Despite the loud busking music, arcade lights and swarms of people, it was hard to be distracted from the corner street stall serving steaming cupfuls of tteokbokki — a medley of rice cake and fish cake covered in a concoction of hot sweet sauce. I gulped when I felt my friend tugging on the sleeve of my jacket, anticipating that he wanted to try it. After all, I promised to treat him out if he visited me in Korea over winter break.
The cups of tteokbokki, garnished with sesame leaves and tempura, was a high-end variant of the street food, nothing like the kind from my childhood. Its price of 3,500 Korean won was also nothing like I recalled, either, simply charged more for being sold on a busy street. If I denied the purchase, I could console my friend and brother by purchasing more substantial meals elsewhere. Or we could spend on overpriced food now to indulge in the immediate gratification of a convenient but ephemeral snack.
At every seemingly inconsequential expenditure, I weigh the pros and cons of possible purchases as if I held my entire fate in my hands. To be generously hospitable, but recklessly drain the travel allowance we needed to stretch across two weeks? Or to be budgetarily shrewd, but possibly risk being classified as stingy? That is the question, and a calculus I so dearly detest.
Unable to secure subsequent employment and saddled by alimony complications, there was no room in my dad’s household to be embarrassed by austerity or scraping for crumbs. Ever since I was taught to dilute shampoo with water, I’ve revised my formula to reduce irritation to the eye. Every visit to a fast-food chain included asking for a sheet of discount coupons — the parameters of all future menu choice — and a past receipt containing the code of a completed survey to redeem for a free cheeseburger. Exploiting combinations of multiple promotions to maximize savings at such establishments felt as thrilling as cracking war cryptography, critical for minimizing cash casualties.
However, while disciplined restriction of expenses may be virtuous in private, at outings, even those amongst friends, spending less — when it comes to status — paradoxically costs more. In Asian family-style eating customs, a dish ordered is typically available to everyone, and the total bill, regardless of what you did or did not consume, is divided evenly. Too ashamed to ask for myself to be excluded from paying for dishes I did not order or partake in, I’ve opted out of invitations to meals altogether. I am wary even of meals where the inviting host has offered to treat everyone, fearful that if I only attended “free meals” I would be pinned as a parasite.
Although I can now conduct t-tests to extract correlations between multiple variables, calculate marginal propensities to import and assess whether a developing country elsewhere in the world is at risk of becoming stuck in the middle-income trap, my day-to-day decisions still revolve around elementary arithmetic. I feel haunted, cursed by the compulsion to diligently subtract pennies from purchases hoping it will eventually pile up into a mere dollar, as if the slightest misjudgment in a single buy would tip my family’s balance sheet into irrecoverable poverty.
Will I ever stop stressing over overspending?
I’m not sure I ever will.
But I do know this. As I handed over 7,000 won in exchange for two cups of tteokbokki to share amongst the three of us — my friend, my brother and myself — I am reminded that even if we are not swimming in splendor, we can still uphold our dignity through the generosity of sharing. Restricting one’s conscience only around ruminating which roads will lead to riches risks blindness toward rarer wealth: friends and family who do not measure one’s worth based on their net worth. Maybe one day, such rigorous monitoring of financial activity won’t be necessary, but even if not, this is still enough.
The outcome could have been different, however, if the error had occurred during a downturn, said Madeline Hume, a Morningstar analyst. She advised being familiar with your plan’s performance, so you can gauge if returns seem out of the ordinary, and paying attention when your plan notifies you of changes. “It’s important to keep aware of what communications are coming out,” she said.
The firm rates 529 plans on factors like fees, investment options and plan oversight, and most are rated gold, silver or bronze, indicating they offer a net benefit to investors. However, eight plans received “negative” ratings, mostly because of excessive fees.
Here are some questions and answers about 529 saving plans:
What college expenses can 529 funds be used for?
Savings in a 529 can be used to pay college costs including tuition, room and board, mandatory fees, books, supplies and required equipment.
Can I use 529 funds to pay student loans?
Yes. Under a law passed in 2019, up to $10,000 from a 529 account can be used to repay a beneficiary’s student loans. Another $10,000 each can be used to repay student loans borrowed by the beneficiary’s siblings.
