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WSJ Auburn Article
#4049548
12/30/23 03:41 PM
12/30/23 03:41 PM
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Joined: Jun 2015
Posts: 14,047 Some Marriott/Auburn
AU7MM08
OP
Booner
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OP
Booner
Joined: Jun 2015
Posts: 14,047
Some Marriott/Auburn
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Anyone here checked out the Wall Street Journal Auburn article? For whatever reason I can’t get the link to post
“AUBURN, Ala.—In recent decades, Auburn University added hundreds of millions of dollars in spending to its budget. The additional money didn’t go to the English department, nor to the sociology department. Some science departments only got a trickle more.
Instead, much of the money went toward administrative salaries, buildings and, no surprise, sports.
Auburn piled millions more each year into paying down the debt it borrowed for campus upgrades, including an $84 million basketball arena. It hired hundreds of administrators and professional staff. Spending on the president’s office and other administrative departments often increased far faster than that on many academic subjects.
To help pay for its transformation, the school has raised tuition and fees again and again. By one measure, students’ costs have grown faster than at almost any other major public U.S. university. Auburn’s net price, the average amount in-state freshmen pay after grants and scholarships—covering tuition, fees, room, board and other costs—topped $25,000 annually in 2021-22, according to Education Department data. That’s a 60% increase from 15 years prior, adjusted to today’s dollars.”
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Re: WSJ Auburn Article
[Re: AU7MM08]
#4049555
12/30/23 03:50 PM
12/30/23 03:50 PM
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Joined: Oct 2009
Posts: 5,721 Henry county
coldtrail
12 point
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12 point
Joined: Oct 2009
Posts: 5,721
Henry county
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Univerties today are basically a way to launder money for the rich and politicians. They take tax money and pay politicians back by paying large speaking fees purchasing there books in large quanities. . If they applied what the feds already gave them to tuition we wouldn't be talking about student loan forgiveness.
They should all be continually publicly audited if they take any federal money.
"And the days that I keep my gratitude Higher than my expectations Well, I have really good days" Ray Wylie Hubbard
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Re: WSJ Auburn Article
[Re: AU7MM08]
#4049570
12/30/23 04:02 PM
12/30/23 04:02 PM
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Joined: Aug 2001
Posts: 64,214 Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 64,214
Luverne, AL
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The WSJ did not mention that AU is under constant yearly auditing because of the Federal land grant charter. AU, like other schools, which is what I first starting talking about before Covid is under a lot of debt. They borrowed a crap ton of money when interest rates were low. Now rates are high, so most incoming money has to go to service the debt. Departments, like english and science departments, get money based on the number of declared majors and number of employees. Its not an excuse, that is just how every school is right now and a bunch of schools are going to go under, several smaller one's already have.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: WSJ Auburn Article
[Re: AU7MM08]
#4049623
12/30/23 05:00 PM
12/30/23 05:00 PM
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Joined: Nov 2005
Posts: 3,835 Jasper
buckhunter2
10 point
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10 point
Joined: Nov 2005
Posts: 3,835
Jasper
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And they have the audacity to call me annually wanting me to “give back” to program. Hell the last time I checked I paid to go there.
You're only as good as your worst shot-
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Re: WSJ Auburn Article
[Re: Skinny]
#4049699
12/30/23 06:24 PM
12/30/23 06:24 PM
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Joined: Aug 2006
Posts: 8,912 Andalusia, Covington County, A...
TexasHuntress
14 point
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14 point
Joined: Aug 2006
Posts: 8,912
Andalusia, Covington County, A...
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The WSJ did not mention that AU is under constant yearly auditing because of the Federal land grant charter. AU, like other schools, which is what I first starting talking about before Covid is under a lot of debt. They borrowed a crap ton of money when interest rates were low. Now rates are high, so most incoming money has to go to service the debt. Departments, like english and science departments, get money based on the number of declared majors and number of employees. Its not an excuse, that is just how every school is right now and a bunch of schools are going to go under, several smaller one's already have. Are these institutions that borrow money not allowed to borrow at a fixed rate? I guess I am just thinking that if a university borrowed 10 mil to build a new dorm with a fixed interest rate, then the debt service should be the same now as it was then for that loan. But if you are talking about multiple loans over the years as the rate increased, then they should have stopped borrowing when the interest rate started to climb and just worked with what they had.
