Reply to The New America: Elite Privates forever out of reach for UMC?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote]Not PP, but a substantial number of my HS friends, in the mixed-SES town I grew up, in attended top-20 schools: Harvard, Yale, Brown, Williams, Amherst, Dartmouth - those are the names I recall off the top of my head.

In our generation (I'm 58yo), the cost of attendance could be covered from savings, current income, the student's summer earnings, work study, and some modest loans. E.g. the expensive private SLAC I attended cost about $8,000 when I started in 1979, and I contributed about 25% of that from my summer and school-year work. Proportionally, a student today would have to contribute almost $25,000 to make the same dent in the same school's costs.

Adjusted for inflation, $8,000.00 in 1979 is equal to $29,687.80 in 2019. But that school now costs almost $75,000/year.[/quote]

I'm 59 and this describes the shift well.

It's really about who gets access to the elite institutions and therefore into the ruling class.  [/quote]

I'm in the same age bracket.  My experience is that I know very successful people with community college and state college degrees.  A lot of the Ivy League grads that I know honestly didn't amount to much and worked secretarial
jobs that they could have done with a high school degree.  The male Ivy League grads that I know tutor for test prep companies.  [/quote]

I know a guy who is extremely successful who didn’t go to college but did drugs for a decade after high school. I guess that’s the best path. [/quote]

Kid, I'm an Ivy grad. Two degrees when you get down to it. I'm in my 40s and after working in the professional world for 20+ years (in other words, real life) the more I came to realize an Ivy degree is nice but doesn't say much. You'd be surprised at how many Ivy grads float through life in unremarkable positions while state school grads, and not even just from the big state universities but genuine no-name local state schools in Podunkville are blossoming in their careers and making fortunes and achieving senior positions.[b] The return on the investment for an Ivy degree over UVA or MD is minimal. If you're capable enough to go to an Ivy, you will do well in life if you apply yourself regardless of what school you went to. [/b][/quote]
This is precisely and exactly what the research shows. Which makes all of this handwringing even more silly. [/quote]

That isn't what the research really shows.

https://cew.georgetown.edu/cew-reports/collegeroi/

40 year Net Present Value:

MIT $2,273,000
Stanford $2,068,000
Harvard $1,967,000
Penn $1,832,000
Yale  $1,777,000
Columbia $1,769,000
Princeton $1,642,000
Cornell $1,607,000
Dartmouth $1,561,000
Brown $1,377,000

UMD $1,330,000
UVA $1,291,000[/quote]

It is what the research shows when you control for students entering statistics.  [/quote]

Not sure about that either.  Here is value add analysis where the stat of entering students and the mix of majors is controlled for in "Expected Earnings".  Value add is the difference between expected and actual median earnings.  https://cew.georgetown.edu/cew-reports/college-rankings/

Rank	Institution	State	Median Earnings	Expected Earnings	Over/Under
3	Harvard University	MA	$87,200	$67,000	$20,200
5	Stanford University	CA	$80,900	$63,900	$17,000
7	Massachusetts Institute of Technology	MA	$91,600	$75,900	$15,700
9	University of Pennsylvania	PA	$78,200	$63,800	$14,400
57	Princeton University	NJ	$75,100	$66,000	$9,100
78	Cornell University	NY	$70,900	$62,600	$8,300
83	Columbia University in the City of New York	NY	$72,900	$64,600	$8,300
178	Yale University	CT	$66,000	$60,000	$6,000
255	Dartmouth College	NH	$67,100	$62,300	$4,800
790	University of Maryland-College Park	MD	$59,100	$59,600	-$500
845	Brown University	RI	$59,700	$60,700	-$1,000
997	University of Virginia-Main Campus	VA	$58,600	$61,000	-$2,400[/quote]

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