Money doesn't actually talk. We do.

Taking the Lead on Financial Aid: Dartmouth, Stanford, Brown

We hate to say we told you so, but as we predicted, an increasing number of private colleges have continued to cut tuition deals for middle and lower-income families. Following the lead of big boys like Harvard and Yale, now Dartmouth, Stanford and Brown have introduced new financial-aid plans of their own.

Can this be guilt? A realization that most of its students are graduating with debt in the sextuple (it’s a word, we swear!) digits? Altruism in its truest form?

Unfortunately, it’s probably none of the above. Private colleges are ultimately businesses that a) adhere to the same formula of supply and demand as your local 7-Eleven and need to compete for your dollar and b) have gotten their arms twisted by the Senate to dip into their endowments.

Here’s a roundup of the latest selfless acts of kindness scheduled to kick in this fall:

Brown: Last month, the school announced that it will eliminate tuition for students whose parents earn less than $60,000 a year. It will also replace all loans with grants for students whose families earn less than $100,000.

Stanford: Surpassing Brown’s generosity, Stanford students whose parents’ annual income is less than $100,000 will not have to pay any tuition. And those whose parents make less than $60,000, won’t even have to pay for room and board.

Dartmouth: Taking the middle place, Dartmouth has eliminated tuition for students with annual family incomes less than $75,000. It even upped the ante by replacing loans with scholarships for ALL its students.

The only thing Mary and I are wondering about is whether or not these price cuts can have a retroactive affect, say on our institution of higher learning? We’re looking at you NYU!

–Irina Aleksander

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