Reply to WaPo's Wonkblog: "Private colleges are a waste of money for white, middle-class kids"

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[quote=Anonymous]This article is on to something. The Ivy League and other need-blind schools are still a premium product, because of their great financial aid and the doors they will open for a graduate. In some ways, HYPS are probably still under-priced in that their full pay customers would be willing to pay even more than they already do to attend, and that wouldn't affect the amount paid by financial aid recipients.

But non-selective private colleges are about to be in a real bind. They are not a premium product, they just charge premium prices. There is no quantifiable advantage in going to Loyola or American over UMaryland - and yet they cost more than twice as much.

I expect the competition for the truly elite schools to continue becoming even more intense. And I expect public schools to pick up more and more applications, and better qualified students - those who fall just short of the highly selective schools. But the non-selective private schools are going to realize that people are no longer willing to pay their ridiculously high prices, and are going to have to change their business model. Unfortunately, many of them are highly in debt and are heading for deep trouble.[/quote]

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