IQx.com – Colleges Information Online

Tag: stanford

  • Financial Aid – Premier Schools

    Stanford’s announcement came two months after Harvard publicized its expensive new financial aid policies and over a month after Yale and Dartmouth followed suit with their own. Since Harvard’s announcement in December (at which time it saw its application rate spike by 19 percent), other top ranked schools including Williams, Princeton, Swarthmore, Cornell, Northwestern, University of Pennsylvania, Bowdoin, Pomona, Cal Tech, Duke and Davidson have announced new financial aid policies in what some people consider an effort to “keep up with the Harvard’s.”

    Similar to Harvard and many other elite universities, on February 20, Stanford University announced a new financial aid policy dramatically increasing the eligible amount of aid for middle-income families. The announcement comes as the latest in a series of policy revisions over the past three years designed to ease the burden of paying a tuition averaging $47,000 a year and to ensure that no high school student considering applying to Stanford decides not to because of cost.

    In addition, the plan also calls for eliminating student loans. All students qualifying for need-based financial aid no longer need to take out the expected $4,000 loan before receiving money from the scholarship fund. Beginning in the 2008-09 school year, students are only expected to earn $2,500 from working during the school year and earn approximately $2,000 over the summer.

    Each fall, the financial aid program is reevaluated by the Financial Aid Office, the Dean of Admission and Financial Aid, the Budget Office, the Provost, and the President, with consultation from the Board of Trustees. Cooper added, “There are no specific plans in the works for more changes at this time. We will be evaluating the success of our current changes next fall.”

    The changes were made possible through an increase in the endowment payout and doubling the financial goal of the Stanford Challenge, an effort to increase fundraising for the university, to $200 million. The Board of Trustees approved the increase in endowment payout from 5% to 5.5%, or by $160 million, on June 14, 2007, at the time intending to fund capital improvement projects.

    The announcement follows the House of Representative’s passing of the College Opportunity and Affordability Act, which aims to expose the allegedly corrupt relationship between expensive colleges and loan agencies and give greater transparency to the consumer. The Senate has put forth its own version of the bill. If passed, the law would require colleges to report financial information that Stanford University officials claim to be unproductive and difficult, namely revealing the rate of their endowment spending.

    Many people believe Stanford’s increase in endowment spending on financial aid from five to 5.5 percent this year is aimed to counteract the repealed provision of the College Opportunity and Affordability Act that would have required colleges to spend at least five percent of their endowment on financial aid. But the Board of Trustees approved the increase in endowment payout in June, nearly five months before the act’s proposal. As far back as 2003, Republicans had been discussing a bill that would penalize colleges that raised tuition significantly faster than inflation.

    These policy revisions have also coincided with and followed those of other top ranked schools. In 2006, Stanford eliminated educational costs for families earning less than $45,000. Harvard had enacted a similar policy in 2004 and Yale in 2005.

  • How will schools help fund families?

    How exactly do all the schools start to help poor families, or even middle class?

    Harvard took the lead. Two years ago, Harvard implemented a policy in which students whose parents earn a $60,000 or less no longer pay for tuition or room and board. Stanford has just adopted the same policy, adding that students whose parents earn $100,000 must only pay room and board. Stanford Financial Aid has not provided a formula for evaluating aid for students who come from families with income over $100,000.

    Princeton has taken a similar approach in which it evaluates aid on a case by case basis rather than the more formulaic sliding scales that Yale and Harvard have decided to use. At Stanford and Princeton, students in the income bracket range between $60,000-100,000 can expect to pay $11,000 or less, approximately the cost of room and board.

    But at Harvard and Yale, students in the income range $60,000-120,000 can expect only to pay on a sliding scale between 1 and 10% of their income ($600-12,000), which is significantly less than students at Stanford. Students at Harvard and Yale from income brackets between $120,000 and $180,000 can expect to pay between $12,000-18,000. Cooper has refused to make comparisons between higher income students at Stanford and Harvard, saying she does not want to mislead them about their potential aid package. She cautioned that aid will be evaluated on an individual basis with a number of factors including home equity, other siblings in college, and cost of living taken into account.

    The new financial aid policy isolates the upper-middle class. Universities are increasing tuition fees for students who do not receive financial aid. It is called “Take from the Rich and Give to the Poor”. While the financial aid policies have made it less expensive than some state schools for students from households less than $100,000, colleges generally remains much more expensive for students from households with income well over $100,000. State schools also usually offer merit aid, which can often significantly decrease the expense for top students.

  • Popular Universities

    Which university is the most popular one?
    Of course, Harvard University tops the list. You may believe Stanford to be the second, but you are wrong. You will be surprised that Brigham Young University-Provo ranked second.