Can grandparents save in a 529 account for a grandchild?
Yes — and an upcoming change to an important financial aid form, the Free Application for Federal Student Aid, or FAFSA, should help to make that more attractive. Currently, contributions from grandparent-owned 529 plans are reported on the FAFSA as untaxed cash support to the student, which can reduce eligibility for financial aid, said the financial aid expert Mark Kantrowitz. An updated FAFSA, however, will eliminate the question about cash support, he said, so distributions from grandparent-owned 529s will no longer be included on the form. The change is expected to take place with the FAFSA available in late 2022, for the 2023-24 academic year.
The change, however, does not affect a different student aid form, the CSS Profile, which is required by many higher-cost private colleges, Mr. Kantrowitz said.
Nikole Hannah-Jones, a Pulitzer Prize-winning writer for The New York Times Magazine, was denied a tenured position at the University of North Carolina, after the university’s board of trustees took the highly unusual step of failing to approve the journalism department’s recommendation.
The decision drew criticism from faculty members on Wednesday, who said that the last two people in the position Ms. Hannah-Jones will hold were granted tenure upon their appointment.
In late April, the university announced that Ms. Hannah-Jones was being appointed to the Knight Chair in Race and Investigative Journalism at U.N.C.’s Hussman School of Journalism and Media. She will start as a professor in July, while continuing to write for The Times Magazine. Instead of tenure, Ms. Hannah-Jones was offered a five-year contract as a professor, with an option for review.
In the April announcement, the dean of the journalism school, Susan King, said: “Now one of the most respected investigative journalists in America will be working with our students on projects that will move their careers forward and ignite critically important conversations.”
MacArthur fellowship in 2017, brought a backlash from conservative groups concerned about her involvement in The Times Magazine’s 1619 Project, which was named for the year that slavery began in the colonies that would become the United States. (Ms. Hannah-Jones won the 2020 Pulitzer Prize for commentary for her introductory essay.)
The 1619 Project ignited acontinuing debate about the legacy of slavery, but has faced criticism from some historians over certain claims, and from conservatives who have labeled it “propaganda.” The Republican-controlled North Carolina Legislature appoints the university system’s Board of Governors, which has significant control over the university’s board of trustees.
The website NC Policy Watch reported on Wednesday that U.N.C.’s board of trustees had declined to approve Ms. Hannah-Jones’s application for tenure. A spokeswoman for the university, Joanne Peters Denny, said in a statement that “details of individual faculty hiring processes are personnel protected information.”
Today in Business
Ms. Hannah-Jones declined to comment. On Twitter on Wednesday evening, she wrote, “I’ve been staying off of here today, but just know I see you all and I am grateful.”
Nearly 40 faculty members from the journalism school signed an online statement on Wednesday calling for the decision to be reversed, saying the failure to grant tenure to Ms. Hannah-Jones “unfairly moves the goal posts and violates longstanding norms and established processes.” The statement added, “This failure is especially disheartening because it occurred despite the support for Hannah-Jones’s appointment as a full professor with tenure by the Hussman dean, Hussman faculty and university.”
It continued, “Hannah-Jones’s distinguished record of more than 20 years in journalism surpasses expectations for a tenured position as the Knight Chair in Race and Investigative Journalism.”
Alberto Ibargüen, the president of Knight Foundation, said that while the foundation funds the Knight Chair position at U.N.C., it has no role in appointments. The agreement calls for a five-year appointment, with tenure review within that period, he said.
“It is not our place to tell U.N.C. or U.N.C./Hussman who they should appoint or give tenure to,” Mr. Ibargüen said in a statement. “It is, however, clear to us that Hannah-Jones is eminently qualified for the appointment and we would urge the trustees of the University of North Carolina to reconsider their decision within the time frame of our agreement.”
Ms. Hannah-Jones’s editors voiced their support on Wednesday. “Nikole is a remarkable investigative journalist whose work has helped change the national conversation about race,” said Dean Baquet, executive editor of The New York Times.
Jake Silverstein, editor of The Times Magazine, strongly defended her and her work.
