which can lead to costs for storage and preservation, a 2009 Harvard task-force report said. The library will extend partnerships to borrow from other libraries, and further digitize its own collection so it can share with others.
The university is finding it “increasingly painful” to manage academic-journal subscriptions, which annually cost it about $3.75 million, Harvard Provost Alan Garber said.
In a move watched throughout academia, Harvard in April urged its faculty members to publish in open-access journals. “Move the prestige to open access,” a memo said.
Keep reading: Wall Street Journal – Economy Tests Harvard
Continue reading The recession hits Harvard…with interesting changes – more money to undergrads, less to books