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In my opinion, society needs to encourage, support, and reward students such as Navonil Ghosh, because society will be the ultimate benefactor of such students’ commitment to excellence.
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Why is the yardstick with which we measure "commitment to excellence" or "reward students for high academic achievement" solely defined by an acceptance to HYPS?
The absurdity of the college decisions depends from one's point of view. Since we are allowed to offer different opinions here, I'd say that Ghosh's quitting a job to hire himself as Chief Strategist in College Applications was a study in absurdity. And it would have been even with 100% acceptance rates.
The only difference is that the results not only indicate how absurd it was but also how irrational it was. This story was not about the student but about his father. Staying out of the limelight seemed too darn hard, even in the article linked by the OP. Why was the father "contribution" ever mentioned? Afraid we would miss the puppeteers' act?