Ivy League schools are actually turning out to be frugal and fabulous selections for undergraduate and graduate education – at least for California coeds, according to an article in The Atlantic.
Graduation Debt Increased by State Budget Cuts
Traditionally, state education has always been reasonably priced in comparison to private education, allowing students of all financial backgrounds the opportunity to receive education at an affordable rate. The
long economic slump recession has forced many states to slash student aid in the budget in order to recover funds. More than 29 states have lowered school budgets since 2007.
California is one of the hardest hit states. Remember when the California Economic Crisis hit? Slashed budgets have forced state institutions to have less money to award students, who in turn are faced with increased tuition costs that have adjusted with inflation.
Private institutions, on the other hand, use the money from expensive tuition fees to provide steeply discounted educational opportunities for those in need of financial assistance. A $36,000 tuition at Harvard can be lowered to approximately $17,000 after generous student assistance is factored in, making top schools the “most affordable options for poor students.”
While Harvard’s $36,000 price tag is heavy, tuition for California State, University of California or Cal State East Bay’s is steep enough to place students who can’t meet tuition placed at a disadvantage.
Ivy League Schools Improving Financial Aid Packages
It seems that Ivy League schools are trying to pick up the slack by helping students out where possible. Princeton University started replacing student loans with scholarships in 2001 in order to cut down on the costs of getting an Ivy League education, which has helped increase its enrollment.
It says quite a lot that our middle class is finding it harder and harder to make ends meet in terms of paying for college education. It seems the way to earn your degree is to maintain high grades, apply for scholarships and aim for an Ivy League education with good endowments to make college affordable.
Are dwindling state budgets threatening the availability of education for Americans? Is Harvard cheaper than State U.? Is it better to go to private college or state school? Are private schools frugal and fabulous?