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Wealthy Parents?

2

Replies to: Wealthy Parents?

  • bullwinklebullwinkle Registered User Posts: 702 Member
    gotta agree with the post above and that the sum needs to be HUGE, like building a building kind of huge.
  • 4thfloor4thfloor Registered User Posts: 849 Member
    I read a couple of years ago that a child of someone who donated $40 million to the Harvard Medical School got rejected.
  • bandit_TXbandit_TX Registered User Posts: 2,373 Senior Member
    All I know about is Yale. Go count the number of Resor's who have attended Yale. Google "Resor and Yale".
    "Stanley B. Resor Professor of Economics Yale University".
  • tenisghstenisghs Registered User Posts: 3,955 Senior Member
    Wealth > $250,000
  • suzesuze - Posts: 4,479 Senior Member
    $250K won't do it. I know several who were rejected with family named chairs, and they're about a million at top schools.
  • poetsheartpoetsheart Registered User Posts: 5,571 Senior Member
    "I read a couple of years ago that a child of someone who donated $40 million to the Harvard Medical School got rejected."

    Yikes---40 million certainly SHOULD have done it! Are you sure this story isn't just an urban legend? Then again, Harvard has such a preternaturally large endowment, maybe they can afford to be cavalier about possibly offending such an important donar.
  • idadidad Registered User Posts: 5,028 Senior Member
    I think a little chat with the development office is in order here.
  • minimini Registered User Posts: 26,431 Senior Member
    To be honest, we had a "Saltonstall" in my house, and I roomed next door to a "Resor" at my bucolic little alma mater.

    You really don't want to know. ;)
  • CopterMomCopterMom Registered User Posts: 167 Junior Member
    How sad to have to buy your way in to any school. No sense of accomplishment. I would feel like my family had no confidence in my abilities AT ALL if they bought my way in.

    Or on the flip side, the kid has such a sense of entitlement -"oh, I'm a (insert name here) so just give me what I want even tho' I haven't actually earned it or deserve it."
  • taxguytaxguy Registered User Posts: 6,629 Senior Member
    There are plenty of ways to get admitted to top schools besides donating a few million. Look at Bush. He has 1200 in SATs and mediocre grades and got into Yale. I can't think of anyone from my home state that got into to Yale or any other IVY with less than 1400 and top grades. Thus, being the scion of a Senator, President or having a certain quality name caughkennedycaugh can do it.

    I would also imagine that if you are already famous and successful, caugholsonsisterscaugh, you will get admitted too.

    In fact, there is a kid that wrote a best seller, "Eregon." He was 15 when he wrote it, and now has a movie deal. I would bet he can get into any English program he wants.
  • afanafan Registered User Posts: 1,686 Senior Member
    Of course, once upon a time, getting into Yale had more to do with coming from the right family, prep school, and legacy, than academic excellence. Probably not fair to compare that to the current situation.

    As for whether it is sad to buy one's way into school, look again at Bush, it does not seem to have crippled his sense of self-worth, or his later life ambitions. He may not have set the academic world on fire, but you could make an argument that accepting him was one of the best decisions their admissions office has made. Every college wants successful people as alums. Do you think the development and admissions people at Yale have any trouble working their recent spate of high profile alums into every conversation?
  • roaddivergedroaddiverged Registered User Posts: 3 New Member
    Here's the thing - wealth comes in many different forms - whether it's "old" money or "new" money matters, there's also reputation, and of course the amount of money matters and when its given. Hypothetically, if you're trying to get into a school on money "alone", you're going to have to buy something more than a chair (think a lab, a hall, a library wing, or a free-standing building) or be able to pay tuition in full. Most of the money schools provide in terms of financial aid is in the form of government loans or work-study, also subsidized by state and the federal government. Additionally, those schools that specifically do do not have "need blind admission" note it on application materials, one such school is Brown University until recently did reject students partially because of financial need as Brown had a very small endowment, I believe that's no longer the case.
  • minimini Registered User Posts: 26,431 Senior Member
    "Of course, once upon a time, getting into Yale had more to do with coming from the right family, prep school, and legacy, than academic excellence. Probably not fair to compare that to the current situation."

    It's true about once-upon-a-time, 40 or more years ago, but if you were to compare with 25-30 years ago, I think you might just come to the opposite conclusion. Is that a good thing or a bad thing? Probably depends on where you sit, but it's their money, and they can do with it as they please.
  • RoscoeRoscoe Registered User Posts: 135 Junior Member
    Buying your way in, I would imagine, presents a mix of factors that have to be weighed, like everything else in admissions.

    If you want to get into a small LAC, and your family has been going to and giving to the school for generations, and the school is thinly endowed, and you would be a borderline admit in any event, I bet your family could buy your way in for not that much. It might not even take $1 million. Whereas buying a non-legacy dolt's way into Harvard would cost $20 million+ if it can be done at all.

    Yet another factor might be where the money comes from. Any hint of sweatshops, doing business with rogue states, the gaming industry, or trouble with law enforcement would prolly cause them to turn away your money. And, prejudices being what they are, an Italian surname might cause them to look hard at the gift.
  • JaneGaltJaneGalt Registered User Posts: 87 Junior Member
    "There are plenty of ways to get admitted to top schools besides donating a few million. Look at Bush. He has 1200 in SATs and mediocre grades and got into Yale. I can't think of anyone from my home state that got into to Yale or any other IVY with less than 1400 and top grades. Thus, being the scion of a Senator, President or having a certain quality name caughkennedycaugh can do it."

    My grandfather came from a poor background and got into Harvard with a 1200 SAT score, that used to be a really good score, now, however with all these overachievers the only really good score would be a perfect score.
This discussion has been closed.