LSU Considering Bankruptcy…Builds $84 Million Lazy River

Harry · June 1, 2015

Wow - man I knew things were tough for colleges in Louisiana but I figured LSU was immune. I wonder if this factors into C-USA's interest in ULL..in terms of the funding crisis in LA...?

Quote
BATON ROUGE, La. – Louisiana State University is taking heat for a $84.75 million “lazy river” taking shape on campus as the university faces “financial exigency.”
Funding for the massive lazy river – which will be in the shape of letters L-S-U – is funded by student recreation fee increased approved by students in 2011, and is part of a larger overhaul of school facilities that also include swimming pools, a sun deck, a 40,431 sq. ft. cardio and weight room, eight lane lap pool, 35-foot climbing wall, nine tennis courts and a fitness assessment center.
“The entire project will be used in recruiting and retaining students,” Laurie Braden, LSU’s director of recreation, told NOLA.com. “The impact of physical activity and play on the brain and students ability to learn is well documented by neuro-biologist and researcher John Ratey and Stuart Brown.”
Construction on the new facilities started in November, and is expected to take two years, according to the news site.
The project is under construction as university officials are working to save the university from financial ruin. Louisiana lawmakers are struggling to fund the state’s universities, and state aid could decrease from about $3,500 per undergrad to $660 if lawmakers can’t find more funding.
The whole situation is prompting some at LSU to question how the university can declare bankruptcy while building an unnecessary $84 million lazy river theme pool.
“The fact that we can build this pool on one budget while the university is sinking on another shows that overall there is a problem with the way universities finance their work,” LSU Faculty Senate President and professor Kevin Cope told 103.5 FM.
“To build a swimming pool in the form of the letters L, S, and U is ugly, kitsch, ridiculous, and rather childish.”
Read more: http://www.barstoolsports.com/barstoolu/lsu-considering-bankruptcy-builds-84-million-lazy-river-powermovesonly/

Edited June 1, 2015 by Harry

Harry · June 1, 2015

This is a good follow-up article... the gist is that schools like LSU are trying to attract out of state students (who pay higher tuition) through offering these types of perks. This, while student debt is skyrocketing and state funding is diminishing. When you couple this with all of the online and community college options that are out there, you have to think that we may see states start to roll back some of the colleges that are draining the budgets.

oldguystudent · June 1, 2015

On 6/1/2015 at 4:35 AM, Harry said:
This is a good follow-up article... the gist is that schools like LSU are trying to attract out of state students (who pay higher tuition) through offering these types of perks. This, while student debt is skyrocketing and state funding is diminishing. When you couple this with all of the online and community college options that are out there, you have to think that we may see states start to roll back some of the colleges that are draining the budgets.

I've been making the argument for quite some time that easy money credit rip-offs in the form of student loans are incentivizing colleges to upgrade facilities well beyond what a decent college experience needs, charging ever high tuition and fees, raking in that sweet, sweet loan money. I recall college being a somewhat spartan experience. My alma mater today is on par with a Hilton hotel in accommodations and amenities. I have no idea how that's improved the quality of education, but it's quadrupled the price of attendance.

The international students are the target audience du juor. As domestic students exhaust their ability to assume and pay off spiraling debt, they will begin resorting to more reasonable options such as community college, but the international market still sees a US education as a HUGE feather in the resume cap, and there are millions of families coming out of China and Indian that can and will gladly pay the foreign student tuition ranks, pushing out more and more in-state students as each year passes. I believe U of Michigan is at the forefront of this, going to far as to actually make it harder for in-state students to gain admission than foreign students.

But what the hell, eh? The alumni got theirs, and they want a shining SEC! SEC! SEC! jewel to show off at the water cooler every Monday morning.

Harry · June 1, 2015

On 6/1/2015 at 3:20 PM, oldguystudent said:
I've been making the argument for quite some time that easy money credit rip-offs in the form of student loans are incentivizing colleges to upgrade facilities well beyond what a decent college experience needs, charging ever high tuition and fees, raking in that sweet, sweet loan money. I recall college being a somewhat spartan experience. My alma mater today is on par with a Hilton hotel in accommodations and amenities. I have no idea how that's improved the quality of education, but it's quadrupled the price of attendance.
The international students are the target audience du juor. As domestic students exhaust their ability to assume and pay off spiraling debt, they will begin resorting to more reasonable options such as community college, but the international market still sees a US education as a HUGE feather in the resume cap, and there are millions of families coming out of China and Indian that can and will gladly pay the foreign student tuition ranks, pushing out more and more in-state students as each year passes. I believe U of Michigan is at the forefront of this, going to far as to actually make it harder for in-state students to gain admission than foreign students.
But what the hell, eh? The alumni got theirs, and they want a shining SEC! SEC! SEC! jewel to show off at the water cooler every Monday morning.

You and I are of the same mind on this. Here's my point, there is not a need for SO many colleges, especially in Louisiana and probably Texas as well. Pare it back, make some standards and require compliance. The community colleges will play a key role, heck they already are. The reason community colleges are doing so well is they are affordable. At the end of the day these kids will have the same 4-year degree on the wall, paying half the cost.

Fans on here state that they don't like that North Texas sells value for the money (ie cheap) but I think in the current environment keeping costs down and at th every least consistent over all 4-years is very important. When these kids graduate college with $50K+ in debt it hurts our economy.

oldguystudent · June 1, 2015

This is why TAMS has become all that much more important in my household. It's not just bragging rights at this point, it's financial survival. I can knock out 50% of the kid's college for very little money and assuming she gets through it, we should be able to get considerable financing for the final two years and beyond.

