Comments on: College at Stanford is now effectively free. So what’s your excuse?

By: Ron

Ron — Tue, 15 Apr 2008 23:02:02 +0000

Trick is getting in not affording it.

By: Miss Alyssa

Miss Alyssa — Mon, 03 Mar 2008 23:29:10 +0000

How do I apply for such an amazing opportunity?

By: Stanford 92 grad

Stanford 92 grad — Mon, 03 Mar 2008 15:55:28 +0000

When I applied to college in 1988 I was completely ignorant of financial aid. I had no idea what my parents made, how it was going to be paid for, or anything. I got great grades, played all sports, joined all kinds of school clubs, so I was a well-rounded student and got a handful of smallish scholarships.

It still left a huge gap in financial aid. My family was pretty much middle-class so we didn’t get too much aid. Yale offered nothing at all really, MIT was a little nicer, but by far Stanford offered the best FA package.

However, I knew many kids at Stanford who got great financial aid packages Freshman year and then something crazy happened Sophomore year – a lot of that aid dropped dramatically. They seemed to have lured us in with such great aid and then each year after the amount offered was less and less. I knew some kids who had to leave.

So, I welcome this new trend for the elite schools and I sincerely hope that it’s not something that is great for freshman year only…

By: lhamo

lhamo — Sun, 02 Mar 2008 09:19:47 +0000

I got a BA/MA/PhD at an excellent state school debt free — didn’t really consider other options as I found an excellent fit at my state school and I did not want to take on debt. I had some merit scholarship as an undergraduate, and my graduate studies were financed mostly by different fellowships, grants and teaching/research positions. In the cases of the grants, I cannot tell you how many times my fellow grad students would start bemoaning my “good luck” in getting such opportunities and then, when asked, admit that they did not bother applying to the same grants I did. Many just assumed they had no chance. The thing with scholarships and grants that a lot of people don’t realize is that once you get on that ride it often just gets better and better — people screening the applications see that you got X or Y prestigious award and think they can’t go wrong by selecting you, too. But so many people think they don’t have a chance, and give up before they even start.

What I wonder about these changes by Stanford and other schools is how they will screen out people who tinker with their income/assets so that they will fit the new criteria. Will taking a sabbatical in your kid’s junior year become all the rage? If you can save yourself over $200k in tuition, room and board charges by going without your 100k+ salary for a year, why not just have an extended vacation?

By: Stephen

Stephen — Fri, 29 Feb 2008 20:03:27 +0000

Ramit-
Thank you for re-reading my blog. I dont mean to be negative towards Stanford. I think its a great idea, but maybe not good enough.
Money should not be a deciding factor in applying or choosing a school. I think that is the message that needs to be preached. Kids need to know how to compare award letters from the institutions that they apply to. That is the only way to effectively compare apples to apples.
And for you readers out there going to school…Ramit makes an excellent point, they need you as much as you need them! If you are a good student and show talent in a particular field, that school may need that and will find a way to get you there. True Example: someone I know is an excellent trombone player. Oklahoma State’s #1 trombone player in the band is a senior and graduating. He got an awesome financial aid package from OSU, but the other schools didnt offer him much at all!

By: Dustin

Dustin — Fri, 29 Feb 2008 15:54:34 +0000

Wow! As someone who could’ve made it into these schools but chose to attend a public school because it was free, I’m jealous! However, I already sent a link to this article to my sister, who will be applying to colleges within the next year. I hope she is able to take advantage of this increase in financial aid.

By: Ramit Sethi

Ramit Sethi — Fri, 29 Feb 2008 03:53:30 +0000

!wanda, great comment.

Rob, I took a look at the blog again. You’re right, I shouldn’t have been so harsh — the scenarios there are all right. But how will this inflate the cost of inflation?

There are two issues here: Is this a good thing? And is it good enough? People seem to have a problem with Stanford not going far enough.

That’s certainly a valid argument, but I think it misses the point. For most people, the problem is not the money — the problem is getting in. If you’re good enough to get in, top universities will find a way to make the finances work. Remember that the schools need you and you need them. There are exceptions, of course, but I know this first-hand: My financial-aid package from Stanford was excellent.

By: Rob

Rob — Fri, 29 Feb 2008 01:44:58 +0000

Looks like the comment from Stephen is right on. And Ramit, the author of that blog did show his research easily verified with some googleing. This is just going to further inflate the cost of tuition.

By: Mo-Town

Mo-Town — Wed, 27 Feb 2008 19:56:01 +0000

Ramit:

Are you referring to the February 25 article entitled “Aid Office Details Changes?” I’ve read the article, and although it mentions a “sliding scale” for room and board fees for families in the $60K – $100K range, the families I referred to in my post – those making over $100K – will still pay 100% of room and board costs. Moreover, although the article hints at reduced tuition bills for the families referred to in my post, there is no specific discussion of how, or more importantly, the extent to which tuition would be reduced for this category of family.

Will Stanford be less expensive for middle and upper-middle class families as a result of this program? Sure, but for many middle and upper-middle class families, less expensive does not equal more affordable.

By: !wanda

!wanda — Wed, 27 Feb 2008 19:53:15 +0000

@Chris Sanders: MIT and Carnegie-Mellon are specifically looking for mathematical and engineering talent. (Well, C-M has a good art program too, but I’m assuming that’s not what you were applying to.) I *did* get all A’s in HS math and in several college math courses up to multivar that I took during HS, but then I went to Caltech for undergrad. The Caltech undergrad math courses (for everyone! I was a biology major!) took my math knowledge and mopped the floor with it. I was fighting hard not to get C’s. If you can’t get an A in HS math “no matter how hard you try,” you shouldn’t go to MIT or another school with a curriculum saturated with intense higher-level math.

It sounds like you made the right choice in terms of schools, actually.