For a Kinder, Gentler Society
The Finance of Higher Education
Theory, Research, Policy & Practice
  • Michael B. Paulsen
  • John C. Smart
Reviews Table of Contents Introduction «Back
The Finance of Higher Education. Theory, Research, Policy & Practice
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The high cost of going to college is an increasingly urgent issue. The classic textbook on financing higher education, this volume is a comprehensive examination of governmental and institutional policies and practices, and of the essential theories and areas of research that in combination establish the foundation, explore and extend the boundaries, and expand the base of knowledge in the field of higher education finance. Graduate programs nationwide rely on this fundamental text for seminars on higher education administration.


About the Author

MICHAEL B. PAULSEN is Professor of Education and Coordinator of Graduate Studies in Higher Education in the Department of Educational Leadership, Counseling and Foundations at the University of New Orleans. He earned his Ph.D. in higher education and economics from the University of Iowa and his M.A. degree in economics from the University of Wisconsin-Milwaukee. His scholarly work in the economics and finance of higher education has been published in both economics and education journals, including Economics of Education Review, Journal of Education Finance, The Journal of Higher Education, Research in Higher Education, The Review of Higher Education, Educational Evaluation and Policy Analysis, and other research journals, as well as in his book, College Choice. Previously, he held faculty appointments in economics at Coe College and St. Ambrose University and subsequently joined the faculties in higher education at the University of Illinois and the University of Alabama. He is consulting editor for Research in Higher Education, associate editor for economics and finance of Higher Education: Handbook of Theory and Research, and Chair of the Budget Committee for the Association for the Study of Higher Education.

JOHN C. SMART is Professor of Higher Education at The University of Memphis and formerly was a member of the faculties at the University of Kentucky, Virginia Tech, and the University of Illinois at Chicago. He has served as the editor of Research in Higher Education since 1990 and formerly was the editor of The Review of Higher Education (1980-86). Professor Smart founded the Higher Education: Handbook of Theory and Research and has served as editor of the annual volumes since its inception in 1985. He is the recipient of the Distinguished Service Award from the Association for the Study of Higher Education (1993), the Distinguished Career Research Award from the American Educational Research Association (Division J, 1997), and the Sydney Suslow Award from the Association for Institutional Research (1998).

About the Book

Making college affordable is a goal of administrators and students alike. Yet even student aid is a complex issue, as there are pros and cons to both need-based aid and merit-based aid. Edited by Michael B. Paulsen and John...

Making college affordable is a goal of administrators and students alike. Yet even student aid is a complex issue, as there are pros and cons to both need-based aid and merit-based aid. Edited by Michael B. Paulsen and John C. Smart, this volume considers these and other key issues in financing university costs. Fifteen separate chapters add up to a comprehensive examination of policies and practices and the essential theories and areas of research that comprise the field of higher education finance. 

A unique feature of the book is its comprehensive, systematic presentation of the theories and models from the policy science of economics that have been the most frequently and productively applied to the study of higher education finance. These perspectives include human capital theory, public sector economics, the microeconomic theories of cost and productivity, and the price theory of microeconomics, as they apply to the problem of financing higher education; each topic is addressed in a separate chapter.

Among topics addressed in other chapters are how affordable college attendance really is for students under different circumstances; trends in the revenues and expenditures of public and private colleges and universities; detailed examinations of the nature and effects of federal, state, and institutional policies in the area of higher education finance; the new student-choice construct as a framework for expanding our thinking about how financial policies related to grants, loans and tuition can affect students' enrollment decisions; the effects of financial and other policies on the aspirations and participation of prospective and current students from families of varying socioeconomic status; state and institutional budgeting practices; and the many issues associated with the finance of community and technical colleges, including the special role of state and local sources of revenue and the importance of the tuition charged by such institutions.

A groundbreaking chapter by David W. Breneman, James L. Doti, and Lucie Lapovsky examines the analytics of tuition discounting as the predominant means by which many private colleges and universities achieve enrollment targets. Based on the results of their latest research, the authors present a new model of the pricing and enrollment practices of private institutions and use it as a framework for examining the key relationships between tuition, enrollment, merit-based and need-based aid, composition of the student body, and tuition discounting practices.Their analysis redefines the boundaries and extends the frontiers of knowledge about tuition discounting.

