For the poors with smart kids

[Fijimn]

Looks like you can get most of your tuition paid at Rice. Great school

Yesterday my alma mater, Rice University, announced a major new financial aid initiative aimed at making the elite private school more affordable for low- and middle-income students. Under the terms of the plan, which will go into effect for the 2019-2020 school year, students from families with combined incomes of less than $65,000 will receive grants fully covering the cost of tuition (currently $46,600), fees ($750), room ($9,600), and board ($4,400). Students from families earning between $65,000 and $130,000 will receive full-tuition grants, while those from families making between $130,000 and $200,000 will receive at least a half-tuition grant.

 

[Nole Lou]

That's not bad at all.

Not on the level of Rice by any means, but Alabama has automatic full-tuition scholarships for hitting a certain SAT, no income consideration. The scores are pretty high, but not crazy high. Not the kind of scores that get you full-tuition rides and similar schools...talking like 1400/33, that kind of thing.

Another option to consider.

We've got to be at the critical mass of insane college costs...eventually competition for students is going to have to force more deals like this.

 

[Formerly Rockymtnole]

Great deal for those who qualify.

 

[NoleLizards]

There are poors in the LR??

 

[DFSNOLE]

There are poors in the LR??

I let Lurker back in.

 

[funksouljon]

There are poors in the LR??

And I quote from a recent thread of last week.....

Met a guy who uses Clutch, he loved it.

Too much of a luxury purchase for my blood.

So yeah.

 

[funksouljon]

But those are pretty solid perks to get qualified kids in, the cost is stupid and getting worse.

 

[DanC78]

And I quote from a recent thread of last week.....




So yeah.

It’s true...I am definitely a locker room poor.

#teamkroger

 

[BelemNole]

I think Stanford has something similar.

 

[Fijimn]

I think Stanford has something similar.

My best friends daughter just graduated from Stanford. He told me he never new what Stanford actually cost. They just send a letter every year outlying the grants and financial aid she was awarded and what his cost would be.

 

[maddog69]

Somebody pays for that. Where does the money come from?

 

[EconSean]

Somebody pays for that. Where does the money come from?

Endowment? I know that some schools have endowments approaching $1B.

 

[Fijimn]

The Google says Rice’s endowment is $5 billion

 

[Nole Lou]

I think Stanford has something similar.

Yeah, I think for many of the super elite schools now, if they can get in, no tuition if you make under $100k or something.

 

[GoNolesTX]

Didn't someone post a while back that Harvard was doing something similar. Basically cost was calculated with a sliding scale relative to familial income level?

 

[Fijimn]

Didn't someone post a while back that Harvard was doing something similar. Basically cost was calculated with a sliding scale relative to familial income level?

I read something a long time ago that Harvard could increase its cash disperse from its endowment something like .03% and pay tuition and fees for every student. The ivy’s and Texas land grant schools are stoopid rich

 

[Formerly Rockymtnole]

Somebody pays for that. Where does the money come from?

I’m sure part of it comes from folks that pay full boat.

 

[RTM58]

The Google says Rice’s endowment is $5 billion

Didn't someone post a while back that Harvard was doing something similar. Basically cost was calculated with a sliding scale relative to familial income level?

The Google says Harvard’s endowment is $37.1 billion.
The Google says Stanford's, the Harvard of the west, endowment is $27.8 billion.

AND
The Google says Yale's endowment is $27.2 billion
The Google says Princeton's endowment is $22.2 billion

Didn't someone post a while back that Harvard was doing something similar. Basically cost was calculated with a sliding scale relative to familial income level?

Or free if you play a musical instrument, lacrosse, row, soccer, field hockey, baseball, football etc.

They also allow the poors to take some classes online for free.

https://www.edx.org/course/?school=HarvardX: Harvard University

 

[NoleLizards]

I’m sure part of it comes from folks that pay full boat.

Some of these schools (like Harvard) have endowments bigger than the GDPs of some 3rd world countries. They're hardly hurting.

 

[mcgrawfsu]

Didn't someone post a while back that Harvard was doing something similar. Basically cost was calculated with a sliding scale relative to familial income level?

This is correct. Just get accepted and they'll figure out a way to pay for it. They don't give "scholarships," but they do have grants and wealthy donors who will pick up the tab of the needy.

 

[mcgrawfsu]

The Google says Harvard’s endowment is $37.1 billion.
The Google says Stanford's, the Harvard of the west, endowment is $27.8 billion.

AND
The Google says Yale's endowment is $27.2 billion
The Google says Princton's endowment is $22.2 billion



Or free if you play a musical instrument, lacrosse, row, soccer, field hockey, baseball, football etc.

They also allow the poors to take some classes online for free.

https://www.edx.org/course/?school=HarvardX: Harvard University

We did a tour a couple years ago. The tour guide was a national debate champion in high school. He said his only expense was the application fee.

 

[RunRonnieRun]

We did a tour a couple years ago. The tour guide was a national debate champion in high school. He said his only expense was the application fee.

There’s a big academic market for master debaters.

 

[NoleLizards]

There’s a big academic market for master debaters.

They're highly-sought out for politics after college, as well.

 

[mcgrawfsu]

There’s a big academic market for master debaters.

He said he originally didn't apply because he didn't think he'd get in. After he won the debate, someone from Harvard was there to start recruiting him. The person handed him a card and told him to send them a copy of his application after it was submitted.

