Full sticker at most private universities is truly affordable only to the wealthy, like most luxury automobiles. Many would like to attend private colleges or drive a new Mercedes, but we don’t get a lot of disgusted people posting how unfair it is that luxury autos charge so much money. Private universities have always been luxury items and in the past, only the very rich could attend (or frankly, were even admitted).
Now, some very expensive schools like USC have made financial aid available to very low income students. This should be considered a step forward. As for the middle class who are simply not prepared to spend $250K per child for a college education, don’t expect privates to be affordable. They are not unless you find one (like USC) who give a big discount for NMF or to hundreds of other top merit students (as USC chooses to select them).
My kids and all their T/P friends are exactly middle class and I’m a little tired of the rumors that sometimes come up here on CC that Trustee and Pres students are really FinAid students. These rumors mostly stem from fine upper mid class students with excellent applications, but who didn’t get selected. Because the decisions are holistic (and opaque), it’s tempting to think there is a secret plot or reason one has been overlooked. It may feel less of a personal blow, I get that, but there is simply no proof and–frankly–no motive for USC to do ding middle class full EFC families. They already have FinAid for low income students. But USC has other institutional needs–They want to woo middle class high achievers to attend USC over other admissions (such as ivies), they use the merit $$. The very low income will already be awarded FA grant aid, so the most persuadeable section is middle class and wealthier students who are price sensitive. Furthermore, the finalists are selected by the academic Schools (not near the FA office, nor interested in FA concerns) to lift the achievers in each School’s field. They would like to brag (in four years) about these sorts of students being Fulbright scholars or starting successful start-ups, etc. The biggest common denominator I’ve noticed in merit finalists is they submitted applications that showed them to be leaders and go-getters and innovators and outside-of-HS achievers. FA is not what’s on the mind of the admissions group at Thornton or SCA or Marshall.
Be all of that as it may, I do agree that $70,000 per year for college is gut-challengingly expensive. I didn’t find it any “cheaper” when it was only $60,000 / year. Sometimes I watch Antiques Roadshow and occasionally a dealer will tell someone the painting they brought in is worth…$35,000!!! Or $50,000 Or $100,000. And the person looks like they just won the lotto! They are speechess!! And I always think that even if they could sell it for that much, it would barely pay for one year of college. Sheesh!!