Craigslist will be giving $1.6 million to UC Berkeley to help create an endowed professorship in the Berkeley Center for New Media, a five-year-old program whose "mission is to advance new media in the public interest and to explore its effect on culture." The William and Flora Hewlett Foundation will also be donating, bringing the initial donation to $3.1 million.

With all of this money flowing into the University, you'd think they could help a starving college student out and lower fees or give more scholarships. Or...not.