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I would take these numbers with a big grain of salt. The source of the article is the Boston Globe, which is known to get its data wrong--conveniently to sensationalize an article. I would trust that Cushing Academy knows what its doing in getting its budget in line with this transition to digital.
As others have noted here, this move to all-digital makes perfect sense when considering the users here. All the students at Cushing Academy have laptops, and the school supports a state-of-the-art network. The Kindles will supplement the students' use of laptops for reading.
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