It's good news that UC Berkeley has joined a few other schools in capping tuition to actual family income. but we need a lot more schools to do this. We also need universities to be a lot more affordable. It's hard to overlook the steep increases in tuition at the same time student loans ballooned, not to mention the steep increase in salaries for university executives. When I went to college I worked at least 40 yours per week across 2 or 3 jobs, but I don't know if that would work for students today. It sickens me to see university presidents making seven figures when tuition has increased so substantially.
Many of the big university endowment funds have taken a beating in the last few years, much like the retirement plans of Americans. Even with those losses, the numbers are staggering and it's time for Congress to start investigating these programs and possibly taxing them if the universities don't want to use that money for students. For too many universities, the money gets caught up in their ego and they are more concerned about growing that number than actually helping students.
Bloomberg:
The University of California, Berkeley, is offering a new financial-aid program to help families whose gross annual income is $80,000 to $140,000 amid tuition increases and state funding cuts.
The contribution those families make toward the annual cost -- including tuition, fees and expenses, room, board and books - - would be capped at 15 percent of their earnings, according to a statement today.
Berkeley, one of the most selective public universities in the U.S., joined some of the wealthiest private colleges, including Harvard University and Amherst College, in enhancing financial-aid plans for middle-income families. Williams College and Dartmouth College in 2010 scaled back their “no-loan” programs as their endowment values fell. Berkeley said its plan is a response to the state’s high cost of living, the challenges faced by families in the income range and rising tuitions.