If you live to be a hundred, I want to live to be a hundred minus one day, so I never have to live without you.---Winnie the Pooh
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Re: WSJ Auburn Article
[Re: jaredhunts]
#4049700
12/30/23 06:24 PM
12/30/23 06:24 PM
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Joined: Nov 2011
Posts: 10,572
abolt300
Booner
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Booner
Joined: Nov 2011
Posts: 10,572
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Way too much waste in colleges. They can’t even carry the federal governments jock strap, when it comes to blowing, wasting and Pissing away money. Govt burns waste semi trailer loads of $100 bills everyday, just so they can watch a pretty bonfire, the size of Rhode Island. Colleges are mere amateurs in the waste and fraud game.
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Re: WSJ Auburn Article
[Re: AU7MM08]
#4049710
12/30/23 06:36 PM
12/30/23 06:36 PM
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Joined: Mar 2013
Posts: 5,929 alex city
oakachoy
12 point
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12 point
Joined: Mar 2013
Posts: 5,929
alex city
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They are absolutely up there with health insurance for me with Son in fourth year, It peezes me off to get charity request.
WM Hunter "Trump literally sacrificed himself, his family and all of his businesses for this country. He literally is a true American hero. And True American Patriot - warts and all."
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Re: WSJ Auburn Article
[Re: TexasHuntress]
#4049713
12/30/23 06:44 PM
12/30/23 06:44 PM
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Joined: Aug 2001
Posts: 64,214 Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 64,214
Luverne, AL
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The WSJ did not mention that AU is under constant yearly auditing because of the Federal land grant charter. AU, like other schools, which is what I first starting talking about before Covid is under a lot of debt. They borrowed a crap ton of money when interest rates were low. Now rates are high, so most incoming money has to go to service the debt. Departments, like english and science departments, get money based on the number of declared majors and number of employees. Its not an excuse, that is just how every school is right now and a bunch of schools are going to go under, several smaller one's already have. Are these institutions that borrow money not allowed to borrow at a fixed rate? I guess I am just thinking that if a university borrowed 10 mil to build a new dorm with a fixed interest rate, then the debt service should be the same now as it was then for that loan. But if you are talking about multiple loans over the years as the rate increased, then they should have stopped borrowing when the interest rate started to climb and just worked with what they had. The money is actually in the form of Bonds. All of the Universities issued bonds for major infrastructure projects. New stadium, new fitness center, new academic mega emporium, campus decorations,new academic programs, and all of the new administrators with tenure that go along with that. They issued large bonds worth several million at an issuance. All they had to do was pay the interest on the bonds and everything was fine. Bond rates change , and now those bond interest payments are massive. If AU or any other school defaulted on a massive bond there would have to be a tax payer bailout for the public institutions. Private Schools, like BSU, are dead.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: WSJ Auburn Article
[Re: Tigger85]
#4050749
01/01/24 10:36 AM
01/01/24 10:36 AM
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Joined: Apr 2000
Posts: 12,017 34°25'49.80"N 86°55'46.99"...
gman
Booner
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Booner
Joined: Apr 2000
Posts: 12,017
34°25'49.80"N 86°55'46.99"...
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Can't remember who it was but they compared other colleges prices to Auburn's. Seems it was right in line with everyone else and less than others. Wall Street hit piece maybe. But the cost of college is too high. Many have gotten locked maximizing college costs. Campus housing your freshman year, mandatory meal tickets, Internet fees, book fees, test fees, etc etc. I've paid them all. Son is finishing at ut martin this spring. It was $10k less, even with out of state fees, than going to au.
The harder I practice, the luckier I get.
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Re: WSJ Auburn Article
[Re: Lockjaw]
#4050792
01/01/24 11:19 AM
01/01/24 11:19 AM
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Joined: Jan 2001
Posts: 10,750 Birmingham
wew3006
Booner
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Booner
Joined: Jan 2001
Posts: 10,750
Birmingham
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What AU paid Gus is just insane. He sucked. That number listed was his buyout; not his salary. Ridiculous but; most, if not all , was not paid by the University
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