Have you ever wondered how much it costs to get your child into a top private university? After chatting with some of America’s wealthiest, I’ve learned quite a bit about this.
In cities like San Francisco and Manhattan, where I often discuss school choices for kids, there’s a notable contrast between underfunded public schools and oversubscribed private schools. A fix for this, I believe, would be better funding for public education, but unfortunately, politics often gets in the way.
Buying your way into college isn’t just a rumor; it’s a reality for the wealthy. The flexibility of private institutions often allows for sizable donations to influence admissions decisions, something less feasible in public schools.
Here’s what I found out from some affluent parents:
– One parent was told that a $250,000 yearly donation over five years would secure a spot for their son at a prestigious private university, in addition to the standard tuition and fees.
– Another, whose net worth exceeds a billion dollars, claimed a price tag of $600,000 to $1 million could make a difference for admission into an elite school like Harvard.
– A third parent, who earns eight figures managing a mutual fund, said he’d consider starting donations during his child’s high school years if it seemed likely to help with university admissions.
– A former Harvard admissions council member mentioned that a donation of at least $10 million might be needed for assured admission.
The ethics and fairness of this system are debatable, especially when considering the significant advantages these contributions can provide to already privileged students compared to those from less affluent backgrounds. The process raises questions about the true nature of merit and equality in educational opportunities.
So, what does this mean for parents considering this route? If you have the means, it’s a path available, but it’s also worth questioning the value of an education that’s bought rather than earned through merit.
