The old saying that time is money is nowhere more true than in U.S. higher education. Time is measured two ways in academia--by the calendar and by the credit hour. Both can be costly, whether in the form of tuition, taxpayer subsidies, or the wages students lose with each additional term enrolled. For many years, in credit terms, the standard for…

Policy discussions about funding in higher education focus primarily on revenues needed to balance budgets from year to year, rather than on how funds need to be invested to meet strategic priorities. The data in "Trends" show that the incremental approach to fundraising and spending has resulted in a slow disinvestment in core…