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October 11, 2008 4:07:54 AM CDT

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Ivy Aid May Hit 2nd-Tier Schools

Posted Mar 5, 08 12:35 PM CST in US 

(Newser) – It’s easy to applaud the generosity the Ivy League is lavishing on the middle class, but it could have unintended consequences, Newsweek notes. Second-tier schools and elite public universities rely on the highly talented middle-class kids Harvard and company are targeting. “Schools compete hard for those students,” said Colgate’s VP of finances. But Colgate’s $700 million can’t compete with Harvard’s $34 billion war chest.

To protect their elite status, schools like Colgate will probably “sweeten the package” for top middle-class kids, one economist predicts, “taking money away from the students who really need it: low-income students.” But optimists say big universities have taken the cream of the crop for years. “The number of kids we’re talking about is very small,” said one admissions dean.

Source Newsweek

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Harvard University was the first to come to the aid of the middle class, introducing sweeping changes to its financial aid policy and eliminating loans.   (Shutterstock.com)
Stanford is one of the prominent universities to announce a new financial-aid package for middle-class families, but some are arguing that the aid system might generate more problems.   (Shutterstock.com)
Buildings on Yale University Campus are seen in this undated file photo.   (Shutterstock.com)
USA. Cambridge, Massachusetts. 1992. Harvard University. (NYC31643)   (Magnum Photos)
Ivy League universities such as Princeton are opening up their purse strings to middle-class students. But the newly available aid may inadvertently put a pinch on second-tier schools and lower-income...   (Getty Images)
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Harvard  • higher education  • Ivy League  • endowment  • middle class  • financial aid  • Colgate University


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