'The best education money can't buy,' setting an example in U.S.

Berea College, founded 150 years ago to educate freed slaves and "poor white mountaineers," accepts only applicants from low-income families, and it charges no tuition. "You can literally come to Berea with nothing but what you can carry, and graduate debt-free," said Joseph Bagnoli Jr., the associate provost for enrollment management. "We call it the best education money can't buy." Actually, what buys that education is Berea's $1.1 billion endowment, which puts the college among the nation's wealthiest. But unlike most well-endowed colleges, Berea has no football team, mixed-gender dormitories, hot tubs or indoor mountain-climbing walls. Instead, it has a no-frills budget, with food from the college farm, handmade furniture from the college crafts workshops, and 10-hour-a-week campus jobs for every student. Berea's approach... [read full story]