The valedictory beverage felt well earned. Since Trachtenberg took over in 1988, he had boosted the school's endowment from $250 million to $1 billion and built many state-of-the-art facilities, such as computer and research labs. The profusion of comforts didn't just stimulate students' minds; it also fulfilled their every whim--a change that drew a more selective, more intelligent group of applicants and sent the admission rate plummeting from 75 percent to 37 percent. "It was a very soothing, very beautiful experience and gave me a great sense of satisfaction about my tenure as president," Trachtenberg wrote in his memoir, Big Man on Campus.
Trachtenberg's students funded this triumph. When he became president, they paid $25,000 (in today's dollars) in tuition, room, and board to attend; by the time he retired, they paid $51,000. Trachtenberg made George Washington the most expensive school in the nation. The burst of cash powered his agenda, but the freshmen who borrowed to enroll--46 percent of the class--during his final year graduated with an average of $28,000 of debt.
Trachtenberg also set a trend that other colleges--first his private competitors, then universities across the country--felt compelled to follow. Today, George Washington is only the 21st most expensive school, and the average American student accumulates $24,300 of debt earning her diploma. Collectively, Americans hold more student-loan debt than credit-card debt, and graduates enter a world where more than half of them are jobless or underemployed. (...)
The way Trachtenberg saw it, selling George Washington over the other schools was like selling one brand of vodka over another. Vodka, he points out, is a colorless, odorless liquid that varies little by maker. He realized the same was true among national private universities: It was as simple as raising the price and upgrading the packaging to create the illusion of quality. Trachtenberg gambled that prospective students would see costly tuition as a sign of quality, and he was right. "People equate price with the value of their education," he says.
Trachtenberg was hardly the first to reach this conclusion, but under his leadership, George Washington was peerless in following its logic. He didn't spend the tuition windfall to shift the professor-to-student ratio or overhaul the curriculum. Instead, he covered the campus in cafés, beautiful study spaces, and nicer dorms. Trachtenberg thought that construction on campus gave the appearance that the school was financially sound and was progressing toward a goal, so his policy was, "Never stop building." If he wanted to erect or renovate two buildings, he would stagger the projects so that jackhammers could be heard constantly around campus. He also introduced a three-day orientation, known as Colonial Inauguration, that featured ice-cream socials, casino nights, and a laser show that cost $2,500 per minute.
by Julia Edwards, The Atlantic | Read more:
Photo: Richard A. Bloom
