Unfortunately it’s true that along with the cost of gas and housing, the price of a college education has skyrocketed over the past ten to fifteen years. According to one report, as of 2006, the average cost for one year at a private college exceeded $30,000; with the most expensive tuition being George Washington University’s $37,820.
On the flip side of this news, there are also a growing number of schools who are interested in helping talented, hard-working students from low-income families. More than ever, colleges and universities are using their growing endowments to help eliminate the costs of tuition for worthy students from poorer families. According to this article, “The University of North Carolina-Chapel Hill, Michigan State University, Miami University in Ohio, the University of Pennsylvania, and Rice University have all eliminated loans from the financial aid packages of low-income students.”
Two years ago, Harvard University announced that it was eliminating tuition for students whose families made less than $60,000. In January of this year, Holy Cross in Worcester said it would eliminate tuition for students whose families made less than $50,000 and resided in Worcester. Now comes news that Stanford University has joined this group of higher ed institutions willing to pay top dollar for students from low income backgrounds that show through their hard work and perseverance that they are worthy “investments”.
As competition for talent grows, these programs demonstrate that colleges and universities are willing to finance the cost to retain and develop the local resources. As one writer says, “The aim is to develop the local economy by investing in a high-quality, homegrown workforce.”
© 2008 henry toromoreno