Taken together, the fifteen chapters of this book provide a set of rigorous, but accessible and workable, frameworks that can help build a strong analytic foundation to better inform and forearm those engaged in the development of policies and practices related to the finance of higher education. Nine of the fifteen chapters were written for this volume; the other six are reprinted from various volumes of Higher Education: Handbook of Theory and Finance, each with an updating epilogue provided by the authors.


Introduction
We believe that higher education finance is reemerging as a matter of tremendous importance, and as a field of study with the potential to both inform and forearm decision makers as they grapple with the wide range of challenges that characterize the rapidly changing, uncertain and complex environment of the higher education enterprise.
We believe that higher education finance is reemerging as a matter of tremendous importance, and as a field of study with the potential to both inform and forearm decision makers as they grapple with the wide range of challenges that characterize the rapidly changing, uncertain and complex environment of the higher education enterprise.

However, as we venture into the 21st century, we join others in expressing our impression and concern that federal, state and institutional policies and practices appear to be in a period in which substantial changes in policies and practices are taking place, but without the benefit of a thorough analytic approach and foundation for insightful policy formation, implementation and evaluation. For example, in the Preface to their recent book, Public and Private Financing of Higher Education, Callan and Finney (1997), assert that “it would be difficult to identify a public policy area that has undergone as much change with as little public discussion or explicit policy direction as the financing of American higher education in recent years” (p. xi).

It is easy to identify examples of such change. The federal devolution has shifted obligations for various social programs from Washington to state capitols, and thereby has intensified the competition between higher education and other powerful claims on state budgets (Roherty, 1997). As the shares of institutional revenues derived from state appropriations to public institutions and federal grants and contracts to both private and public institutions have decreased (Breneman and Finney, 1997), tuition growth at public and private four-year colleges and universities has outpaced inflation every year since 1980 (College Board, 1999; Lewis, 1989; Paulsen, 2000). The responsibility for financing higher education continues to shift away from government or public sources and toward students and their families; institutions in both private and public sectors continue to derive an expanding share of their resources from tuition revenue paid by students (Kane, 1999; McPherson and Schapiro, 1998). And federal financial aid to students continues its shift away from grants toward loans (Hearn, 1998). Responses of both public and private institutions have included expanded use of institutional aid or tuition discounting to attract students (McPherson and Schapiro, 1998) and expanded efforts to increase private giving (U.S. Department of Education, 1999, Tables 332, 333). 1 We would like to express our appreciation to Jim Hearn for his thoughtful contribution of ideas toward the preparation of this essay.

In an insightful, if somewhat overstated, view of recent developments, Bruce Johnstone (1999) has heightened our awareness of the fundamental nature and extent of recent changes by pointing out that “the fabric of the American ‘system’ of financial assistance and tuition policy seems to be unraveling” (p. 3). For example, the overarching goals of our financial aid system appear to be shifting from “access” to “affordability” (King, 1999), as evidenced by the substantial increase in the proportion of merit- versus need-based grants to students from both state and institutional sources (Kane, 1999; McPherson and Schapiro, 1998). These shifts in roles, responsibilities and resources are unlikely to moderate. Instead, they are more likely to persist, and perhaps even accelerate. As explained by Kane (1999), “the next fifteen years will offer little respite as demographic forces increase the pressure on higher education budgets with a rebound in the number of college-age youth of all income levels” (p. 3).

Policy analysts Callan and Finney (1997) have also observed that the “respective responsibilities of students, families, colleges and universities, and government have altered significantly, but with little debate and without any public policy consensus” (p. xi). In the absence of careful discussion and debate, the relative shares of educational costs covered by students compared with government or public sources have been altered without adequate attention to, and analysis of, the social benefits and the social rates of return to investment in higher education, or the social efficiency of such a reallocation of our nation’s resources (Paulsen, 1996).

Tuition has increased relentlessly, but apparently without adequate attention to the shifting patterns of potential inequities in access or choice in higher education (McPherson and Schapiro, 1998), or to the latest research on how students respond differently to such increases according to income level, race, and type of institution attended (Heller, 1997). And with the apparent aim of enhancing access and choice, loans have come to dominate federal financial aid to students while the purchasing power of Pell grants has been allowed to diminish, even though price-response research indicates that students are significantly more sensitive to the availability of grants than to loans in their enrollment decisions (Heller, 1997).

