"The University of Austin announced Wednesday that Republican megadonor Jeff Yass is donating $100 million, it's "ending tuition forever" and it will also "never take government money." At the same time, it said Yass's gift represents the first third of "a $300 million campaign to build a university that sets students free.""
"University president Carlos Carvalho told Inside Higher Ed he doesn't plan for this $300 million to become an endowment meant to last forever. Instead, he said it will be invested but spent down as a "bridge" until the institution produces enough donating alumni to keep tuition free. He estimated this will take 25 years, "give or take.""
""We understand there's risk in this approach," Carvalho said. But he said he believes in the product, calling his students his "equity partners"-but stressed that "all they owe is their greatness." When the institution welcomed its first class of students last fall, it said annual tuition was $32,000, but Carvalho said nobody has ever paid tuition."
Jeff Yass donated $100 million to the University of Austin as the first third of a $300 million campaign aimed at making tuition permanently free while rejecting government funding. President Carlos Carvalho said the campaign funds will be invested but intentionally spent down as a bridge until alumni giving can sustain the tuition-free model, which he estimated could take about 25 years. Carvalho acknowledged risk, called students "equity partners," and said they "owe" only their greatness. The university has granted degree authority by Texas and candidate status with Middle States accreditation, with full accreditation expected between 2028 and 2031.
Read at Inside Higher Ed | Higher Education News, Events and Jobs
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