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"Measuring graduation rates is indeed a charade. Yes, some programs have a “respectable” rate of graduating athletes, but these grads often take gut courses, major in fields that have little academic rigor (coaching, general studies), and are placed in courses taught by profs who wouldn’t recognize an academic standard if it slept in their bed. The whole enterprise ought to be called academic gerrymandering."
—Gary
NCAA Imposes Stiffer Penalties for Academic Performance of Midlevel Division I Teams
U. of Evansville President Arrested on Drunken-Driving Charges
In a statement released today by the university, Stephen G. Jennings acknowledged making “a very serious mistake” and apologized.
Petitions Are Filed for Arizona and Nebraska Referenda on Affirmative Action
The backers of a similar measure in Colorado filed petitions months ago, but legal challenges may complicate such campaigns.
Oklahoma's Matching-Gift Backlog Booms Despite Moratorium
Instead of helping to clear a $225-million backlog of matching-gift obligations, a July 1 moratorium on the program has set back the state even more.
Italian-American Groups Rally to Save Advanced Placement Test in Italian
The Italian ambassador to the United States is leading efforts to raise money to continue the examination.
U. of Chicago Students Scramble After Lender Pulls Out
The Illinois Student Assistance Commission is ending its “school as lender” arrangement with the university.
Darwin Defeated in the Bayou: Louisiana Encourages 'Critical Thinking' About Evolution | 88
ACLU Complains About Noon-Meal Prayers at Naval Academy | 77
Columbia U. Fires Teachers College Professor Accused of Rampant Plagiarism | 61
U. of Phoenix's Report on Students' Progress Is 'Disingenuous,' Critic Says | 49
Student Who Died at Professor's Home Suffered a Drug Overdose | 47
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September 26, 2007
Deal to Buy Out Sallie Mae Falls Through
Sallie Mae announced today that the banks and private-equity firms that last spring agreed to pay $25-billion to buy out the student-loan giant had decided to renege on the deal. They are apparently contending that legislation passed this month by Congress will so drastically reshape the student-loan industry — and sharply cut its profits — that the company is no longer worth the purchase price.
In a written statement, Sallie Mae said that it “firmly believes that the buyer group has no contractual basis to repudiate its obligations under the merger agreement and intends to pursue all remedies available to it to the fullest extent permitted by law.”
The move by the buyer group — which includes J.C. Flowers & Company, of New York, and Friedman Fleischer & Lowe, of San Francisco, as well as Bank of America and JPMorgan Chase — came one day before President Bush is scheduled to sign into law the legislation, which would slash lender subsidies by almost $21-billion. —Andrew Mytelka
Posted on Wednesday September 26, 2007 | Permalink |
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