The Thresher had the story all the way back in April, announced in an Extra Edition:
I would only note that although it was certainly the case that Dr. Lovett’s original intent was for Rice to be a university, that was pretty clearly not William Marsh Rice’s plan. This wasn’t a problem with regard to the name change but it did cause significant trouble during the charter change lawsuit a few years later.
Bonus: Many things were very different in 1960. Here is assistant to the president, Thad Marsh, scolding the Thresher editor for getting something wrong on the front page: