Friday, November 15, 2013

College Money Makers

I'm not sure why it took until my third child for me to realize the money making schemes that colleges have going on. I'm not talking about the outrageous tuition either. That's another story.
Colleges make money on people who will never attend there. Some of whom will not even get accepted.
Maybe I'm just realizing it because my other kids focused on small colleges. When they applied to college, they usually had fees waived to apply.
Big public schools though don't waive fees. To apply at Ohio State University costs $60. Last year, about 12,000 students applied to attend, which would bring in around $720,000 just in application fees. Of those 12,000, 7,186 new freshman began attending OSU. I don't know how many of them were not accepted and how many of them chose to go to college somewhere else.
One college that Tucker has been thinking about this year is the University of Miami in Florida. Its communications school has a good reputation, so we planned to let him apply there. Then I looked at the information about the average freshman attending U of Miami. The average, average GPA (grade point of average) of incoming freshman was 4.2. Now 4.0 is a perfect GPA. That means the student received straight As throughout high school.  Yet for U of M, the average was 4.2 which means half the students had higher GPAs than that. (Okay, my math skills aren't great but it must be a number of students with higher GPAs).
U of M was giving Tucker a pretty hard press to apply and when I saw the average GPA, I pointed out that he did not have a GPA nearly high enough to get into the school. The application fee was $70. So the schools work very hard sending out letters, emails, making phone calls to get students to apply even when they can never be accepted into the school.
Then I looked at the U of M statistics and they will receive 28,900 applications. At 70 bucks per student, that's over $2 million in application fees. Only 2000 students will be accepted.
So that's when I began to realize that college applications are a scam too.
One friend told me that her son decided to apply at colleges that don't have an application fee then to go visit the places where he was accepted.
Tucker wants to attend a large college though, so I suppose there isn't a way to avoid paying fees. I am trying to limit the fees to schools I think might be a good fit.

1 comment:

Valerie Casey said...

There is certainly no way to avoid fees, especially if we’re talking about going to college. It’s rare to find a college that will not require an application fee. Sadly, that wasn’t the case in Tucker’s choice of school. It’s a big school, and if he does well in his studies, all your efforts and expenses will be worth it, for sure. Good luck to both of you!

Valerie Casey @ The Studemont Group CFS

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