<p>In summupance:
The University of Chicago has been given $100 million, and this year is the recipient of a record number of applications which are $65 a peice (somewhere in the ballpark 20,000). Basically, there is a huge financial influx this year that hasn’t been there before.
So my question is this:
Why does it cost $50,800 to attend? Instead of accepting a more wealthy pool of applicants (one poster said 25% of applicants have incomes <$75,000, when the average American income is somewhere around 50K), wouldn’t a University benefit more in the long run by accepting a class which will most likely, as a whole, ‘succeed’ (in the monetary sense), and donate funds back to their schools? Instead they limit their population to those who are a) able to pay for it b) have enough financial need to afford it or c) are willing to accumulate debt. Where does all this money go, if it isn’t to the undergrad population? To graduate students? To new buildings? To the teaching assistants? To advertisements which will increase that 20,000 number next year? Think, between application fees (lets say 18,000*65) plus 100,000,000, over 1990 student years could be paid for at $50800 each. I’m assuming with the reputation of the UChicago economics program that the present financial ways of the college are, indeed, sensical - I would just like to hear that rationale. I understand Chicago is a quality school dedicated to education, I would just like to see some more evidence that there is a financial department to match. Anyone have encouraging info?</p>