    Recently U.S. News and World Report ranked colleges by the percentage of students accepted who actually wind up attending. In college terms, it is known as the “yield.” 79 percent of the students selected by Harvard enroll at the Massachusetts school. That is why Harvard ranked the first. Brigham Young University-Provo has 77% yield, ranked the second for the yield even though the school only ranked 113th by traditional method. University of Nebraska-Lincoln is third, with a yield of 71 percent even though it is ranked 89th by traditional method. Stanford University only comes in fourth, with a yield of 70 percent, of course Stanford ranked 4th by traditional method. Massachusetts Institute of Technology and Yale University tied for fifth, each with a yield of 69 percent.

    U.S. News_Rank Acceptance_Rate Yield
    Harvard University (MA) 1 9% 79%
    Brigham Young University–Provo (UT) 113 74% 77%
    University of Nebraska–Lincoln 89 62% 71%
    Stanford University (CA) 4 10% 70%
    Massachusetts Institute of Technology 4 12% 69%
    Yale University (CT) 3 10% 69%
    Princeton University (NJ) 2 10% 68%
    University of Pennsylvania 6 16% 66%
    Yeshiva University (NY) 50 69% 65%
    University of Florida 49 42% 63%
    Columbia University (NY) 8 11% 59%
    Brown University (RI) 16 14% 56%
    Texas A&M University–College Station 64 76% 56%
    University of North Carolina–Chapel Hill 30 35% 56%
    University of Notre Dame (IN) 18 24% 56%
    Louisiana State University–Baton Rouge 130 73% 55%
    University of Texas–Austin 47 51% 54%
    Dartmouth College (NH) 11 15% 52%
    University of Virginia 23 35% 52%
    University of Georgia 58 54% 51%
    Kansas State University 130 95% 50%
    University of Alabama 83 64% 50%
    University of Oklahoma 108 89% 50%
    North Carolina State University–Raleigh 83 60% 49%
    Ohio State University–Columbus 56 59% 49%
    University of Missouri–Columbia 96 86% 48%
    University of Tennessee 108 71% 48%
    Cornell University (NY) 14 21% 47%
    Georgetown University (DC) 23 21% 47%
    University of Kentucky 116 77% 47%

    So why Brigham Young University has high yield? BYU accepted 74% of the 10,010 people who applied for admission in the summer term and fall semester of 2007. The majority of students at Brigham Young University have traveled the world to preach the doctrines of the Church of Jesus Christ of Latter-Day Saints, the founders of Brigham Young University. It is the oldest existing institution within the LDS Church Educational System, is America’s largest religious university, and has the second-largest private university enrollment in the United States. Approximately 98% of the 34,000 students at BYU are LDS; two-thirds of its American students come from outside the state of Utah. The university’s primary focus is on undergraduate education. About 70% of student tuition is funded by LDS Church tithing funds, making tuition relatively less expensive than at similar private universities. It is the money! This explains the yield score.

    For BYU, the average ACT score and GPA for these admitted students was 27.9 and 3.78, respectively. Students from every state in the U.S. and from many foreign countries attend BYU. In the 2005-6 academic year, there were 2,396 foreign students, or 8% of enrollment. Slightly more than 98% of these students are active members of The Church of Jesus Christ of Latter-day Saints. In 2006, 12.6% of the student body represented ethnic minorities, mostly Asian/Pacific islanders and Hispanics.

    BYU received other reviews. Princeton Review has ranked BYU the best value for college in 2007, and its library is consistently ranked in the nation’s top ten–#1 in 2004 and #4 in 2007. BYU is also ranked #19 in the U.S. News and World Report’s “Great Schools, Great Prices” lineup, and #12 in lowest student-incurred debt. Due in part to the school’s emphasis on undergraduate research, BYU is ranked #8 nationally for the number of students who go on to earn PhDs, #1 nationally for students who go on to dental school, #6 nationally for students who go on to law school, and #10 nationally for students who go on to medical school. BYU is designated as a Carnegie research university with high research activity, one of the highest classifications by the Carnegie Foundation for the Advancement of Teaching.

  • 2008 College Acceptance Rates

    These are 20 universities with low acceptance rates for 2008. Some of these are record rates such as Harvard’s 7.1%.

    Harvard University – 7.1%
    Yale University – 8.3%
    Princeton University – 9.5%
    Stanford University – 9.5%
    Columbia University – 10%
    Massachusetts Institute of Technology – 12%
    Dartmouth University – 13.2%
    Brown University – 13.3%
    Washington and Lee – 15%
    Swarthmore University – 15%
    University of Pennsylvania – 16.4%
    Bowdoin University – 18%
    Georgetown University – 18%
    Duke University – 19%
    University of Southern California – 21%
    University of California, Berkeley – 21.5%
    University of California, Los Angeles – 22.1%
    Cornell University – 22.9%
    Vanderbilt University – 23.1%
    New York University – 24%