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Douglas_Knight comments on Why are Harvard's alumni so wealthy? - Less Wrong Discussion
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Jonah suggests that Harvard is no more expensive than American public universities. One of Larry Summer's projects was to increase financial aid and to make it more transparent. If he had remained president, I think it would now be significantly cheaper than its competition.
No he didn't. He compared Harvard to Berkeley. Berkeley is another elite institution. The cost of attending a university depends on its status, not whether it's public or private.
What leads to your belief that about the cost of universities? The costs are quite opaque.
Private schools all have the same nominal tuition. The most elite ones have the biggest endowments and appear to me to give more financial aid. Less elite ones do try to lure students away from elite schools with merit grants, but I think that merely allows them to match the price of elite schools for the very few students that they are able to lure away, not undercut the price.
They didn't used to. The prices have become more similar. When I attended Loyola, it cost half as much as an elite college. Now it costs about the same. This is very strange, and I wonder what allows non-elite private colleges to charge so much now.
Anyway, I see his point was sort-of valid, because Berkeley has a much lower nominal tuition. It seems somehow I missed that on my first reading? But this is not especially helpful, because most states don't have state colleges with elite standing. All I can think of off-hand is Berkeley and U of Michigan. People from out-of-state must pay much higher tuitions, which are (last I checked, years ago) scaled to the school's status.