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Colleges Spend Like There’s No Tomorrow. ‘These Places Are Just Devouring Money.’

WSJ (free to read): “The nation’s best-known public universities have been on an unfettered spending spree. Over the past two decades, they erected new skylines comprising snazzy academic buildings and dorms. They poured money into big-time sports programs and hired layers of administrators.  Then they passed the bill along to students. The University of Kentucky upgraded its campus to the tune of $805,000 a day for more than a decade. Its freshmen, who come from one of America’s poorest states, paid an average $18,693 to attend in 2021-22.  Pennsylvania State University spent so much money that it now has a budget crisis—even though it’s among the most expensive public universities in the U.S.  The University of Oklahoma hit students with some of the biggest tuition increases, while spending millions on projects including acquiring and renovating a 32,000-square-foot Italian monastery for its study-abroad program.   The spending is inextricably tied to the nation’s $1.6 trillion federal student debt crisis. Colleges poured out money in part by raising tuition prices, leaving many students with few options but to take on more debt. That means student loans served as easy financing for university projects…”

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