Two years ago the Carnegie Commission on Higher Education found that three-fifths of American colleges and universities were either in financial trouble or headed for it. Commission Chairman Clark Kerr declared it the "greatest crisis in the 330 years since the founding of Harvard." Since then, most institutions have made heroic attempts to control costs, and the efforts appear to have paid off. This week the commission will issue a follow-up study, which concludes that in general, colleges and universities have stopped their slide toward bankruptcy, though the depression in higher education has by no means ended.
Both studies were based on...
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