“Nikole’s journalism, whether she’s writing about school segregation or American history, has always been bold, unflinching and dedicated to telling uncomfortable truths that some people just don’t want to hear,” Mr. Silverstein said. “It doesn’t always make her popular, but it’s part of why hers is a necessary voice.”
The State University of New York and the City University of New York plan to require that all students attending in-person instruction in the fall be fully vaccinated against Covid-19, Gov. Andrew M. Cuomo of New York said on Monday.
He said the requirement would be contingent on the federal government granting full approval to the vaccines now in use. So far, three vaccines have been given emergency use authorization in the United States, but none have full approval yet.
Pfizer and BioNTech jointly applied for full approval for their vaccine last week, and Moderna has said it plans to apply sometime in May. The approval process can take months.
The New York colleges and universities join a growing list of higher-education institutions that will require students to be vaccinated in the fall. In April, the University of California and California State University announced plans to require all students, faculty and staff on their campuses be vaccinated, once a vaccine receives full approval. That policy will affect more than one million people associated with the sprawling state campuses across California.
tracker maintained by The Chronicle of Higher Education, at least 319 campuses have announced vaccination mandates of some form for the fall.
At the end of April, the University of Maryland system announced that it would require students and staff to be vaccinated. The chancellor, Jay A. Perman, said the university was doing so to prepare for “more infectious, more harmful variants that we think could be circulating on our campuses come fall.”
Colleges and universities have been among the more closely watched institutions during the pandemic, in part because many students travel long distances to attend them and could unknowingly spur outbreaks in the surrounding communities. Iowa City, for example, which is home to the University of Iowa, experienced a surge when students returned to campus in the fall of 2020.
At the time, The New York Times reviewed 203 counties in the United States where students make up at least 10 percent of the population, and found that about half were experiencing significant increases in infections.
Births are falling. The population is aging. The work force of the world’s second-largest economy is shrinking.
China’s latest once-a-decade census, which was conducted last year, showed the slowest population growth since the 1960s, confirming that the country is in the midst of an urgent demographic crisis.
The results may push the government to loosen its family planning restrictions, which have shaped the most intimate aspects of Chinese society — marriage, childbirth and child-rearing — for decades. But the stark need for change has also underscored how reluctant the authorities have been to fully let go of control.
according to World Bank data. Last year, just 12 million babies were born in China, the lowest official number since 1961, as the country was emerging from a devastating famine.
Experts cautioned that the pandemic may have been a major factor, but births have now declined for four consecutive years.
The numbers make clear that China’s aging crisis will not be resolved anytime soon. As older Chinese people occupy a greater share of the population, while the younger work force who would support them declines, China’s pension funds and underdeveloped facilities for older adults are sure to feel strain. Adults above 60 now make up 18.7 percent of the population, compared with 13.3 percent in 2010.
Liang Jianzhang, a demography expert at Peking University, said he expected that the government would lift its remaining limits on fertility soon. Five years ago it ended its one-child policy and allowed families to have two children, but families who have more can still be penalized or denied benefits.
forcing women to have fewer babies as part of an effort to control the Muslim ethnic minorities there.
China’s gender gap is shrinking, but discrimination remains.
Stuart Gietel-Basten, a professor at the Hong Kong University of Science and Technology who studies demography. But that ratio is still higher than normal, suggesting a lingering preference for boys, he added.
The advancement of women faces more official obstacles, too. In an effort to address the fertility crisis, officials in recent years have sought to push women back into traditional gender roles. Feminist activists have been detained or censored online.
39 percent of adults aged 25 to 64 in countries that are members of the Organization for Economic Cooperation and Development had some form of tertiary education.) But it is a tremendous accomplishment for a country that in 1997 had fewer than 3.5 million undergraduate and graduate students.
Still, experts have noted that the surging numbers of college graduates may bring a new problem: a dearth of well-paid jobs to employ them. China’s economy is still largely reliant on blue-collar labor. Ning Jizhe, the head of China’s National Bureau of Statistics, acknowledged the gap at a news conference about the census on Tuesday.
“Employment pressure on college students is increasing,” he said. “The pace of industrial transformation and upgrading needs to speed up.”
