When I attended Reed (Old Reed™ days of course) the school advertised that about 50% of the students received financial aid. I being one of them. Having some idea of how the financial aid formulas worked, what amazed me was that this meant that the other half of the students’ parents had an extra $30,000+ just lying around each year.
Well now it’s an extra $50,000 just lying around. And according to the New York Times, 100 students this year who would have otherwise been accepted just don’t have rich enough parents.
PORTLAND, Ore. — The admissions team at Reed College, known for its free-spirited students, learned in March that the prospective freshman class it had so carefully composed after weeks of reviewing essays, scores and recommendations was unworkable.
Money was the problem. Too many of the students needed financial aid, and the school did not have enough. So the director of financial aid gave the team another task: drop more than 100 needy students before sending out acceptances, and substitute those who could pay full freight.
I’d think Reed, with a $357 million endowment, and owning a big chunk of Eastmoreland, could scrounge up a few more dollars for the middle class and poor kids. I guess not.
Read the rest: A Small College Struggles With Economics