When I started planning this blog today, it was originally focused on debunking 5 mythes about college. However, I was so hung up on the first point that I’ve chosen to dedicate this entire blog to just one thing: the True Costs of Elite Universities.
At Brains and Brawn, I see this trend consistently with some of our brightest students: We begin seeing vast improvements, and occasionally travel into the territory of ultra-competitive universities. Scores are consistently within the top 5%, grades are phenomenal, extracurriculars are awesome and targeted, and the student shows every indication of being competitive for some of the most elite schools in the nation. However, upon applications, the student corners themselves and only ends up applying to schools that their parents have decided are within their income bracket.
My analysis below is definitely partly anecdotal. I’ll cover some intimate details of my battle with the same ideas that I’ve just outlined, and how I surprisingly ended up at Yale University, even though I came from an incredibly low-income family, in an extremely impoverished part of the state. I’ll also discuss how I graduated with far less student loan debt than anyone would ever think possible. The one thing that I hope each reader walks away with after reading this is the understanding that elite does NOT necessarily mean unaffordable.
To start, let’s compare two universities, of varying competitiveness. I’m using my alma mater, since I can speak from experience regarding this. This is NOT a recruitment essay for Yale. I’m also using UT Knoxville, since we’re here in Tennessee, and most of you readers are familiar with this school.
The US Department of Education’s College Scorecard lists the actual average annual cost of attending both of these universities at $19,000 per year. However, Yale has a 97% graduation rate, compared to UT’s rate of 69%. The average annual first year salary of Yalies is $79,500, compared to only $43,500 for UT, meaning that Yale grads earn almost double, and can ostensibly pay off student loan debt twice as fast. And finally, UT Knoxville has 4x the students that Yale has, meaning at Yale you earn a much better education, with more competitive student:faculty ratios.
These numbers above are going to raise some eyebrows. Many won’t believe them. The listed tuition for Yale on Yale’s own website is $75,925, compared to only $32,010 for UT Knoxville’s in state attendees. However, these are actually maximum costs. Yale, along with all other elite universities has an incredible amount of need-based financial aid: students only pay what their parents can actually afford to pay. Well over half of the students at Yale (and other top tier schools) are on financial aid, and even students whose parents earn more than $250K/yr can still qualify.
Obviously admission to Yale is more difficult to obtain than most think. However, in reality, many who are competitive for this tier of university never actually apply because they assume they cannot afford tuition in the first place.
It’s incredibly important to do thorough research when looking at which schools you want to apply for, and this research should dig into actual amounts paid by attendees, not the maximum possible costs, which rarely apply at elite schools.
If you’re still concerned about paying for college, contact the Brains and Brawn team. I myself obtained a 4 year degree from Yale for less than $15K of student loan debt, which was far less than I would’ve spent at a local state school.
If you’ve got questions, or don’t agree with this analysis, definitely leave comments below. We’re excited to help local Memphians on their quest to obtain the best college educations available at the lowest costs.
-Mark Wilson, Director of Curriculum Development & Design