Elite American universities have faced a perfect storm of events in the past year: the number of applications has grown while large swaths of the endowment have contracted.
Here are the facts:
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Elite colleges’ endowments have declined “an average of 24%” from June to December of last year.
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Applications for the Stanford Class of 2013 were up 20%. A record-setting 30,428 students applied for 2,300 spots. A 7.6% final admission rate.
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According to Provost Echemendy, **Stanford is committed to pay $110m in financial aid next year, $10m more than last year. **
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**The University has needed to cut $300 million dollars from its $3.5 billion operating budget **due to declines in endowment.
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**Stanford has frozen staff salaries.
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**Stanford has ended a $1.3bn capital works program. **
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Stanford will lay off about 350 people in this fiscal year.