March 23, 1999
Volume 45
Number 25

Commencement Speaker '99:

Robert Rubin

Secretary of the Treasury Robert E. Rubin will deliver the Commencement address at Penn's 243rd Commencement, to be held Monday, May 17, starting at 9:30 a.m. at Franklin Field.

Mr. Rubin, who was sworn in as the 70th Secretary of the Treasury on January 10, 1995, had earlier been Assistant to the President for Economic Policy at the White House. There he directed the activities of the National Economic Council, and had oversight responsibility for the Administration's domestic and international economic policymaking process. The post included coordinating economic policy recommendations to Mr. Clinton to ensure that economic policy decisions and programs were consistent with the President's goals, and monitoring the implementation of those goals.

Secretary Rubin also will receive an honorary Doctor of Laws degree at the Commencement ceremonies, "in recognition of his many and varied contributions to economic growth in this country and throughout the world," President Judith Rodin said.

"Secretary Rubin has been one of the most active and productive Treasury Secretaries in our country's history," Dr. Rodin added. "He has redefined the role of the post, effectively blending economics and diplomacy to effect change in world markets."

A native of New York City, Secretary Rubin, now 60, received a bachelor's degree summa cum laude from Harvard in 1960. He received an LL.B. from Yale in 1964, and he attended the London School of Economics.

He began his career with the New York firm of Cleary, Gottlieb, Steen & Hamilton, then moved to Goldman, Sachs & Co., where he worked for 26 years before joining the Clinton Administration. Mr. Rubin was Vice Chairman and Co-Chief Operating Officer at Goldman, 1987-1990, and he was Co-Senior Partner and Co-Chairman at Goldman, 1990-1992.

Secretary Rubin has served on the board of directors of the New York Stock Exchange, the Harvard Management Company, the New York Futures Exchange, the New York City Partnership and the Center for National Policy. He also served as a trustee of the Carnegie Corporation of New York, Mt. Sinai Hospital and Medical School, the President's Advisory Committee for Trade Negotiations, the Market Oversight and Financial Services Advisory Committee of the Securities and Exchange Commission, the Council of Economic Advisors of the Mayor of New York and the Governor's Council on Fiscal and Economic Priorities for the State of New York.

 Tuition Rising 4.2% in 1999-2000;
Overall Increase of 3.7% is Lowest in Three Decades

Total student charges at the University of Pennsylvania will increase 3.7 percent for the 1999-00 academic year, the lowest percentage increase in more than three decades, President Judith Rodin announced Thursday.

Tuition and fees for undergraduate students will increase 4.2 percent, from $23,254 to $24,230 while average room and board will increase 2.2 percent, from $7,206 to $7,362.

Total student charges will increase 3.7 percent, from $30,460 to $31,592. "This maintains our commitment to moderate the rate of increase for both tuition and total student charges for our undergraduates at Penn," Dr. Rodin said, adding that the 3.7 percent increase in total student charges is slightly below last year's growth rate for the average family income, which was about 4.1 percent across the nation.

Total student charges at Penn are expected to be the lowest in the Ivy League, based on charges already announced at Brown, Cornell, Dart-mouth, Princeton and Yale as well as those anticipated at Columbia and Harvard.

Need-Blind Admission

Dr. Rodin said that with the support of the trustees, Penn "is able to maintain its need-blind admission policy," continuing to provide financial aid packages to those students who demonstrate need throughout their undergraduate experience. Penn's undergraduate, need-based grant budget for the 1999-2000 academic year will exceed the $55 million budgeted this year, reflecting "the University's commitment to enrolling the most talented students without regard to their financial circumstances." More than 40 percent of the undergraduate student body at Penn received such support in 1998-99.

Trustees are also committed to campaign to raise $200 million to build the endowment for undergraduate financial aid as one of the goals of the Agenda for Excellence, the University's strategic plan. More than $73 million has been raised to date with Dr. P. Roy Vagelos, chairman of the Board of Trustees, making endowment for undergraduate financial aid "his personal priority," Dr. Rodin said.

Dr. Rodin said that Penn has received 17,649 applications for undergraduate admission for the class of 2003, an increase of 6.3 percent over the 16,658 applicants a year ago. "Our applicant pool is increasingly broad-based," she said, and "We do not intend to lose a single student because he or she believes a Penn education is fi-nancially out of reach."

Dr. Rodin called attention to these new or expanded financial aid programs:

Trustee Scholarships, for the most academically gifted students with demonstrated financial need. The packages contain no loan component, but grants and work-study opportunities cover the full amount of the demonstrated need. More than 90 Trustee Scholars are enrolled in the current academic year, at an estimated commitment of more than $6.5 million for their four undergraduate years.

Mayor's Scholarships, for exceptionally-gift-ed students from public, private and Archdio-cesan high schools in Philadelphia, with demonstrated financial need. These also have no loan component, covering the demonstrated need via grants and work-study opportunities. The 145 Mayor's Scholars now at Penn include 43 freshmen, for whom more than $4 million is committed for their four undergraduate years.

Annenberg Scholarships, for exceptional students with outstanding leadership potential and demonstrated financial need, will begin with the Class of 2003, funded through the generosity of the Hon. Walter H. Annenberg and his wife, the Hon. Leonore Annenberg. Annenberg Scholars' packages include the maximum grant award possible, Dr. Rodin said.

Leadership Grants, for exceptional students who have shown "impressive" leadership skills in high school and who have demonstrated financial need. Again, there is no loan component; grants and work-study opportunities cover the full amount of the demonstrated need. Leadership is demonstrated through "excellence in the performing or visual arts, athletics, community service, student government or other, similar activities," plus strong academic records.

 Death on Campus

The death of a recent alumnus at a campus fraternity house early Sunday morning is reported here.

 Death of Ed Lane

At presstime Almanac was advised of the death of Edward Franklin Lane, a legendary development officer who retired in 1983 after 33 years on staff. An obituary is being prepared for next week.

He was 77 years old.

Almanac, Vol. 45, No. 25, March 23, 1999