Writings by Randall

American higher education is facing a reckoning after decades of ignoring mounting economic pressures. Declining enrollment, rising costs, and shrinking public funding have exposed the unsustainable financial model at many institutions. While universities have invested in high-cost amenities to compete for students, these strategies have failed to address core budget gaps. Ellen Aprill’s argument for more flexible endowment use highlights a path forward: responsible, mission-aligned spending that prioritizes long-term sustainability over outdated norms. To survive, colleges must rethink what they offer, how they fund it, and what truly serves their mission.