Unless the new crop of educated young people can find stable jobs, Professor Gietel-Basten said, the fertility rate may drop even further. “If you’ve got a situation where you have graduate unemployment and it’s difficult to access these good jobs,” he said, “why would you have more babies?”
Wealthier centers are continuing to grow, while poorer areas lag.
Wang Feng, a professor of sociology at the University of California, Irvine. As the northeast continues to empty out, those disparities may become even more pronounced, he added.
HANOVER, N.H. — Sirey Zhang, a first-year student at Dartmouth’s Geisel School of Medicine, was on spring break in March when he received an email from administrators accusing him of cheating.
Dartmouth had reviewed Mr. Zhang’s online activity on Canvas, its learning management system, during three remote exams, the email said. The data indicated that he had looked up course material related to one question during each test, honor code violations that could lead to expulsion, the email said.
Mr. Zhang, 22, said he had not cheated. But when the school’s student affairs office suggested he would have a better outcome if he expressed remorse and pleaded guilty, he said he felt he had little choice but to agree. Now he faces suspension and a misconduct mark on his academic record that could derail his dream of becoming a pediatrician.
“What has happened to me in the last month, despite not cheating, has resulted in one of the most terrifying, isolating experiences of my life,” said Mr. Zhang, who has filed an appeal.
Dartmouth recently accused of cheating on remote tests while in-person exams were shut down because of the coronavirus. The allegations have prompted an on-campus protest, letters of concern to school administrators from more than two dozen faculty members and complaints of unfair treatment from the student government, turning the pastoral Ivy League campus into a national battleground over escalating school surveillance during the pandemic.
insecure, unfair and inaccurate.
cease using the exam-monitoring tools.
“These kinds of technical solutions to academic misconduct seem like a magic bullet,” said Shaanan Cohney, a cybersecurity lecturer at the University of Melbourne who researches remote learning software. But “universities which lack some of the structure or the expertise to understand these issues on a deeper level end up running into really significant trouble.”
At Dartmouth, the use of Canvas in the cheating investigation was unusual because the software was not designed as a forensic tool. Instead, professors post assignments on it and students submit their homework through it.
That has raised questions about Dartmouth’s methodology. While some students may have cheated, technology experts said, it would be difficult for a disciplinary committee to distinguish cheating from noncheating based on the data snapshots that Dartmouth provided to accused students. And in an analysis of the Canvas software code, The Times found instances in which the system automatically generated activity data even when no one was using a device.
“If other schools follow the precedent that Dartmouth is setting here, any student can be accused based on the flimsiest technical evidence,” said Cooper Quintin, senior staff technologist at the Electronic Frontier Foundation, a digital rights organization, who analyzed Dartmouth’s methodology.
Seven of the 17 accused students have had their cases dismissed. In at least one of those cases, administrators said, “automated Canvas processes are likely to have created the data that was seen rather than deliberate activity by the user,” according to a school email that students made public.
The 10 others have been expelled, suspended or received course failures and unprofessional-conduct marks on their records that could curtail their medical careers. Nine pleaded guilty, including Mr. Zhang, according to school documents; some havefiled appeals.
Dr. Compton acknowledged that the investigation had caused distress on campus. But he said Geisel, founded in 1797 and one of the nation’s oldest medical schools, was obligated to hold its students accountable.
“We take academic integrity very seriously,” he said. “We wouldn’t want people to be able to be eligible for a medical license without really having the appropriate training.”
Instructure, the company that owns Canvas, did not return requests for comment.
A Hunt Begins
In January, a faculty member reported possible cheating during remote exams, Dr. Compton said. Geisel opened an investigation.
To hinder online cheating, Geisel requires students to turn on ExamSoft — a separate tool that prevents them from looking up study materials during tests — on the laptop or tablet on which they take exams. The school also requires students to keep a backup device nearby. The faculty member’s report made administrators concerned that some students may have used their backup device to look at course material on Canvas while taking tests on their primary device.
administrators held a virtual forum and were barraged with questions about the investigation. The conduct review committee then issued decisions in 10 of the cases, telling several students that they would be expelled, suspending others and requiring some to retake courses or repeat a year of school at a cost of nearly $70,000.