Moreover, while states have experienced consistent increases in tuition at their public and private institutions, they have not been as consistent in their coordination of tuition and financial aid policies (Griswold and Marine, 1996). As a result, the market-model hypothesis about the high-tuition, high-aid approach to public finance has not been meaningfully tested in states where tuition increases have not been offset by commensurate, need-based increases in state grants to students (Hossler, et al., 1997).

Finally, the combination of tuition growth and tighter limits on state budgets has led state agencies to conduct studies of faculty workload (Meyer, 1998) and require that institutions provide adequate educational services with fewer resources (St. John, 1994). However, such actions appear to have been taken with only minimal attention to the underlying economic theories of costs and productivity that can inform such policies and strategies (Hoenack and Collins, 1990).

OVERVIEW OF THE BOOK

The central purpose of this book is to provide a set of rigorous, but accessible and workable, frameworks within which to build strong analytic foundations to better inform the development, implementation and evaluation of policies related to the finance of higher education. There are five distinct parts of the book, each contributing to the purpose in a special way. Part I presents the fundamental facts about where institutions get their funds to cover the costs of educating their students and where students get their funds to pay the out-of-pocket expenses of their college education. Part II provides readers with opportunities to study, learn and apply a range of economic perspectives, theories and models that serve as important and relevant foundations for the study of higher education finance. Part III examines the nature and development of financial policies at the federal and state levels and the special challenges posed by the interplay between rational-empirical perspectives and political-contextual influences in the development, nature, implementation, effectiveness, and evaluation of financial policies. Part IV of this book addresses special topics and issues that are important but rarely receive substantial attention in books on the subject of higher education finance. Finally, Part V provides a critical examination of the field of higher education finance, both synthesizing and critiquing implicit and explicit themes in the book and in the field, and raises challenges for future inquiry, policy analysis and advancement of knowledge in the field.

The chapters in Part I present the most fundamental facts and issues from the perspectives of institutions and students in the finance of higher education. Ultimately, two of the most important sets of financial facts to know about an institution relate to where it gets its funds and how it spends them. And from the perspective of most students and their families, the most important issues relate to how “affordable” college really is and where students get their funds to pay for their college education. Of course, society— either through government or private agencies and individuals—is an important source of funds or “subsidies” for both institutions and students (Winston, 1999).

The first requirement of any substantial analysis of financial policies in higher education is a prior and comprehensive knowledge and understanding of the answers to the two most fundamental and revealing financial questions about the higher education enterprise: “Where does the money come from?” and “Where does the money go?” In Chapter 1, Rob Toutkoushian provides the reader with a comprehensive presentation and analysis of the primary sources of revenues and expenditures for public and private institutions of higher education. Numerous tables and figures serve to thoroughly document and highlight notable trends—from 1975 to 1995—in the sources of revenues and the functional uses of expenditures, illustrating differences in such trends between the private and public sectors. The analysis also features an examination of the relative shares of the expenses an institution incurs in educating its students paid by students and society. An appendix presents clear definitions for all measures of different types of revenues and expenditures examined in the chapter. In combination, these resources provide a rich reference for policy analysts, administrators, researchers and students interested in the financial aspects of the higher education enterprise.


Table of Contents
Introduction to the Volume [Michael B. Paulsen, University of New Orleans and

Introduction to the Volume

[Michael B. Paulsen, University of New Orleans and John C. Smart, University of Memphis]

Part I: The Revenues, Expenditures, Costs and Affordability of Higher Education

Chapter 1: Trends in Revenues and Expenditures for Public and Private Higher Education
[Robert K. Toutkoushian, University System of New Hampshire]

Chapter 2: College Education: Who Can Afford It?
[Sandy Baum, Skidmore College]

Part II: Economic Theories and the Finance of Higher Education

Chapter 3: The Economics of Human Capital and Investment in Higher Education.
[Michael B. Paulsen, University of New Orleans]

Chapter 4: The Economics of the Public Sector: The Nature and Role of Public Policy in the Finance of Higher Education.
[Michael B. Paulsen, University of New Orleans]

