We associate many things with Ivy League schools; prestige, academic rigor, and green, expansive campuses; to name a few.\u00a0 One idea that the thought of Ivy Leagues seldom conjures is that of affordability, unless it is lack thereof.\u00a0 The pervading idea that Ivy League and Private College access is restricted to the wealthy discourages all too many students from applying to said schools.\u00a0 This idea is an erroneous one.\u00a0 Ivy League Schools and other private institutions often offer a lower net tuition than that of public institutions.<\/p>\n
Merely looking at a school\u2019s advertised cost of attendance is a common mistake.\u00a0 While, on average, the advertised costs of public college attendance are much lower than those of private colleges, this is not necessarily reflected in the out-of-pocket expenses a student\u2019s family is expected to bear. While the budgets of many state schools are steadily decreasing, many private institutions continue to receive large endowments.\u00a0 In U.S. News article \u201cUniversities With the Largest Financial Endowments\u201d, Devon Haynie reports that Harvard University\u2019s endowment at the end of fiscal year 2012 was well over $30 billion. The other nine schools reported endowments ranging from over $6 billion to over $19 billion.\u00a0 Notably, seven of the top ten spots for largest endowment funds were occupied by prestigious private institutions; six of those occupy the top six spots.<\/p>\n
Why are endowment sizes important to prospective students?\u00a0 Simply put, the larger the endowment size to administrative expenses ratio is, the greater potential for financial generosity a school has.\u00a0 According to Business Insider, \u201cif a student\u2019s family earns less than $60,000 per year, Harvard charges nothing for attendance. Yale follows the same policy.\u201d<\/p>\n
The odds of receiving an equally generous offer at a state school are slim.\u00a0 The majority of state schools simply lack the funds to make such offers.\u00a0 Still other schools choose to focus their assets on specific programs for low-income students. For example, Vassar\u2019s Diving Into Research program which \u201cencourages students to pick a major in the sciences\u201d, according to Richard P\u00e9rez-Pe\u00f1a, in his article \u201cEfforts to Recruit Poor Students Lag at Some Elite Colleges\u201d, written in the New York Times.<\/p>\n
In the aforementioned New York Times article, P\u00e9rez-Pe\u00f1a states that roughly four-fifths of the 50 most prestigious private colleges have need-blind admissions.\u00a0 By disregarding a student\u2019s financial status in the admissions process, admissions officers can better focus on the given student\u2019s relevant qualifications, such as grade point average, SAT scores, community involvement, achievements, and perceived aptitude.<\/p>\n
In short, don\u2019t be lead astray by a college\u2019s advertised costs.\u00a0 Setting your sites high and applying to one or more Ivy League School may reward you handsomely.<\/p>\n
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