Many on campus were outraged. On April 21, dozens of students in white lab coats gathered in the rain in front of Dr. Compton’s office to protest. Some held signs that said “BELIEVE YOUR STUDENTS” and “DUE PROCESS FOR ALL” in indigo letters, which dissolved in the rain into blue splotches.
Several students said they were now so afraid of being unfairly targeted in a data-mining dragnet that they had pushed the medical school to offer in-person exams with human proctors. Others said they had advised prospective medical students against coming to Dartmouth.
“Some students have built their whole lives around medical school and now they’re being thrown out like they’re worthless,” said Meredith Ryan, a fourth-year medical student not connected to the investigation.
That same day, more than two dozen members of Dartmouth’s faculty wrote a letter to Dr. Compton saying that the cheating inquiry had created “deep mistrust” on campus and that the school should “make amends with the students falsely accused.”
In an email to students and faculty a week later, Dr. Compton apologized that Geisel’s handling of the cases had “added to the already high levels of stress and alienation” of the pandemic and said the school was working to improve its procedures.
The medical school has already made one change that could reduce the risk of false cheating allegations. For remote exams, new guidelines said, students are now “expected to log out of Canvas on all devices prior to testing.”
Mr. Zhang, the first-year student, said the investigation had shaken his faith in an institution he loves. He had decided to become a doctor, he said, to address disparities in health care access after he won a fellowship as a Dartmouth undergraduate to study medicine in Tanzania.
Mr. Zhang said he felt compelled to speak publicly to help reform a process he found traumatizing.
“I’m terrified,” he said. “But if me speaking up means that there’s at least one student in the future who doesn’t have to feel the way that I did, then it’s all worthwhile.”
Other money managers joining universities sought Mr. Swensen’s advice. He always suggested that they keep their offices on campus if possible, and he was sensitive to matters that students brought up, like climate change. Students have continued to push Yale to take a stronger stand on the issue.
Mr. Swensen acknowledged that greenhouse gas emissions posed a grave threat and asked managers to consider the financial risks of climate change, particularly if the government imposed carbon taxes. The investment office recently estimated that 2.6 percent of the endowment is invested in fossil fuel producers, a multi-decade low, and that it expects that decline to continue.
In 2018, Mr. Swensen said Yale would not invest in outlets that sell assault weapons. Most recently he encouraged endowments to hire more women and members of minorities.
Over the years he was a trustee or adviser to a host of institutions, including the Brookings Institution, the Carnegie Corporation, the Courtauld Institute of Art, the Chad Zuckerberg Initiative and the states of Connecticut and Massachusetts.
Mr. Swensen’s first marriage, to Susan Foster, ended in divorce. In addition to Ms. McMahon, he is survived by three children from his first marriage, Alexander Swensen, Timothy Swensen and Victoria Coleman; his mother, Grace; two brothers, Stephen and Daniel; three sisters, Linda Haefemeyer, Carolyn Popp and Jane Swensen; and two grandchildren. He lived in Killingworth, Conn.
Mr. Swensen was as concerned about the small investor as he was about his endowment. In his book “Unconventional Success: A Fundamental Approach to Personal Investment” (1995), he advised people to keep their costs low and to stick to exchange-traded funds, which invest across an entire index of stocks, rather than investing with money managers or mutual funds that select individual stocks, and where the costs can erode profits. It was virtually impossible for the average investor to get into the best private funds, he said.
Richard Cordray, a close ally of Senator Elizabeth Warren who served as the first director of the federal Consumer Financial Protection Bureau during the Obama years, has been selected as the new head of federal student aid in the Biden administration, a post that will put him at the center of the swirling debate over forgiving student debt.
The issue is a tricky one for President Biden. Though he has endorsed canceling up to $10,000 per borrower through legislation, Mr. Biden has been pressured by some Democrats to forgive much more, and to sign an executive order making it happen if Congress fails to act.
But with his new position within the federal Education Department, the primary lender for higher education, Mr. Cordray might be able to relieve the president of that burden by canceling student debt administratively. Democratic leaders are pushing for up to $50,000 in debt relief.
