William Marsh Rice (1816-1900), who made his fortune in Texas in the mid-19th century, left the bulk of his estate to the founding of a free institute in Houston and until 1964 Rice did not charge tuition. Even today, Rice's tuition is considerably lower than that of other prestigious universities.

The Engineering Quad is centered around the sculpture 45/90/180, and includes the Electrical Engineering building, the Mechanical Engineering building, the Chemistry building, the Computer Science building, and several laboratories.

Rice is also home to the recently-opened Jones Graduate School of Business and the Baker Institute for Public Policy.

Among other things, Rice is noted for its college system, similar to those found in some older English schools, and matched only by Yale in the United States. The nine colleges (Jones, Brown, Martel, Will Rice, Weiss, Hanszen, Sid Richardson College, Baker and Lovett College) include residential and dining facilities, social organizations and student government, as well as faculty members and alumni and community associates. As college members, students also participate in some unique traditions, including Baker 13, Beer Bike, and Night of Decadence, also known as NOD.

Rice's sports teams are called the Owls. They participate in the NCAA's Division I-A, and in the Western Athletic Conference. In 2005, Rice will leave the WAC and join Conference USA. The Rice Owls Baseball team won Rice's first national title in any major team sport in 2003. Rice football is known for the MOB, or Marching Owl Band, which does not march during halftime but rather performs skits and runs from formation to formation (a scatter band). Rice Stadium seats 72,000 and was the site of Super Bowl VIII and John F. Kennedy's speech on September 12, 1962.

Prof Robert Curl and Prof Richard Smalley gave Rice University its first Nobel Prize (Chemistry) in 1996 for their discovery of fullerenes, although other Nobel Laureates have had affiliations with the University, both as alumni and researchers. Some of the first work on artificial hearts was done with the help of Rice faculty.

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