Harvard Delays Expansion Plans but Increases Fees

Harvard University President Drew Faust announced last week that the university will delay its expansion into Allston in response to the harsh economic reality, and may even pause construction on a massive $1 billion science complex that was slated for completion in 2011, reports The Boston Globe. Faust also announced a 3.5% tuition increase for next year, bringing tuition to $33,696 and the total cost of a Harvard education - including room and board - to $48,868.At the same time, the university will increase need-based scholarships by 18%, she said.The Faust announcement comes amid a tough fiscal year during which Harvard's once $36.9 billion endowment, which makes up more than a third of the university's $3.5 billion operating budget, is projected to plummet 30% for 2008-2009.The science complex, touted as the cornerstone of Harvard's presence in Allston, was to have housed the university's new department of stem cell and regenerative biology and the Harvard Stem Cell Institute, as well as the Wyss Institute for Biologically Inspired Engineering. Those highly touted projects will now be housed elsewhere, Faust said.
Full report on The Boston Globe site
Source: University World News, Issue No: 0064 22 February 2009