Yale University plans to shrink its incoming class of graduate students by up to 15% as part of an effort to save $50 million in the upcoming academic year. The cost-cutting is a response to a $150-million deficit created by a 29% plunge in its endowment during the recession. Additional steps, announced yesterday by President Richard Levin in a letter to faculty and staff members, include freezing some faculty salaries, "consolidating" services like human resources and information technology, and adjusting thermostats to 68°F in the winter and 75°F in the summer.
Levin said that Yale will boost stipend support by 2% for students in their first few semesters. Research grants pick up the tab after that, explains Steve Girvin, deputy provost for science and technology at Yale and a professor of physics and applied physics.