What I don't get is why he ever allowed this in the yearbook to begin with. As others have said, it's the 1980s, not the early 1900s. Is that how little he cared at the time? What other kinds of offensive jokes did they play before that Blackface-Klan party? Generally I think that if someone goes all out on a costume like that, it is far from the first racist thing they've done/said (and certainly not the last).
Moreover, why did EVMS allow it into the yearbook? Did they really not see how badly this would reflect on the school, or do they not even bother approving what goes in there?