Chapter 5: Costs and Productivity in Higher Education: Theory, Evidence and Policy Implications, by Darrell R. Lewis & Halil Dundar, [Reprinted from J. C. Smart (ed.), Higher Education: Handbook of Theory and Research, Volume XIV . (pp. 39-102). New York: Agathon Press.] [Plus a new Epilogue]
[Darrell R. Lewis and Halil Dundar, University of Minnesota]

Chapter 6: Economic Perspectives on Rising College Tuition: A Theoretical and Empirical Exploration, by Michael B. Paulsen. [Reprinted from J. C. Smart (ed.), Higher Education: Handbook of Theory and Research, Volume XV . (pp. 39-104). New York: Agathon Press.] [Plus a new Epilogue]
[Michael B. Paulsen, University of New Orleans]

Part III: Federal and State Policies and the Finance of Higher Education

Chapter 7: The Paradox of Growth in Federal Aid for College Students, 1960-1990, by James C. Hearn. [Reprinted from J. C. Smart (ed.), Higher Education: Handbook of Theory and Research, Volume IX . (pp. 94-153). New York: Agathon Press.] [Plus a new epilogue]
[James C. Hearn, University of Minnesota]

Chapter 8: State Efforts to Keep Public Colleges Affordable in the Face of Fiscal Stress, by Michael Mumper. [Reprinted from J. C. Smart (ed.), Higher Education: Handbook of Theory and Research, Volume XIII . (pp. 148-180). New York: Agathon Press.] [Plus a new Epilogue]
[Michael Mumper, Ohio University]

Chapter 9: State Policy and Private Higher Education, by William Zumeta. [Reprinted from J. C. Smart (ed.), Higher Education: Handbook of Theory and Research, Volume XII . (pp. 43-106). New York: Agathon Press.] [Plus a new Epilogue]
[William Zumeta, University of Washington]

Part IV: Topics in the Finance of Higher Education

Chapter 10: The Role of Finances in Student Choice: A Review of Theory and Research
[Edward P. St. John and Eric H. Asker, Indiana University; Shouping Hu, Seton Hall University]

Chapter 11: Access to Postsecondary Education: Financing Equity in an Evolving Context
[James C. Hearn, University of Minnesota]

Chapter 12: Financing Private Colleges and Universities: The Role of Tuition Discounting
[David W. Breneman, University of Virginia; James L. Doti, Chapman University; Lucie Lapovsky, Mercy College, New York]

Chapter 13: The Finance of Community and Technical Colleges
[Rick Voorhees, Colorado Community College & Occupational Education System]

Chapter 14: College and University Budgeting: What Do We Know? What Do We Need to Know? by William F. Lasher & Deborah L. Greene. [Reprinted from J. C. Smart (ed.), Higher Education: Handbook of Theory and Research, Volume IX . (pp. 428-469). New York: Agathon Press.] [Plus a new Epilogue]
[William Lasher, University of Texas & Deborah Greene, Texas Higher Education Coordinating Board]

Part V: The Finance of Higher Education in the Twenty-First Century

Chapter 15: The Finance of Higher Education: Implications for Theory, Research, Policy and Practice
[Edward P. St. John, Indiana University; Michael B. Paulsen, University of New Orleans]

Author Index

Subject Index


More . . .

CONTRIBUTING AUTHORS

ERIC H. ASKER is native of Southern California. He is presently an Ed. D. candidate at Indiana University and is completing his dissertation. His research project is a study of the impact of financial aid on the persistence of graduate students from selected fields of study in Indiana's public institutions. His business experience is in financial and business system consulting. His higher education...

CONTRIBUTING AUTHORS

ERIC H. ASKER is native of Southern California. He is presently an Ed. D. candidate at Indiana University and is completing his dissertation. His research project is a study of the impact of financial aid on the persistence of graduate students from selected fields of study in Indiana's public institutions. His business experience is in financial and business system consulting. His higher education related experience is as analyst at Indiana Education Policy Center, and for Indiana University-Purdue University Indianapolis enrollment management office. He has been a research assistant at education policy center at University of Dayton. He worked with the facilities department and student taught at the business school at UCLA. He has been a recruiter for West Point, and administrative assistant to a department chair at UC Davis. His education includes a M.Ed. from UC Davis, an M.B.A. from UCLA, and a B. S. from the US Military Academy.

SANDY BAUM is Professor of Economics at Skidmore College. Prior to joining the faculty at Skidmore College, Dr. Baum taught at Northeastern University and Wellesley College. She graduated from Bryn Mawr College in 1972 with a major in sociology and received her Ph.D. in economics from Columbia University in 1981. Dr. Baum has written widely on financial aid policy, the distribution of subsidies to college students, merit aid, college savings plans, student debt and other aspects of college finance, as well as A Primer on Economics for Financial Aid Professionals . In 1996, she received the NASFAA Golden Quill Award for Outstanding Contributions to the Literature on Student Aid. She serves as consulting economist for the Financial Aid Services and Standards Committee of the College Board's College Scholarship Service and has worked with a variety of other organizations concerned with student aid. She has made numerous presentations on postsecondary education financing to a wide variety of groups.

DAVID W. BRENEMAN is University Professor and Dean of the Curry School of Education at the University of Virginia, is an economist and authority on the finance and economics of higher education. His three decades of experience include service as a Professor, President of Kalamazoo College in Michigan, a think-tank scholar and Senior Fellow in the Economic Studies program at the Brookings Institution, and currently, as Dean of the Curry School of Education. He currently teaches courses in the Center for The Study of Higher Education. An author of numerous scholarly articles and book chapters, he is author of Liberal Arts Colleges: Thriving, Surviving, or Endangered? (Brookings, 1994) and co-author of Financing Community Colleges: An Economic Perspective (Brookings, 1981) and Public Policy and Private Higher Education (Brookings, 1978). Recently, the Council of Independent Colleges (CIC) presented Dean Breneman with the Award for Outstanding Service. This award honors Breneman's efforts toward "insuring a robust future for private higher education" and recognizes the numerous contributions he has made to higher education, specifically in the area of financial aspects of private liberal arts colleges.

JAMES L. DOTI is President and Donald Bren Distinguished Professor of Business and Economics at Chapman University. He holds a bachelor's degree in economics from the University of Illinois, Chicago, and master's and doctorate degrees in economics from the University of Chicago, where he was an Edward Hilman Fellow and National Science Foundation Scholar. Dr. Doti's numerous articles have appeared in academic journals as well as national periodicals such as The Wall Street Journal and The Chronicle of Higher Education . He co-authored two textbooks, Econometric Analysis - An Applications Approach (1988) and The Practice of Econometrics with EViews (1998) . In 1991 he co-edited a collection of readings in private enterprise, The Market Economy - A Reader , that received the Templeton Honor Award for Scholarly Excellence.

HALIL DUNDAR , Ph.D. in higher education and policy studies, is an Education Economist and Project Manager at the World Bank. Dr. Dundar was previously an Assistant Professor of Educational Policy at the Middle East Technical University in Turkey and Policy Analyst at the University of Minnesota. He has authored or co-authored more than 30 monographs, journal articles and book chapters. His current research interests are in the economics of higher education and evaluation of education in developing countries.

DEBORAH L. GREENE is currently Vice President for Institutional Effectiveness and Planning at the University of Texas Health Science Center in San Antonio. Prior to joining the Health Science Center, Dr. Greene served as the Director of the Division of Medical Education at the Texas Medical Association and Director of the Office of Health Affairs within the Texas Higher Education Coordinating Board. She also served as a legislative policy analyst on higher education for the Texas Senate Education Committee and as a budget analyst for higher education in the Governor's Office of Budget and Planning. She received her doctorate in higher educational administration at The University of Texas at Austin, and her M.S.W. and baccalaureate degrees from the University of Michigan.

SHOUPING HU is Assistant Professor in Educational Administration and Supervision in the College of Education and Human Services at Seton Hall University, South Orange, New Jersey. He received his M.A. degree in Economics in 1998 and Ph.D. degree in Higher Education in 2000, both from Indiana University Bloomington. His current research concentrates on college choice, persistence, financial aid policy, and college student engagement in learning and out-of-class activities. His writings appeared in Educational Evaluation and Policy Analysis , Journal of Student Financial Aid , and Journal of College Student Development . Several of his other papers have been accepted and will be published soon in Journal of Higher Education , Research in Higher Education , and The Review of Higher Education .

