<p>The college-building is on hold, but I think it is expected to go forward in the medium-term future. The issue is probably not so much the hit the endowment took, as it being harder than expected to raise new, dedicated money for this project. And, yes, the point of building two new colleges is to expand undergraduate class sizes by about 300 to roughly that of Harvard. So, eventually sort of good news for applicants, although the extra acceptances that will involve would represent about 1.5% of current application levels – it won’t be a whole lot of good news for the average applicant.</p>
<p>The refurbishing project, as I understand it, is almost done.</p>