When I heard on NPR the exchange between Chancellor Zeppos and Sen. Elizabeth Warren driving to work the other day, I had to chuckle.
In a nutshell, it went like this:
ZEPPOS: We need to cut the $146 million cost Vanderbilt spends to comply with Federal Regulations.
WARREN: Would you consider reducing Vanderbilt tuition if we grant your wish?
ZEPPOS: Let’s not be hasty!
Chancellor Zeppos, maybe you should go back to Washington and try to make a deal.
Think about it:
Let’s say Congress agreed to reduce your spending by $100 million if you agreed to use just half of it for scholarships.
Assuming $43,700 to cover the cost of a year’s tuition or $170,000 to cover tuition for four years (not counting room & board, etc.), with an extra $50 million you could potentially fund:
250+ more Cornelius Vanderbilt scholarships
Or…
500+ half-tuition scholarships
And… Still have $50 million in your pocket for other pet projects at Vanderbilt!
Instead, if left at the status quo, you are spending $146 million to comply with federal regulations nothing to show for it.
Would it have been that difficult to put on your Donald Trump negotiator’s hat and think on your feet to cut a deal?
Instead, like the greedy dog from Aesop’s Fables, you dropped your bone in the river with nothing to show for it.
Just my 2 cents…
(Not to be flippant here - I know college budgets aren’t that simple to juggle around - but would it have been that hard to tell Senator Warren something like “Vanderbilt would certainly be open to discussing tuition reduction in some manner if we could save some of the $146 million?” Jeez…)
Hmm, I realized from re-reading some of the articles that while Vanderbilt spends $146 million complying with Federal Regs (mainly for research - see http://www.usnews.com/news/articles/2015/02/25/senate-higher-education-leaders-eye-red-tape-in-federal-regulations ), Chancellor Zeppos was mainly talking about $14 million a year Vanderbilt spends to comply with federal higher education regulations.
Still, even if Vanderbilt were given $14 million in savings in exchange for agreeing to use half of it for tuition breaks for students, that $7 million would still fund an additional 41 Cornelius Vanderbilt scholarships (or 82 half tuition 4-yr scholarships).
Thanks for sharing. I had seen something on the VU website about Zeppos testifying, but never followed up.