JAMES C. HEARN is Professor of Higher Education, Chair of the Department of Educational Policy and Administration, and Interim Director of the Postsecondary Education Policy Studies Center at the University of Minnesota. He received his Ph.D. degree from Stanford University and an MBA from the Wharton School at the University of Pennsylvania. Prior to entering his academic career, he worked in policy research on student aid issues for the American College Testing program and for a consulting firm in Washington, DC. His research and teaching focus on policy, finance and organization in higher education. Professor Hearn's research on college enrollment, educational attainment, and student aid policy has appeared in sociology, economics, and education journals as well as in several books. Recently, he has been examining postsecondary access and related policy issues in Minnesota, P-16 cooperation and planning in Georgia, and the implications of the increasing use of non-tenure-line faculty in research universities.

LUCIE LAPOVSKY is President of Mercy College in New York. She previously served as Vice President for Finance at Goucher College for nine years and prior to that, she worked as Special Assistant to the President of the University of Maryland at College Park, as Director of Finance and Facilities for the Maryland Higher Education Commission, and as a Fiscal Planner for the Maryland State Department of Budget and Fiscal Planning. She received her B.A. degree from Goucher College, and her M.A. and Ph.D. degrees in Economics from the University of Maryland at College Park. She also attended the Institute for Educational Management at Harvard. Dr. Lapovsky is the author of several articles and has been a frequent speaker on topics ranging from women's leadership to budgeting and resource management in higher education. Her most recent work and speaker presentations have been on tuition discounting. She serves on many professional boards including the Executive Board of the American Council of Education/National Network of Women Leaders, the Tuition Exchange Board, chairs the Institutional Financial Aid Task Force of the National Association of College and University Business Officers and has served as the Treasurer of Middle States Association of Schools and Colleges.

WILLIAM F. LASHER is Vice Provost for Planning and Assessment at the University of Texas at Austin. He is also professor of educational administration and has served as the director of the UT Austin graduate program in higher education administration. He teaches courses in Higher Education Finance, Higher Education Business Management, Institutional Research and Planning, and Higher Education Legislative Issues. He has also served as Associate Vice President for Budget and Institutional Studies, Director of Institutional Studies, and Associate Dean of the College of Education, all at the UT Austin. He is a Past President of the Association for Institutional Research. He holds a doctorate in higher education from the University of Michigan, a master's degree in college student personnel from Indiana University, and a bachelors degree in psychology from the University of Rochester.

DARRELL R. LEWIS , Ph.D. in economics, is a Professor of Educational Policy and Administration at the University of Minnesota. Professor Lewis has over 30 years experience in the employment of economic analysis to examine evaluation and policy questions in the fields of education and disability policy studies. He has authored or co-authored more than 150 books, monographs, journal articles and book chapters and has been a frequent consultant to international, national, state and local agencies in matters of policy, research and evaluation. His current research interests are in the economics of higher education, economic evaluation of education and training, and disability and equity policy studies.

MICHAEL MUMPER is Professor of Political Science and is currently the Chair of the Department. He holds a Ph.D. from the University of Maryland-College Park in Government and Politics. His area of research specialization is American public policy. In particular his research focuses on government efforts to increase the access and affordability of higher education. He has published articles and reviews in the Journal of Higher Education , The Review of Higher Education , the Journal of Education Finance , the Journal of Student Financial Aid , Urban Education , Educational Policy , Polity , and the Social Science Journal . His 1996 book, Removing College Price Barriers: What Government Has Done and Why It Hasn't Worked , was published by the State University of New York Press as a part of the "Social Context of Education" series.