 

[RTM58]

Looks like you can get most of your tuition paid at Rice. Great school

My daughter got this tweet the other day along with the message, "Geat school and Texans can't be that bad."

 

[Formerly Rockymtnole]

This is correct. Just get accepted and they'll figure out a way to pay for it. They don't give "scholarships," but they do have grants and wealthy donors who will pick up the tab of the needy.

No matter income or net worth?

 

[NoleLizards]

My daughter got this tweet along with the message, "Geat school and Texans can't be that bad."

View embedded media

I've never been there myself, but I've heard people say that Houston is a miserable place to live.

 

[Fijimn]

My daughter got this tweet along with the message, "Geat school and Texans can't be that bad."

View embedded media

It’s a fantastic school and located in a really nice neighborhood. Of course, like a lot academic schools, the students are unique

 

[GoNolesTX]

My daughter got this tweet along with the message, "Geat school and Texans can't be that bad."

View embedded media

Texans aren't, but Houstonians...

 

[ReliableOstrich]

Good on Rice (and all the using other universities using their endowments to make sure families that aren't super wealthy are able to give their kids the best educations possible).

This is one way to gentrify wealth, esp in a time where the opposite seems to be rapidly happening at vast scale.

 

[Formerly Rockymtnole]

I've never been there myself, but I've heard people say that Houston is a miserable place to live.

I will say the people in Houston are among the friendliest you will encounter. The climate and scenery has to rank near the bottom of the US though.

 

[EconSean]

Endowment? I know that some schools have endowments approaching $1B.

Holy smokes, “approaching $1B” was way off. Tens of billions is nuts.

 

[mcgrawfsu]

No matter income or net worth?

No, it is based on need. If you get accepted and can't pay for it, they will.

 

[NoleLizards]

I will say the people in Houston are among the friendliest you will encounter. The climate and scenery has to rank near the bottom of the US though.

I'm sure the people are pleasant enough...I've heard horror stories about the smog, heat/humidity, and traffic though.

...But you know the old saying: Never look a gift who, oops I mean horse in the mouth.

 

[Fijimn]

I will say the people in Houston are among the friendliest you will encounter. The climate and scenery has to rank near the bottom of the US though.

The climate wears on you. We are reaching the end of September and our temps are still in the mid-90's and high humidity. You get just get tired of sweating so much. Rice is located in the W. University neighborhood (West U), beautiful homes, tall oaks, looks like a classic college town. Interesting, I believe Super Bowl 3 was played at Rice Stadium. Rice also has the benefit that it's next door to our medical center - so there is a lot of collaborative efforts between the university and medical research. My daughter is only 5 right now and can't color within the lines, but I would love for her to stay here and go to Rice -- more so than moving up to Austin to go to Texas.

 

[Formerly Rockymtnole]

No, it is based on need. If you get accepted and can't pay for it, they will.

It’s a shame it’s so expensive. If you look at the Rice example above they’re considering the all in per year cost at around $60,000. But people making $201,000 and up get no break. That’s a huge hit for someone in that income range.

You just really have to plan ahead with 529s and college savings plans .

 

[Fijimn]

It’s a shame it’s so expensive. If you look at the Rice example above they’re considering the all in per year cost at around $60,000. But people making $201,000 and up get no break. That’s a huge hit for someone in that income range.

You just really have to plan ahead with 529s and college savings plans .

The Texas Tomorrow Plan that we are in is about $620 per month. That will cover tuition and fees for 4 years at any public school in Texas. The plan basically locks in today's prices. It's a huge hit. I just don't see how the price of tuition that they project in 15 years will happen - prices are going to have to drop because demand will not be there.

 

[ReliableOstrich]

The Texas Tomorrow Plan that we are in is about $620 per month. That will cover tuition and fees for 4 years at any public school in Texas. The plan basically locks in today's prices. It's a huge hit. I just don't see how the price of tuition that they project in 15 years will happen - prices are going to have to drop because demand will not be there.

There's a fundamental flaw in the system when public and non-profit university pricing relies on the traditional supply and demand model.

Charge whatever it takes to provide a high quality education, not a dollar more or less. Colleges are spending too much on frills like cafeterias and ultra-lux dorms.

Gladwell does an interesting podcast about this:
http://revisionisthistory.com/episodes/05-food-fight

It's college, not glamping at Coachella.

 

[RTM58]

Texans aren't, but Houstonians...

Thanks for the clarification.

The climate wears on you. We are reaching the end of September and our temps are still in the mid-90's and high humidity. You get just get tired of sweating so much.

Not much of a change. It's actually closer to 95 according to my SUV.

CURRENT:

but we do have this...

This is one way to gentrify wealth, esp in a time where the opposite seems to be rapidly happening at vast scale.

This victimization attitude has got to get tiring. It wears me out just reading it.

 

[ReliableOstrich]

This victimization attitude has got to get tiring. It wears me out just reading it.

I'm neither a victim nor tired. Most definitely the product of privilege, which I'd like to see extended to more people.

What Rice and other universities are doing is great, providing elite education to qualified applicants who otherwise a) couldn't afford it or b) would suffocate in debt will create a new and diverse tranche of wealthy Americans, academics, entrepreneurs, scientists, etc... all of which are a benefit to our GDP, tax base, and the long term viability of the nation as a global leader.

Getting an elite education can't just be the domain of the already elite in a country that seeks to continuously improve the standard of living for all its people.