Recently University President Drake announced an impressive $400 million initiative that is intended to lower the cost of student education and improve that less-costly education. The money will be spent in a five year budget. At the moment the plan will produce $15 million in scholarships to help eliminate the need for student loans. Over the course of the five-year plan scholarship support for low to middle income students is expected to rise to about $100 million.
The money seems to be coming from the right places as well. At least $200 million will come from cutting administrative costs, while another $200 million will come from “innovative financing strategies that don’t rely on tuition or tax dollars”.
Along with trying to reduce student debt the wide reaching program hopes to rethink student advising to help students graduate on time, create an institute on teaching and learning that will support all faculty members. As well as additional educational support for students. Drake also envisions innovations in hiring practices for faculty.
Drake stressed “value-driven decision-making” as the the driving force behind the program.