Tuition subsidies make college affordable on many campuses
April 22, 2008
Many top schools are using their large endowments to subsidize costs for all but the wealthiest students
In less than five years, the entire tuition and financial aid system at the nation’s top colleges has been overhauled. Today, it looks a lot like a highly progressive tax code, in which the affluent are bearing an enormous share of the overall tuition burden. No matter how high the published cost--almost $50,000, typically--these top universities have become significantly more affordable for the majority of students. The changes have not been greeted with a chorus of joy, however. At colleges without large endowments to subsidize tuition, administrators are worried about the pressure they will face.
