On the other hand, it is not fair to say that changes in federal policy have caused our tuition to rise faster. Every economic argument imaginable would indicate that we should raise tuition at a faster rate than we do.

We have been restraining the growth of the cost of education-that is, tuition, room and board-to be within approximately one and a half percentage points of the consumer price index.

We are trying to make up these other elements by gaining cost efficiencies through our reengineering process and through overt fund-raising activities to better support graduate education.

Over-reliance on strictly economic justifications has already begun to hurt the quality and range of education at every level of American life.

On the other hand, it is not fair to say that changes in federal policy have caused our tuition to rise faster. Every economic argument imaginable would indicate that we should raise tuition at a faster rate than we do.

I would also certainly continue to keep loan repayment interest rates as low as possible. And I would spread the financial aid a little less thinly across all income brackets.

Of course, tax revenues have ended up being substantially higher than they were at the time these dire projections were made, and we are very close now to having a balanced budget. All that has been very helpful.