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The only people mad at this should be families that make $126,000 a year. LOL
If they're "mad" it might just be because they're paying for theirs and everyone else's. Nothing is free. And there are a myriad of things people won't be able to afford in life.
I agree that this is not new news and Standford is just one of a few colleges that does this, but it's good to point out. A lot of people make less than $125,000.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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Quote:
Originally Posted by Delahanty
If they're "mad" it might just be because they're paying for theirs and everyone else's. Nothing is free. And there are a myriad of things people won't be able to afford in life.
They're not paying for everyone else's either. It isn't like at 126k they're paying full tuition.
And even then, full tuition doesn't cover the cost of running a school at a place like Stanford. If ever single student paid full tuition, it would still add up to much much less than the total budget of the school.
If they're "mad" it might just be because they're paying for theirs and everyone else's. Nothing is free. And there are a myriad of things people won't be able to afford in life.
It was a joke.
And that's not how university finances works anyway, so anyone making such an assumption would be incorrect.
Which begs the question... are there really full pay or partial pay students (or parents of such students) running around universities mad at the lower income students for whatever grants they get? Oy.
Excellent Link! Thank You for providing this source.
Quote:
Originally Posted by timberline742
.... And even then, full tuition doesn't cover the cost of running a school at a place like Stanford. If ever single student paid full tuition, it would still add up to much much less than the total budget of the school.
Agree. The area this discussion is moving toward is a realization of the role of ENDOWMENTS.
The link provided isn't addressing Stanford per se (it's Yale) BUT the information can be applied to the case at hand as well as demonstrating your point.
Yale News - STERN: Make Yale free - A Stern Perspective
By Scott Stern
Tuesday, September 30, 2014
"Big news: Yale is extremely well endowed. Yes, just last week we learned that our school’s already ample endowment swelled by 20.2 percent, to reach a mind-numbing $23.9 billion. But who says size matters?
Conceding the fact that I am perhaps the opposite of an economics or math major, let’s do a little arithmetic. Yale has approximately 5,400 undergrads. For the 2014-15 full-fee paying student is expected to pay roughly approximately $63,000 dollars. When you multiply 5,400 students by $63,000, you arrive at the sum of $340 million. That’s how much Yale would receive if every student here paid sticker price. Now, let’s subtract from that number $120 million, which is the approximate amount of money Yale will give out in financial aid this year.
That leaves us with $220 million.
.... after subtracting roughly $1.1 billion, which will go toward the university’s total operating expenses. Add to that $1.1 billion another $2 billion (representing revenue derived from grants, contracts, medical services, gifts, tuition, etc.), and you arrive at the approximate operating expenses of the university....
.... In other words, the difference between the current status quo and making Yale completely free for every single undergrad is less than 1 percent of the endowment. ..."
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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Another thing that is widely misunderstood is how endowments operate. The money generated can't be just spent on what the school wants, for the most part. Most is received as gifts with restricted, often very restricted, gift terms. It isn't uncommon that the restrictions are so onerous that the money generated can't be spent at all. That's a real concern.
Another thing that is widely misunderstood is how endowments operate. The money generated can't be just spent on what the school wants, for the most part. Most is received as gifts with restricted, often very restricted, gift terms. It isn't uncommon that the restrictions are so onerous that the money generated can't be spent at all. That's a real concern.
Yes. And that's been a big part of the debate in the discussion of Sweet Briar College closing. They did have 90 million or so in endowment, but estimates put the unrestricted portion of that around 25%.
For what it's worth, as I understand this is just an expansion of an existing program, and that Stanford previously offered the same guarantee to families with under $100k in income. And are almost certainly still providing some significant need-based to that 126k family, even if not full tuition.
This isn't news. This has been their policy for years, and has been posted at various times on relevant threads here. But I guess it's good to give it a dedicated thread.
Yup, and Stanford is not the exception either. The very top schools such as Harvard and Yale have the same policy, waiving any parental contribution for low-income families. Their admission process is also need-blind. I cannot stand it whenever someone says they cannot afford their kids a Harvard education despite how talented their kids are. Bull****. If their kids are that talented and they are not that wealthy, their kids will go to Harvard for free.
I agree that this is not new news and Standford is just one of a few colleges that does this, but it's good to point out. A lot of people make less than $125,000.
You're missing the other half of the puzzle. Most of these schools, despite meeting 100% needs, take parental contribution into account in their selection process. And because they meet 100% needs of accepted students, they will not accept too many students that would require a lot of financial support. The only schools where qualified students will get in without worrying about the money are both need-blind and 100%-need-met, and such schools can be counted on the fingers of your hands.
They would prefer to let in more foreign students who pay the full price.
No. They do not let students in just because the students can pay full price. In fact, super elite schools such as Stanford normally give international students full financial aid because their families typically make less than the average American family. International students that get accepted are exceptional. Not only do they have to be better than the vast majority of American students, they also got there despite the language barrier. The international students I met in college were some of the smartest kids in school and claimed a salutatorian or valedictorian spot every year for 7 years straight.
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