From Jeff Goodwin:
Dear friends and colleagues,
I just created the petition “Stop the NYU 2031 Plan to Increase Student Debt”:
It would mean a lot to me if you took a moment to add your name because:
Even after five no-confidence votes against him by New York University faculty, NYU President John Sexton refuses to back down and end his expansion plan known as “NYU 2031.” Now it’s time for NYU Board of Trustees Chairman Martin Lipton to take action.
For well over a year, New York University faculty, community members, and students have been fighting tooth-and-nail to stop the plan, which proponents expect to cost the university billions. Faculty from NYU’s own Stern School of Business have even voted to oppose the plan by a margin of 52 to 3, warning that “up-front financing costs imply that interest payments alone could be hundreds of millions of dollars a year. We are concerned about financial risks and the possibility of default.”
Without a significant endowment the size of similar universities, Stern faculty have stated that the cost of the “NYU 2031” plan will come from a variety of sources, including “higher tuition rates.” With the four-year cost of tuition, room and board now estimated at nearly $280,000, it’s no surprise that NYU’s 2010 graduating class left campus owing the greatest debt of any class at a non-profit school in the country, totaling $659 million. This massive amount of debt doesn’t just affect the students themselves—it has a dampening effect on our economy and reduces the availability of loans to students overall.
Because NYU is a private school, the Board of Trustees plays a crucial role in choosing what kind of school they want NYU to be. They can choose to cater to the whims of a handful of university leaders making six and seven figure salaries who have lost touch with the needs of NYU students and the school’s own financial future, or they can preserve NYU’s leadership in academia and diverse student body while ensuring students from all walks of live can afford to attend. The board has worked hard to build the stature of the school and is depending on public opinion to keep class sizes growing, but they know that the continuing controversy over the “NYU 2031” plan is a threat to their efforts. We have to let them know that we’re not backing down and we will continue to speak out until we win.
Sign my petition now and let NYU Board of Trustees Chairman Martin Lipton know that we can’t afford to balance the massive costs of NYU expansion on the backs of NYU students.
After you’ve signed the petition please also take a moment to share it with others. It’s super easy – all you need to do is forward this email.
Professor of Sociology
New York University