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Tuesday September 17, 2019 vol. cxliii no. 69
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CNBC’s list of “colleges that pay off the most” lists U. second among private institutions By Zach Shevin Assistant News Editor
The University was listed as second among private colleges and universities on CNBC Make It’s list of “the top 50 U.S. Colleges that pay off the most,” behind only Stanford University. The University was the only school in the state of New Jersey featured on the list, which included a total of 25 public and 25 private colleges. The ranking was calculated by deriving the “true net cost” of the various universities via graduates’ expected annual earnings. CNBC Make It listed the average annual net cost of attending the University for a family making between $48,001 and $75,000 as $4,557. This statistic, the website notes, was calculated using data from the Hechinger Report’s Tuition Tracker, which compiles data provided by the Department of Education’s Integrated Postsecondary Education Data System. CNBC notes that this number represents “the true net cost” of attending the University, “including tuition, fees, books, supplies, and other expenses” and “after subtracting scholarships and grants.” The income bracket from $48,001 to $75,000, which contains the median U.S. household income, was chosen so as to reflect the most accurate cost for an average American. The website lists the median salary for University alumni with zero to five years of experience as $72,700 and the median salary for alumni with over 10
years of experience as $141,300. These numbers come from PayScale’s College Salary Report, which “compiles data from an ongoing, online compensation survey of 3.2 million college graduates.” The website averages these two salaries, noting that doing so “gives greater weight to workers’ earnings in the years immediately after college, when individuals are most impacted by college costs and student debt.” The University’s “salary average” came out to $107,000, the fourth largest average on the list, behind Stanford University, Harvard University, and the Massachusetts Institute of Technology. Seven of the eight universities in the Ivy League were listed in the top 25 private colleges. Harvard University, Yale University, Columbia University, Dartmouth College, the University of Pennsylvania, and Brown University ranked fifth, sixth, seventh, 13th, 17th, and 20th, respectively. Cornell University did not appear on CNBC Make It’s list. Additionally, the average net costs of Harvard University, Yale University, and Columbia University for the selected income bracket were all greater than $6,000, and the average net costs of Dartmouth College, the University of Pennsylvania, and Brown University were all greater than $10,000, compared to the University’s total net cost of $4,557. The “U.S. Colleges that pay off the most” list was published on July 16.
U . A F FA I R S
U.S. News ranks U. No. 1 in America By Marissa Michaels Staff Writer
For the ninth year in a row, U.S. News and World Report declared Princeton the No. 1 national university in America, out of roughly 400. Trailing behind the University is Harvard at No. 2. Columbia University, Massachusetts Institute of Technology, and Yale University all tied for the No. 3 spot. The University also came out on top for “Best Undergraduate Teaching” and “Best Value Schools.” For some students, this ranking fostered pride. “It’s exciting to know that there’s that image [of Princeton],” Sophie Goldman ’23 said. The rankings are based on six factors: student outcomes, faculty resources, expert opinion, financial resources, student excellence, and alumni giving. But there were also some categories where the University fell short of No. 1. The University was ranked No. 12 in “Best Undergraduate Engineering Programs” and No. 186 in a brand new category, “Top Performers on Social Mobility,” which tracks the
In Opinion
proportion of students who receive Pell Grants. University spokesperson Ben Chang reported, however, that the University is “constantly striving to use a range of approaches and partnerships to attract, enroll, and support extraordinary students from a wide array of backgrounds. “Earlier this year, Princeton University offered admission to 1,895 students for the Class of 2023 — of those, 18 percent were first-generation college students and 26 percent came from lowerincome backgrounds (as determined by eligibility for Pell grants),” Chang wrote in his statement to The Daily Princetonian. “For example,” Chang explained, “Princeton is a member of the American Talent Initiative, a national effort to expand college access and opportunity for talented low- and moderate-income students… The Office of Admission works with community-based organizations and nonprofits, such as QuestBridge, Leadership Enterprise for a Diverse America (LEDA) See US NEWS page 3
Vice President for Campus Life W. Rochelle Calhoun reaffirms the University’s commitment to intellectual diversity and freedom of expression, and an earlier column by the Prince Editorial Board criticizes the role of Open Expression Monitors. PAGE 4
BEYOND THE BUBBLE
COURTESY OF FLICKR
Amid fears of recession, Powell emphasized this cut was a midcycle adjustment.
Federal Reserve chair Jerome Powell ’75 faces increasing scrutiny, political pressure following July rate cut By Catherine Benedict Senior Writer
Jerome Powell ’75, the chair of the Federal Reserve, has come under an unprecedented amount of scrutiny in the past month as recession fears and trade tensions intensify in the midst of the country’s longest economic expansion. Although Powell has previously clashed with President Donald Trump, the chair has recently been subject to an avalanche of pressure and commentary that threaten to derail the Federal Reserve’s strongly held political independence. On July 31, Powell announced
that the Federal Open Market Committee, which sets U.S. monetary policy, had voted to lower the central bank’s federal funds rate for the first time since the 2008 financial crisis. While those rate cuts were employed to stimulate an economy in the throes of the worst national downturn since World War II, Powell justified the recent quarter-point rate cut as a move “intended to ensure against downside risks from weak global growth and trade tensions.” The decrease in the target federal funds rate to a range of 2–2.25 percent lowered the cost of borrowing money, an attempt to encourage economic activity
and increase the inflation rate to the Fed’s target of 2 percent. Noting the strength of the U.S. economy and near historically low unemployment levels, two Fed officials voted to keep rates unchanged. During the news conference after the announcement, Powell stressed that this “insurance cut” was a “midcycle adjustment” and “not the beginning of a long series of rate cuts” typical in times of recession, defined as two consecutive quarters of decline in gross domestic product (GDP). At a time when President Trump is eager for even lower See POWELL page 2
IN TOWN
HANNAH WANG / THE DAILY PRINCETONIAN
A meeting of the Council of Princeton in 2017.
Death at Washington/Prospect intersection spurs calls for action By Zach Shevin Assistant News Editor
A pedestrian fatality at the intersection of Washington Road and Prospect Avenue last month has increased the urgency of ongoing efforts to improve pedestrian safety in the town of Princeton. At 10:30 a.m. on July 30, 68-year-old physician Michael Reiss was crossing the street at the intersection of Washington Road and Prospect Avenue when
he was hit by a Ford F350 pickup truck, according to a Princeton Police Department statement. Reiss was taken to Capital Health Regional Medical Center in Trenton for treatment and later moved to Penn Presbyterian Medical Center in Philadelphia for further treatment. He died on August 1. The driver of the vehicle, 42-year-old Antonio Pirone, was issued a summons for failure to yield to a pedestrian in a crosswalk, but all aspects of the crash
Today on Campus 4:30 p.m.: On the Populist Reason, Ecuador-Venezuela 216 Burr Hall
remain under investigation, the press release notes. Pirone was stopped facing west at the traffic light on Prospect Avenue, attempted to make a left turn onto Washington Road when the light turned green, and failed to observe Reiss who was “approximately half way through the crosswalk” at the time of impact. “The impact, though at a low rate of speed, knocked Reiss to the ground, causing him to roll See PEDESTRIANS page 4
WEATHER
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Sunny chance of rain:
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