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Wealthy Parents?

scarletleavyscarletleavy 2359 replies15 discussionsRegistered User Posts: 2,374 Senior Member
edited September 2005 in Parents Forum
Does having wealthy parents help at all in the admissions process?
edited September 2005
38 replies
Post edited by scarletleavy on
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Replies to: Wealthy Parents?

  • songmansongman 353 replies55 discussionsRegistered User Posts: 408 Member
    Define Wealth? Anecdotal, I admit, but as a money manager my millionaire clients ($25 million in assets and above) seem to be able to gain admission into any school that their child selects. I find the marginal wealthy (assets of 1-3 million) have trouble garnering the same treatment. Many of my clients that live in the top towns,attended the top LAC's ,have trouble pulling enough strings to make it happen for their children. Many are very bitter over this fact. Especially if the child would have been third or fourth generation legatees. By the way in most cases the students are stellar (high SAT's,excellent EC's, Etc) There just isn't enough room for all of the applicants. I have seen some cases where the student was marginal, yet mom and dad donated the funds for a new wing or building and the student is in. Of course this can never be proven and I never hear the entire story, but we cut the "Checks" to the schools roughly one-three years prior to the student applying. So I feel justified,(Ha!) in generalizing .

    I say having very wealthy parents helps. I am sure many CC posters will challenge my assumption.
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  • mackinawmackinaw 2964 replies53 discussionsRegistered User Posts: 3,017 Senior Member
    I say having very wealthy parents helps.
    I wouldn't doubt what you say if you put the emphasis on very and if the parents cut very large checks 2-3 years earlier.
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  • bandit_TXbandit_TX 2313 replies60 discussionsRegistered User Posts: 2,373 Senior Member
    I believe it because I've seen it in my daughter's graduating class.
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  • songmansongman 353 replies55 discussionsRegistered User Posts: 408 Member
    Isn't it true that neither Kerry or Bush would have been accepted to Yale based on SAT scores and grades? I thought I read that in the New Yorker magazine or did I hear that around the time they released the Yale transcripts?
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  • bandit_TXbandit_TX 2313 replies60 discussionsRegistered User Posts: 2,373 Senior Member
    It's harder to say in that era. In today's time frame they wouldn't get in.
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  • RoscoeRoscoe 125 replies10 discussionsRegistered User Posts: 135 Junior Member
    Of course it helps. You can spend money on SAT courses. You won't have to hold down a job so you will have more time to study and get a higher GPA. You can hire an admissions consultant who might (if you find a good one) give helpful advice. You can get your parents' rich friends to give you recommendation letters and impressive summer internships. And as the other poster said, if you're ultra-rich you can buy your way in.

    But if you're asking whether you'll get in just because you can pay your own way and don't have to ask for aid, that's a minor factor at best.
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  • scarletleavyscarletleavy 2359 replies15 discussionsRegistered User Posts: 2,374 Senior Member
    I was more asking along the lines of possibility of buying your way in. In no way am I planning on it. I was just wondering. I think there is a major difference between money to pay full tuition and money to donate.
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  • bandit_TXbandit_TX 2313 replies60 discussionsRegistered User Posts: 2,373 Senior Member
    You can absolutely buy your way in, but it takes a lot of money.
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  • minimini 26172 replies259 discussionsRegistered User Posts: 26,431 Senior Member
    "Developmental admits" means exactly what it says - they are "admitted". If you can fork over enough (which will vary from school to school), there is virtually a 100% admit rate. (And, if you want the best possible resources for the school, and hence for all students, would you want it any other way?)
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  • idadidad 4849 replies179 discussionsRegistered User Posts: 5,028 Senior Member
    Someone I know quite well got a letter of recommendation from someone who has their name on a building. Seemed to help quite a bit.
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  • scarletleavyscarletleavy 2359 replies15 discussionsRegistered User Posts: 2,374 Senior Member
    Interesting...
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  • joevjoev 2803 replies121 discussions- Posts: 2,924 Senior Member
    Mr Burns: Well, what will it be? A New science wing, a library perhaps?

    Woman AdCom: We were thinking an international airport. Yale could use an international airport...

    Mr. Burns (interrupting): What? Just how bad is he?

    Man AdCom: Well, he spelled "Yale" with a 6.
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  • bandit_TXbandit_TX 2313 replies60 discussionsRegistered User Posts: 2,373 Senior Member
    Nah, it's not that bad. Just how much does it take to fund a chair in Economics?
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  • 4thfloor4thfloor 783 replies66 discussionsRegistered User Posts: 849 Member
    Is the question "does having wealthy parents help", or "does having parents who donated large sums of money help"? The two are VERY DIFFERENT questions and could have VERY DIFFERENT answers!
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  • poetsheartpoetsheart 5469 replies102 discussionsRegistered User Posts: 5,571 Senior Member
    I'm sure having wealthy parents who have donated (or express an interest in donating) hugh sums of money to your prospective college would definitely help your admissions prospects. College and university officials aren't stupid.
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