dont be in the 60th to 99th percentile in income

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07/24/2023 17:35

Subject: Re:dont be in the 60th to 99th percentile in income

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Anonymous wrote:hat said the challenge is finding high income students who are absolutely committed to staying the full four years as well as academically willing to put in the effort to satisfy the graduation requirements that are tied to the university ranking. This is no trivial challenge, finding high income students who are also studious.

That's not a challenge at all. The paper shows there are plenty of kids in the parental income 97-100% range who have high test scores and high GPA (i.e. they are studious). The trope that rich kids are lazy and stupid is simply false.

Nobody is implying rich kids are lazy and stupid.

From a university point of view, finding high income and studious is a challenge.

Financial aid is the carrot the university offers to make a low income student to do one thing: 1) stay committed for full four years and graduate. Whereas the university is asking a high income student do two things: 1) go ask your parents or get a loan but pay full tuition 2) please stay here for four years and put in the effort to graduate. Within the high income student pool, the legacy students bring in the additional attribute of emotional commitment which may or may not be present in a random high income student.

If these colleges weren't so stupidly expensive, then they wouldn't have to worry about #2. UMC could afford full pay without loans if they lowered the cost, but like expensive cars, the colleges like to keep it expensive to create a "in the club" experience.

why shouldn't a for profit university raise prices if it can still keep demand?

Apple's iPhone is celebrated as an all American business success every time it raises prices, and everyone - high income as well as low income happily pay $1400+ for owning it over time. Same with other branded luxuries, resort vacations, etc... As long as everyone pays the same, no one complains. Imagine what would happen if Apple changes its phone sales to something like half of their phone purchases to lower half will be funded by the upper half based on family income, color of their skin or some other social factor?

The colleges mentioned in the article are NONprofits with tremendous tax benefits although they act like for-profits.

they are nonprofit, but Private. all non-profit means profits made should be reinvested back into the college. There is no law that says non-profits should not maximize profits.

Sure, but all this talk of "oh we have to charge that much so that we can cover the non rich kids" is BS. If they lowered the costs, more people could afford to pay for it without taking out stupid sized loans.

That's like saying if disneyland lowered its ticket prices more people would enjoy the experience. Well, that would be a different experience at a cheaper price, no different than a local random amusement park. Given there are many amusement parks on the thousand mile journey from home to florida, why the craving for disneyland, is what one should ask themselves? If disneyland wants more visitors, they will lower the price on their terms, not when public says it should. Disneyland has figured out a businessmodel to offer a certain level of experience for a lofty ticket price, and still maintain demand. Why should they change their model, because public far away with access to local amusement parks are crying sour grapes?

only a dumb person would equate going to Disneyland with going to a top rated college.

Also, Disneyland is a for profit entity; college are not -- since you or a PP mentioned the non profit angle.

Non-profit colleges are not public universities. they just mean all the profit has to be reinvested back into the business, but like anyother business can and do operate like any other business. a non-profit's goal is to maximize profit, reinvest, and grow the business in this case university business. They owe nothing to the taxpayer unlike a public or state owned university, and taxpayers and government dont get to say how a nonprofit should operate. Business serves and responds to its customers.

That said, the question falls back on the customers. Why are you going to a business that you cannot afford? And why moan about the miniscule number of customers who are willing to pay that high price? Every city has expensive lobster and steakhouse restaurant that a few customers dont mind paying to eat at often. Just because 99% of the city population cant afford to eat there daily, should they be shunned for their fine dining business model?

There are 4000 total US universities and just 8 of them are in the ivy leagues (0.2%) Elite universities just like luxury business have come up with a business model to serve a certain customer base. Prudent public would like across the spectrum of 4000 - 8 = 3992 universities and make choices of what suits their educational needs and what they can afford, instead of grouching and grumbling about how few people on the other end of town are always eating at the stakehouse.

THIS^^^^

People need to recognize they are NOT Entitled to an Elite/T25 education. Just like most things in life, there will be plenty of things you can't afford or are unable to do. Life is about choices. Luckily with college, there are literally over 4000 universities in this country, many many many of them are affordable to most people. SO the great news is anyone who wants it can get a good education.
VA has over 10 great public universities, all but 3 (W&M, UVA, VATech) of them are accessible to most good students and many excellent CC that can be an extremely affordable path towards a 4 year degree.

The reason people don’t realize this is that some of the smartest, richest, and most influential institutions in the country work very hard to convince everyone that the elite universities represent “the best of the best.” If these universities openly said “we are playgrounds for the super rich, a few others will be admitted by lottery” they would be far less coveted.