4 ms·

I think you are glossing over how the law of supply and demand is in play here. And how a degree no longer guarantees a high-paying job.

tzs 11y ago
If supply and demand were a significant factor here, wouldn't tuition be much higher at all the top private schools, such as Harvard, Yale, Princeton, Stanford, and so on? All of these schools (1) turn away a large number of qualified applicants who would have attended if offered admission, (2) provide generous non-loan aid to allow many from lower income families to attend. They could drop the non-loan aid and raise tuition considerably and still fill every available slot with qualified students.
- barry-cotter 11y ago
  HYPS do not rely upon undergraduate tuition as a major source of funding. It's nice to have, sure but they could stop charging tuition fees altogether and the hit would be quite bearable. They all have massive endowments and the primary way they get money from students is through donations and endowments. Elite colleges sell affiliation to a prestigious brand, and making it obvious that mere vulgar money will get you in dilutes that brand. There are a lot of intellectuals, pseudos and wannabes who hold cash and those who seek it in contempt. If getting the most tuition out of undergrads makes it slightly more likely that the future Nobelist goes to CalTech or MIT instead of Harvard it isn't worth it. Future hedge fund managers and Secretaries of State would still go to Harvard if affordable because they understand what these colleges offer that others don't. Colleges with large endowments and prestige make more off of student donations than fees. It would be counter-productive to maximise for tuition fees.
WalterBright 11y ago
A degree never guaranteed a high paying job, or any job at all. Back at Caltech in the 70's, lots of students studied to get an AY (Astronomy) degree. It was well known that there was no way to get a job with an AY. The AY students would double major, AY for fun and another degree for a job. These days with google, there's no excuse for being unaware of the job market for one's chosen major.

tzs 11y ago

If supply and demand were a significant factor here, wouldn't tuition be much higher at all the top private schools, such as Harvard, Yale, Princeton, Stanford, and so on? All of these schools (1) turn away a large number of qualified applicants who would have attended if offered admission, (2) provide generous non-loan aid to allow many from lower income families to attend. They could drop the non-loan aid and raise tuition considerably and still fill every available slot with qualified students.

barry-cotter 11y ago
HYPS do not rely upon undergraduate tuition as a major source of funding. It's nice to have, sure but they could stop charging tuition fees altogether and the hit would be quite bearable. They all have massive endowments and the primary way they get money from students is through donations and endowments. Elite colleges sell affiliation to a prestigious brand, and making it obvious that mere vulgar money will get you in dilutes that brand. There are a lot of intellectuals, pseudos and wannabes who hold cash and those who seek it in contempt. If getting the most tuition out of undergrads makes it slightly more likely that the future Nobelist goes to CalTech or MIT instead of Harvard it isn't worth it. Future hedge fund managers and Secretaries of State would still go to Harvard if affordable because they understand what these colleges offer that others don't. Colleges with large endowments and prestige make more off of student donations than fees. It would be counter-productive to maximise for tuition fees.

WalterBright 11y ago

A degree never guaranteed a high paying job, or any job at all. Back at Caltech in the 70's, lots of students studied to get an AY (Astronomy) degree. It was well known that there was no way to get a job with an AY. The AY students would double major, AY for fun and another degree for a job. These days with google, there's no excuse for being unaware of the job market for one's chosen major.