"I'm sorry, but any subsequent scholarships that you win will take the place of your financial aid." Those magical words are what every high school senior hopes to be told; however, few ever hear that declaration from a college financial aid officer.
My best friend was one of the lucky few whose school, Harvard, did in fact tell her that. The total dollar amount of her scholarships had exceeded her expected family contribution (she won many substantial scholarships) and any more money that she would win would begin replacing the financial aid that Harvard allocated for her from its own endowment.
Harvard is notorious for its generous financial aid packages. According to Sarah C. Donahue, the director of financial aid, Harvard pledges to meet 100 percent of every accepted student's need when calculating how large their package will be. Thus, it is not surprising that U.S. News and World Report ranks Harvard at second place in its poll of "Best Value" schools. With an average discount of 54 percent, the 46 percent of Harvard undergrad who receive some form of need based aid can expect to pay $16,668 per year this year (all values calculated for the 2001-2002 year). Only the California Institute of Technology offers packages better than Harvard's: Ranked No. 1 by the poll, CIT awards a full half of its undergrads a 51 percent discount of attending, which brings their individual yearly remaining total to $15,182.
Where, might you ask, does Johns Hopkins rank in this poll? According to U.S. News and World Report, Hopkins places at No. 21, with 37 percent of the undergraduates receiving aid. Hopkins grants cover an average of 47 percent of tuition for students. The University expects the students to come up with the rest of the $18,664 on their own.
The $16, 668, $15,182 and $18,664 that Harvard, CIT and Hopkins, respectively, expect students who receive financial aid, to pay is per year. That amasses to approximately $80,000 that students are expected to make up by the time they take to the stage to accept their (bachelors!) degree.
Many Hopkins students feel that the school does not give out sufficient need-based aid. Comparatively speaking, Harvard holds the n No. 2 spot in the nation as a Top school and a Best Value school. Likewise, CIT is No. 4 in the nation as a Top School and is No. 1 as a Best Value school. On the other hand, Hopkins places in at No. 16 as a Top School while it falls dismally short in the Best Value category, where it plummets down to the 21st spot.
Hopkins undergrad Dmitriy Zontov ruefully laments his financial aid package, or lack thereof. "I'm paying it all. Even though my parents are paying full tuition now, I intend to pay them back later," he said. With a sigh, he added "Why do I have to pay anything when others don't?"
Zontov, like many other high school seniors last spring, found himself in a dilemma. Should he choose Rutgers University in his home state of New Jersey, which offered him the chance to graduate without debt? Or should he opt for Johns Hopkins, which came with the hefty price tag of over $36,000 per year? Hopkins had offered him absolutely no financial aid, and he had no outside scholarships to soften the blow of paying so much money. Ultimately, the decision boiled down to which school would offer him a better education and Zontov decided to trek over to Baltimore and brave the exorbitant tuition.
The decision to attend a more prestigious university over a more economical one oftentimes proves to be problematic. Tuition at the vast majority of the "Top 50" schools (as ranked by U.S. News) is higher than the average income for many Americans. Some argue that this in an indicator that the increases in tuition are beyond reasonable, while others contend that those who cannot afford to pay are eligible for need-based grants. And then there are those like Zontov, who do not qualify for need based aid, nor do not have outside scholarships. The question about scholarships is also tricky in that many times, they are reserved for students who demonstrate financial need.
Straddled between the two extremes, with virtually no economical alternative, it is a point to ponder whether the size of the average financial aid package bears any correlation to how happy students are on campus.
Please note All comments are eligible for publication in The News-Letter.