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kaseda t1_iu2xbii wrote

Keeping in mind that URM are systemically more likely to be in poorer schools with fewer resources, it's not surprising. On one hand, I'm glad they are being given a chance to "break the cycle," on the other hand, breaking the cycle is basically a myth to begin with and I fear many of those students are going to lack the full financial resources they need and just end up going into debt only to face continued racism once they enter the job market.

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wrenwood2018 t1_iu30pw8 wrote

In my experience thought it isn't poorer URM that are benefitting. It is typically a wealthy URM going to these schools that then gets an extra bump because of their race. The economic diversity at many colleges is much worse than their racial diversity.

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kaseda t1_iu31ulm wrote

I agree. I specifically avoided Ivy/other prestigious schools because I was afraid of not fitting in with the "wealthier" groups. I went to a state university instead and still noticed an insane shift in culture - I can hardly name anyone other than myself who didn't have at least well-off parents paying for their college, and even some who did got some hefty loans while doing it.

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Outrageous-Duck9695 t1_iu2yor3 wrote

Usually if you come from low income family ivy schools are free.

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kaseda t1_iu2znnq wrote

Only if you meet their criteria or get the right scholarships. E.g. 2 parents working just above minimum wage jobs might have income above their threshold but would be a problem if you're only 1 of 5 children. Even then, who knows how much applying for that need-based full ride ends up affecting your admission. Some stats I've seen estimate only 20% actually get those scholarships, which might end up being less than half of the minority group in the end, so they still end up paying at least some money and pulling out loans. At Ivys, even small percentages of tuition will add up fast.

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Outrageous-Duck9695 t1_iu30kmt wrote

Harvard stats:

  • Families with annual incomes of $75,000 or less do not pay anything toward the cost of a Harvard College education.
  • Nearly 1 in 4 undergraduates comes from a family whose annual income is $75,000 or less.
  • 55% of Harvard undergraduates receive financial aid and pay an average of $12,700 per year.

If you are poor, Ivys are the place to be.

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685327593 t1_iu32qo6 wrote

WAY to many people don't understand this. The reality is that unless you're rich the better the college you go to the LESS you will actually pay. Too many people get scared by the "sticker price", but that's mostly to fleece international students.

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kaseda t1_iu32obx wrote

An average of $12,700 leaves you with $50k total debt after 4 years. Even if you assume most of that is outliers who receive no aid, leaving with $25k can still be tough. The reason why "breaking the cycle" is such a myth is because getting an education leaves you in debt, so you spend time paying that off. Once you do, the money that you might spend investing or saving often ends up going towards your parents, who couldn't save for themselves. Once you are ready to send your own child to college, the money that you would have saved for them has gone to your parents, and so they end up going with no savings - but now you make money so need-based scholarships are hard to get. Unless you are getting your education completely free, you'll probably have less debt somewhere else and after a few years experience nobody will care that you went to an Ivy school.

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Outrageous-Duck9695 t1_iu3apb0 wrote

For 90% of American families Harvard is more affordable than their local state school.

The median annual earnings for an Ivy League graduate 10 years after starting amount to well over $70,000 a year. For graduates of all other schools, the median is around $34,000.

I went to a state school for two years after attending CC for my first two and still came out with a debt of ~30k. I would have zero debt had I been accepted and attended Harvard.

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685327593 t1_iu32z47 wrote

>Keeping in mind that URM are systemically more likely to be in poorer schools with fewer resources

And the solution should be to provide those schools with more resources.

Also, AA might make sense if it were based on socioeconomic status, but it's NOT. It's based purely on race. Poor Asians still get discriminated against and rich black people still get the benefits.

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