Commencement Speaker '99:
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.
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
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