MICHAEL B. PAULSEN is Professor of Education and Coordinator of Graduate Studies in Higher Education in the Department of Educational Leadership, Counseling and Foundations at the University of New Orleans. He earned his Ph.D. in higher education and economics from the University of Iowa and his M.A. degree in economics from the University of Wisconsin-Milwaukee. His scholarly work in the economics and finance of higher education has been published in both economics and education journals, such as Economics of Education Review, Journal of Education Finance, The Journal of Higher Education , Research in Higher Education, The Review of Higher Education , Educational Evaluation and Policy Analysis, and other research journals, as well as in his book, College Choice . Professor Paulsen is the author or editor of five books and numerous book chapters, journal articles, and monographs in his areas of expertise. Previously, he held faculty appointments in economics at Coe College and St. Ambrose University and subsequently joined the faculties in higher education at the University of Illinois and the University of Alabama. He is consulting editor for Research in Higher Education , associate editor for economics and finance of Higher Education: Handbook of Theory and Research , national review panelist for the ASHE-ERIC Higher Education Reports, and Chair of the Budget Committee for the Association for the Study of Higher Education.

EDWARD P. ST. JOHN is a Professor in the Department of Educational Leadership and Policy Studies at Indiana University, where he also serves as Director of the Indiana Education Policy Center and Chair of the Higher Education Program. Dr. St. John has also published numerous studies of the impact of student financial aid on college choice and persistence, which have been published in Research in Higher Education , the Journal of Higher Education and other research journals. He authored Prices, Productivity, and Investment (an ASHE/ERIC Higher Education Report, 1994) and edited Rethinking Tuition and Student Aid Strategies (Jossey-Bass, 1995). He is currently working on his latest book, Refinancing the College Dream , forthcoming from Johns Hopkins University Press. Previously he has been a professor at the University of Dayton and the University of New Orleans. He also held policy analyst positions with the U. S. Department of Education and the Missouri Department of Education and served as a senior manager in the consulting industry. He holds an Ed. D. from Harvard University and M. Ed. and B. S. degrees from the University of California-Davis.

JOHN C. SMART is Professor of Higher Education at The University of Memphis and formerly was a member of the faculties at the University of Kentucky, Virginia Tech, and the University of Illinois at Chicago. He has served as the editor of Research in Higher Education since 1990 and formerly was the editor of The Review of Higher Education (1980-86). Professor Smart founded Higher Education: Handbook of Theory and Research and has served as editor of the annual volumes since its inception in 1985. He is the recipient of the Distinguished Service Award from the Association for the Study of Higher Education (1993), the Distinguished Career Research Award from the American Educational Research Association (Division J, 1997), and the Sydney Suslow Award from the Association for Institutional Research (1998).

ROBERT K. TOUTKOUSHIAN is the Executive Director of the Office of Policy Analysis for the University System of New Hampshire. He received his Ph.D. in economics from Indiana University in 1991, where he specialized in Finance and Econometrics. Dr. Toutkoushian has published research on the following topics: gender equity for faculty and professional staff in higher education, the determinants of graduate program ratings, an analysis of state appropriations for higher education, the effects of marital status and race/ethnicity on faculty compensation, the use of cost functions for policymaking in higher education, the effects of time allocation on the research productivity of faculty, and an analysis of whether family income and educational attainment affect the initial postsecondary education choices of students in New Hampshire.

RICHARD A. VOORHEES is Associate Vice President for Instruction and Student Services for the Community Colleges of Colorado. His administrative and faculty careers span a variety of institutions including tribal, suburban, and urban community colleges, a research university and a comprehensive 4-year institution. His colleagues recently recognized his contributions to community colleges when he was awarded the Practitioners Award by the National Council for Planning and Research. He has served as an academic dean, chief student affairs officer, and campus director of institutional research. Previous work in the area of higher education finance includes a Jossey-Bass sourcebook entitled, Researching Student Financial Aid . He also has contributed to the literature of student retention, assessment, and marketing research.

WILLIAM ZUMETA is Professor in the Daniel J. Evans School of Public Affairs and College of Education at the University of Washington. He has also taught at UCLA, the University of British Columbia, and Claremont Graduate University. Professor Zumeta has written extensively on public policy and private higher education, higher education finance and accountability, and policies related to graduate education and the PhD labor market. His work has been sponsored by such agencies as the National Science Foundation, Spencer Foundation, Pew Charitable Trusts, Lilly Endowment, and Alfred P. Sloan Foundation, as well as various national associations and government agencies. He is the author of two books and numerous articles and chapters in the higher education, economics and public policy literatures.


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Pages 604
Year: 2001
LC Classification: LB2342 .F475
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