AND a great article about how the problems that I describe in my blog about for-profit colleges can apply to non-profit institutions too. This student is, unfortunately, mistaking NYU President John Sexton for a human being with feelings, but more importantly, this case illustrates why this student should have attended any of the very good state schools in the NY university system rather than a private non-profit, even a very good one like NYU. Her money would have taken her through all four years of an education at a state university system, and if she can be accepted to and do well at NYU, she could make it just as well at a highly reputable flagship SUNY institution.
According to the linked article, NYU has raised $3 billion in a massively successful fundraising campaign, but not a dime of that goes toward tuition relief for students: total student loan debt at NYU is $659 million, while the institution is spending money on the following:
Instead, the school has caught flak for choosing to invest in such worthwhile endeavors as expensive real estate expansion, satellite campuses in Abu Dhabi and Shanghai (under deplorable worker conditions), faculty homes in Manhattan, the Hamptons and Fire Island and turning school housing into a duplex for Sexton’s son.
Non-profit? Really? You understand that just 22% of NYU’s most recent fundraising campaign — not all funds altogether, just the most recent fundraising campaign — would alleviate 100% of NYU student debt and still leave the institution with over $2 billion to work with?
Don’t you dare tell me there isn’t money for higher education in this country. We don’t seem to have it because we’re more interested in monetizing higher ed for the benefit of a few than we are in serving students; i.e. our own children.