Elite/Ivy grads really do earn more? (new study)

Mom2aphysicsgeek
Sat, 05 Nov 2016 11:19:55 +0000

data10:

Harvard (and other similar “elite” colleges) isn’t exactly known for a large portion of parents cosigning loans. According to the IPEDS database, Harvard students had the 2nd lowest loan rate of all colleges in the US with a non-zero loan rate and reported ACT score. Only Hebrew Theological College was lower. **Similarly I wouldn’t assume that a larger portion of families cannot pay for Harvard than other colleges. Their website claims, “Ninety percent of American families would pay the same or less to send their children to Harvard as they would a state school.” **Their NPC suggests families with near the median income in the US would pay almost nothing after FA. That said, a large portion of Harvard admits come from wealthy families, so among Harvard admits, you’ll find a good portion who can find less expensive options at their state flagship, even if most US families would not.

Except the bolded does not seem to take into account that students who qualify for admission at Harvard are most likely competitive for large scholarships at lower ranked schools. Add our family to the list of won’t apply to schools like Harvard bc we cannot afford it. We would not be full pay at Harvard, but our family contribution at Harvard is still significantly beyond our ability to pay. Our kids have qualified for merit scholarships at other schools bringing our costs down to our tiny budget. Our current college student is attending on full scholarship. $0 compared to our expected contribution at schools like Harvard is a HUGE difference for our family. $0 wins. (And attending UA has been a wonderful experience for our son.)