Show Washington Post discusses college discounts The following editorial appeared in Sundays Sunday's Washington Post i iI iI I I Yale University is following Harvard's good example in tapping into its large endowment to make college more affordable Students and their families will benefit But they'll be a lucky few The initiative while certainly commendable will do little littleto to help students nationally and may even have the unintended consequence of hurting those most in need Yale's program will cut the average cost of going to college in New Haven I l J by more than 50 percent for families with financial need beginning next fall The sharp increase in financial aid takes an expansive view of families who should be helped Those earning less than annually wont won't have to make any contribution while households with annual incomes as high as will see significant savings For instance a family with two children in college receiving financial aid with in income and in assets will be billed total instead of Harvard unveiled a similar expansion of its financial aid last month Yale President Richard C. C Levin candidly admitted that one spur for the new program was pressure from Congress Sen Charles E. E Grassley R-Iowa R is considering a proposal that would require the well-heeled well institutions of higher education to spend a minimum percentage of their endowments each year No doubt places such as Yale with an endowment of billion and Harvard with an endowment of 35 billion have the ability to todo todo todo do more to help families with the cost of education Harvard's endowment grew by 6 billion last year alone and its new policy will cost 22 million That as the New America Foundation pointed out in its higher- higher education blog is about one t third one ird of 1 percent of the growth in the endowment The group noted that Congress just spent 6 billion to cut in half interest rates for undergraduate loans over the next five years nationwide t r Other elite private universities are rushing to follow the direction set by Harvard and Yale and that can only be good goodnews goodnews goodnews news for college goers Still that will do little littleto to help the more than 75 percent of higher education students who go to public colleges and universities most of which dont don't have huge endowments Its It's worrisome that some see an adverse trickle-down trickle effect from the Ivy Leagues League's new generosity In order to compete for top students from middle- middle to upper-class upper i families some colleges may shift scholarship money away from those most in need Already in response to Harvard some flagship schools have said they'll have to increase fundraising for merit scholarships Adding to the pressure is an expected economic downturn that could well wellsee wellsee wellsee see diminished state support for higher education Levin is right to argue that instead of criticizing his institution and Harvard for taking steps I in the right direction states s I should be re-examining re I their own practices I g I |