> Each year, more than two-thirds of Oberlin students receive some form of need-based financial assistance. Our three-part award package typically includes grants from the college, low-interest students loans, and work-study jobs.
My school gave $10k "merit-based scholarship" to everyone, as the ACT/SAT score threshold for that aid was well below the threshold for admission.
https://www.businessinsider.com/personal-finance/college-exp...
> As Paul Tough reports for New York Times Magazine, 89% of students don't pay full price, and giving students a break has caused some colleges to operate at a loss.
> The average freshman student in the class of 2018 at one of these private nonprofit universities will get a discount of 50%, he reports.
That being said, I do not own a house, I do not own a car and while my 401k is reasonably funded it’s my only asset.
I too believed that no one paid full freight until it was my time to step up, and the financial aid package provided was. . . loans.
When they say 89% of students receive aid, the bulk of that is in the form of subsidized loans. And 11% is not an insignificant number.
That doesn't appear to be the case.
https://www.nacubo.org/Press-Releases/2022/Tuition-Discount-...
"In the 2021 NACUBO Tuition Discounting Study, 359 private, nonprofit colleges and universities reported an estimated 54.5 percent average institutional tuition discount rate for first-time, full-time, first-year students in 2021-22 and 49 percent for all undergraduates—both record highs. By providing grants, fellowships, and scholarships, these institutions forgo about half the revenue they otherwise would collect if they charged all students the tuition and fee sticker price."
(Note that this article specifically indicates 82.5% received grant aid.)
> And 11% is not an insignificant number.
It is, as much of that will be international students.
Oberlin has an endowment valued at approximately $1 billion — this is ~3% of that. (Understanding all those funds may not be liquid, they certainly have some assets.)
Oberlin is acting differently than any other large organization with a judgment like this, you run your appeals, if you can't get it thrown out you try and get it reduced, and in the end if you run out of appeals you pay. This is a dog-bites-man story....
the only real question is how much lower x million is from 36m.
The previous administration actually did, but maybe that's why they are now "the previous administration".
https://commons.wikimedia.org/wiki/File:Ohio_US_Congressiona...
My guess is Gibson's won't see a penny any time soon. There would be a revolt by the student body and they wouldn't be able to afford it.