How often have we heard it said, “It’s as plain as the nose on your face”. Your nose may be plain
but, stop and think for a moment, without a mirror, your nose is hard to see.
Free College Tuition is right there in front of our
collective noses but we can’t see it. In this Blog Posting I will explain this
Foolishness by improving your close up eyesight…Or will I?
***************
There is an equitable and practical solution to lowering the
high cost of College Tuition — especially at the most expensive and elite
schools.
Simply stated these colleges could lower their tuitions by
tapping into their Tax Deductible Massive Endowments.
Did I just hear some of my Dear Readers say, “Huh?” Hang on.
I said I would explain. Here goes…
The latest analysis at https://www.openthebooks.com has discovered (This is just a link to Open Books. It is not a link to this specific
analysis.)…
Ø The
25 colleges with the largest endowments in the nation pulled down 7 Billion
Dollars in Federal Student Aid last year. (Remember 7 Billion Dollars is
7,000 Million Dollars.)
ØThese universities hold 250 Thousand Million Dollars (aka: One Quarter of a Trillion Dollars) in existing assets, collectively.
Ø Notre
Dame, Princeton, Yale, Harvard and other elite schools like Duke and USC can’t
make a plausible argument for the need for billions of dollars annually in Federal
Student Aid when these schools’ bank accounts already hold Hundreds of Millions,
and in many cases, Billions of Dollars of funds.
Ø Without
any new gifts most, if not all, Ivy League Endowments could fund full-ride
scholarships for all financially needy undergraduate students for the
next half-century.
Ø With
continued new gifts, tuition could practically be free to students
forever without the endowments running dry.
The Bottom Line is that’s a lot of money sitting around
waiting for other money (Federal Money) to come lay next to it.
Would I kid u?
Smartfella
4 comments:
STOP IT ALREADY, YOU ARE MAKING TOO MUCH SENSE POINTING OUT THIS NONSENSE.
Great article, Fella..... It is a proven fact: as the amount of money for student loans increases, the cost of education increases at the same rate..... the big schools are raking in the dough!!!!
Of course I had to do some fact checking. 250 trillion dollars seemed a bit high. It is. The combined total of the university and college endowments is less than one trillion dollars. This money is not sitting around in desk drawers, pretty much all of it is invested in stock in large companies. Still, the dividends paid out amount to a lot of money. Could pay for much tuition.
As soon as I get enough riches together I will find or found a university that does not charge tuition at all and endow it heavily. I am still just a few billion dollars short of my goal.
Herr Ludwig, I was thinking about you within the 30 minutes before your comment on this Blog Posting appeared. Since I had not heard from you in such a long time I was afraid you had a hitch in your get along. Glad to see that you are alive and well, even though you are alive and picky. :)
“My exact quote is, “These universities hold 250 Thousand Billion Dollars in existing assets, collectively”. I have now changed it to, “250 Thousand Million Dollars”.
Your comment got me searching the Internet again and I found this…
“The 50 lowest performing junior and community colleges in the nation received $923.5 million in DOE student loans and grants, the report found. Of them, the 10 that received the most federal funding had a 12 percent graduation rate, on average.
The report highlights how federal money was spent on “higher education” programs, including $51.4 million of taxpayer money for a video game college at DigiPen Institute of Technology and $9.5 million to the Crescent City School of Gaming and Bartending.
The Professional Golfers Career College received $4.5 million in federal funds, and Northwest School of Wooden Boat Building received $781,330.”
Looks like this could be Fodder for another Blog Posting. :)
Glad you are OK.
FellaO
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