The Markdown at Harvard

[Xue Sheng]

Harvard thrilled middle-class parents last week by capping its tuition for families with incomes of up to $180,000 at 10 percent of their earnings. The move sparked hopes of an "alms race" that could ease the soaring costs of college. Earlier this month, Duke joined a group of schools including Harvard, Princeton, and Stanford that promise free rides to low-income students.

http://www.usnews.com/articles/education/2007/12/13/the-markdown-at-harvard.html?s_cid=et-1217

 

[Steel Tiger]

I am pleased to hear something like this. Education should be an option for everybody. The biggest problem I see with making it dependent on wealth is that we might miss the next Da Vinci, Edison, or Florey (the guy who developed medical uses for penicillin). It would be a shame.

 

[Big Don]

That really isn't as generous as they want it to sound. Harvard has somewhere in the neighborhood of $THIRTY-FIVE BILLION DOLLARS in endowments. That means Harvard could foot the bill for every facet of a student's college years and still have tons of money to give to others. This is the problem with giving monies to charities, some don't want to give it away.

The numbers are smaller, but the story is similar at other colleges. The average endowment has been reaping 10 percent a year on investments since 2004. But colleges spent an average of just 4.6 percent of their endowments last year while raising tuition faster than the rate of inflation.

What is ten percent of $35 BILLION, oh, yeah, $3½ BILLION DOLLARS a year. That could sure educate a whole lot of people...

 

[Ping898]

every little bit helps especially if others follow suit...

 

[Xue Sheng]

Every little bit does help but it could be so much more, particularly at Harvard. And I imagine even with the cut to the tuition your GPA still has to be fairly high to get in so I do not see it undermining Harvard’s Status so why not help out a little more.

I hope it does catch on in other institutions too.

 

[5-0 Kenpo]

Wait, wait, wait....!!! And there was no government mandate for this? You mean a private organization does something out of its own good will? There must be a conspiracy...

And its amazing that some people are never happy...

 

[Grenadier]

It's a nice gesture from Harvard University.

As 5-0 Kempo pointed out, it's a private college, and if they wanted to charge 70 K / year for tuition, room, and board (don't blink; it's getting closer and closer as we speak), then that's their choice. There are plenty of people who are going to be more than willing (if not happy) to pay that amount, simply for the prestige of attending Harvard.

Even if someone can't afford the cost of Harvard, they can still get just as good of an education elsewhere, if they're willing to look. Some elitists may look down at state schools, but those schools can give just as good of an opportunity as an ivy league school, if a student works hard at his studies.


Looking back at history, tuition has been increasing rather disproportionately... When I was a freshman in college (private) back in 1989, a year of tuition, room, and board, cost $14,000 / year. These days, a year at that same college now costs in the upper 30's. I remember every year, getting that letter from the school, asking for donations from me, claiming that I had to put things in perspective, that the costs of everything were rising as well.

I'm not so sure about their comparisons, though... Back in 1988, my Nissan Sentra cost $7,500. These days, that Nissan Sentra costs about $15,000.

 

[Xue Sheng]

I am amazed that they did this on their own and I do think it is a good thing. But then my wife keeps insisting our kids are going to Harvard, I just hope they continue this for a long long time

I will admit I find this pretty funny though

families with incomes of up to $180,000

Isn't that pretty much the majority of the US?

 

[CoryKS]

capped at 10% of earnings? Time for daddy to take a sabbatical and go work at Pizza Hut for a while.

Sucks to be you, though, Mr. 181K.

 

[Xue Sheng]

capped at 10% of earnings? Time for daddy to take a sabbatical and go work at Pizza Hut for a while.

Sucks to be you, though, Mr. 181K.

When I first saw this I thought this

Yes Mr. Smith we did accept you boy at Harvard and he did VERY well last semester but after looking at your financial records we have discovered that this past year you made $180,001 so you now must pay FULL tuition… Now that would Suck