I just don't see college as an "experience" anymore like it was in our time. It's pure financial investment, pure and simple. I had the privilege of screwing around...A LOT...without consequence. Our kids don't have that luxury. It's monetized, and if I'm gonna throw tens of thousands of dollars at it, I'm going to be as frugal and efficient with it as possible, and I'm going to insist that she stay on track for an ultimate return on investment -- unlike anything my B- average history degree would get today.

Cerebus · June 1, 2015

On 6/1/2015 at 3:20 PM, oldguystudent said:
I've been making the argument for quite some time that easy money credit rip-offs in the form of student loans are incentivizing colleges to upgrade facilities well beyond what a decent college experience needs, charging ever high tuition and fees, raking in that sweet, sweet loan money. I recall college being a somewhat spartan experience. My alma mater today is on par with a Hilton hotel in accommodations and amenities. I have no idea how that's improved the quality of education, but it's quadrupled the price of attendance.

I agree with you, but we're on the wrong side of the equation.

The problem is that the people demanding this are possible students AND their parents. School after school has done studies on this and it's clear that if you lack in amenities then students and their parents will not consider you a top choice. One of the most sure fire return on investments for universities is to dump money into amenities, it always lead to an increase in applications.

Look, UNT's enrollment has grown at a much slower rate the last 8 years than the rate increase in area college eligible applicants. No matter if UNT had a better academic program, support system, etc one of the main feedback negatives was the lack of amenities. This was from students and parents, one of which has to pay off those loans.

So bam, this is why there is a new Union about to open.

ColoradoEagle · June 1, 2015

I feel like there was a bit of a surge in enrollment once the rec center opened, but I don't know if that's true or related at all.

Harry · June 1, 2015

On 6/1/2015 at 3:54 PM, oldguystudent said:
This is why TAMS has become all that much more important in my household. It's not just bragging rights at this point, it's financial survival. I can knock out 50% of the kid's college for very little money and assuming she gets through it, we should be able to get considerable financing for the final two years and beyond.
I just don't see college as an "experience" anymore like it was in our time. It's pure financial investment, pure and simple. I had the privilege of screwing around...A LOT...without consequence. Our kids don't have that luxury. It's monetized, and if I'm gonna throw tens of thousands of dollars at it, I'm going to be as frugal and efficient with it as possible, and I'm going to insist that she stay on track for an ultimate return on investment -- unlike anything my B- average history degree would get today.

I still think there is a very important social aspect to attending a 4-year college which cannot be underestimated. I may soon be in the minority on this though.

forevereagle · June 1, 2015

On 6/1/2015 at 7:34 PM, Harry said:
I still think there is a very important social aspect to attending a 4-year college which cannot be underestimated. I may soon be in the minority on this though.

I spent my first two years at TCC before transferring to UNT. It worked out fine for me.

MeanGreenTexan · June 1, 2015

On 6/1/2015 at 7:34 PM, Harry said:
I still think there is a very important social aspect to attending a 4-year college which cannot be underestimated. I may soon be in the minority on this though.

I wouldn't trade my freshman year in Clark Hall for anything. Lots of great memories.

Coffee and TV · June 1, 2015

Going to the nearest community college and living with my parents would have meant 2 more years of sharing a bedroom with my little brother, not to mention having classes with a LOT of my high school classmates. Even in debt I don't regret doing my entire academic career at a university.

ColoradoEagle · June 1, 2015

Community college is a waste. I did a summer and one fall class at CCCC-Frisco and CCCC-McKinney, respectively. They were the easiest classes I've taken for anything, ever. I learned absolutely nothing and they did nothing to prepare me for UNT let alone the real world. Oh, and that was five A's.

TheFranchise · June 1, 2015

On 6/1/2015 at 11:30 PM, ColoradoEagle said:
Community college is a waste. I did a summer and one fall class at CCCC-Frisco and CCCC-McKinney, respectively. They were the easiest classes I've taken for anything, ever. I learned absolutely nothing and they did nothing to prepare me for UNT let alone the real world. Oh, and that was five A's.

Different strokes for different folks, I guess because I took care of my Associate's Degree and almost all of my basic courses at TCC and it prepared me just fine. Granted, I'm also about 14 years older than a majority of my fellow "Class of 2015-ers," but still. TCC did just what was needed in order to ease me back into a collegiate setting and prepare for University course loads. And with a wife and two kids, I'm not really in a position to amass a large heap of debt.

oldguystudent · June 2, 2015

On 6/1/2015 at 11:49 PM, TheFranchise said:
Different strokes for different folks, I guess because I took care of my Associate's Degree and almost all of my basic courses at TCC and it prepared me just fine. Granted, I'm also about 14 years older than a majority of my fellow "Class of 2015-ers," but still. TCC did just what was needed in order to ease me back into a collegiate setting and prepare for University course loads. And with a wife and two kids, I'm not really in a position to amass a large heap of debt.

Yeah, honestly, if I'd known in 2008 what I know now, I would have taken at least half of the 48 undergrad hours I did at UNT at North Central Texas College. Would've saved me a serious chunk of debt.

HoustonEagle · June 2, 2015

Education is changing rapidly. Today a person can self-educate in most fields of study. As time goes by employers will get better at determining what a job candidate knows via in-depth interview techniques and rely less on physical degrees. Universities see this and realize they must sell either prestige or student experience or both. Most universities can not sell prestige so enhancing the student experience is becoming a primary focus.

What will the face of higher education look like in 50+ years? Will a University become more about lab work and physical research while most of the soft learning is done via the Internet. What is the future of massive University libraries like Willis? I think it will all look far different from today and some colleges might just become ghost towns.

Edited June 2, 2015 by HoustonEagle