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Colleges Must Get Their Financial Houses In Order


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COLLEGES MUST GET THEIR FINANCIAL HOUSES IN ORDER

Higher education is in a financial crisis that too many institutions are ignoring or, at best, treating as a short-term event. As "A better way to pay for college" (Editorials, Jan. 9) notes, until recently, runaway tuition hikes were business as usual in higher education. Historically, many colleges implemented program initiatives outside of formal strategic planning, with little thought given to setting priorities, controlling waste, and imposing significant fiscal restraint.

At Babson College, we created an Office of Quality and use quality-management principles to strive for the lightest standards while curtailing waste.

In December, 1992, I made a public commitment to limit Babson tuition increases to no more than 1% to 1.5% above the consumer price index. The time has come for colleges and universities to be aggressive in keeping their financial houses in order while providing real value in higher education.

William F. Glavin

President

Babson College

Babson Park, Mass.


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