Mr. Cordray is a former Ohio attorney general who worked alongside Ms. Warren on financial issues before her election to the Senate. He headed the consumer protection bureau from 2012 to 2017, leaving in the first year of the Trump administration to make a failed bid for governor of Ohio.
a five-time “Jeopardy!” champion, has also been a vocal critic of for-profit colleges. “I hate how these hollowed-out businesses and subpar colleges are cheating consumers, employees and whole communities,” he wrote in a guest essay in The Plain Dealer, Ohio’s largest newspaper.
the agency sued Navient, one of the Education Department’s largest student loan servicers, for errors and omissions that Mr. Cordray said improperly added billions of dollars to borrowers’ tabs.
The lawsuit is ongoing, and six state attorneys general have filed similar cases. The lawsuits describe routine mistakes and lapses in oversight that over time added up to systematic failures, eerily similar to the mortgage servicing industry’s bungling of borrower accounts and property foreclosures during the 2008 recession.
extensive errors and obstacles in the department’s Public Service Loan Forgiveness program, which is intended to forgive the debts of teachers, military members, nonprofit workers and others in public-service careers.
The agency is also grappling with claims from hundreds of thousands of borrowers seeking relief through a program intended to eliminate the debts of people who were defrauded by schools that broke consumer protection laws.
Most of the spending and tax cuts in Wednesday’s proposal is directed at families, with provisions for a national paid family and medical leave program; child care subsidies; and extensions of several tax credit expansions from the most recent Covid-19 relief law.
Newly proposed education spending includes universal prekindergarten for 3- and 4-year-olds; two years of free community college; an increase in the maximum Pell Grant award; and investments in colleges and universities serving minority groups.
The plan also calls on Congress to adjust the unemployment insurance system so that it would automatically link the length and amount of benefits to economic conditions.
The president intends to pay for the infrastructure portion of the plan with 15 years of higher taxes on corporations.
give more money and enforcement power to the Internal Revenue Service to crack down on tax evasion.
Hungary’s Parliament voted Tuesday to transfer control of 11 state universities, along with billions of euros in related state assets, to quasi-public foundations led by close allies of the country’s prime minister, Viktor Orban.
Critics immediately denounced the move as a government handover of both public education and a vast network of public assets — including real estate and shares in Hungarian companies — to Mr. Orban and his supporters.
According to the measure that passed Tuesday, the foundations will “ensure the realization of vital public goals” by managing the universities more efficiently, regardless of who is in power.
But going forward, any changes to the rules governing the foundations will require a two-thirds majority in Parliament. Practically speaking, this means any effort to tinker with the new system of oversight will require the same level of political support as overhauling the Constitution.
advance nativist policies in Hungarian economics, education, and culture. Accusations that Mr. Orban has eroded the rule of law and democratic values have put him on a collision course with the European Union, one of the few meaningful checks on his power.
challenged the bloc’s effort to tie billions in E.U. aid to the countries’ adherence to the rule of law. Following months of tense negotiations, which required unanimity from the E.U.’s national leaders, a compromise was reached to limit E.U. oversight to matters directly tied to the bloc’s financial interests.
Within days, Mr. Orban’s governing coalition adopted a raft of sweeping measures to curtail the rights of gay people and to make it harder to monitor how the government spends public funds.
Higher education features prominently in the government’s proposal for how it plans to use a windfall of subsidies expected through the E.U.’s coronavirus recovery fund. According to Bloomberg, Hungary has asked the E.U. to channel one-fifth of the grants it is eligible to receive under the bloc’s €800 billion recovery fund to the “modernization of universities.”
The framework created Tuesday, Prof. Scheppele said, “removes all transparency from how E.U. funds are spent, and any assets that go into these foundations go off the public books — out of the purview of the state audit office, out of the reach of freedom of information requests, and out of all public accountability.”
An opposition lawmaker, Akos Hadhazy, likened Tuesday’s move to the contentious period during Hungary’s democratic transition in the late 1980s and early 1990s when members of Hungary’s communist elite secured access to key state assets.
“He may not be preparing to lose” next year’s elections, Mr. Hadhazy said of Mr. Orban, “but this will suffice in terms of a Plan B.”