Free $ For College For Dummies by David Rosen & Caryn Mladen

Author:David Rosen & Caryn Mladen
Language: eng
Format: epub
Publisher: Wiley

Enrollment and cost balancing

People sometimes quote the old refrain that “buying a college education is a lot like buying a car.” College administrators universally cringe when they hear this phrase, so you’re advised never to repeat this phrase in the admissions or financial aid office. Okay, now you’ve been warned.

Despite the disgust college administration feels at the comparison, the fact remains that colleges are businesses. They’re regulated by the government and must comply with a lot of laws. Some are heavily financed by state tax dollars, and all colleges benefit from federal and state college financing programs. In fact, without the financial assistance that governments offer students, most colleges wouldn’t be able to stay in business.

There’s that word again: business. Colleges all have budgets, and they want to get the best they can for their money. Educating students is a cost for the college. Tuition, alumni and corporate donations, and government financing pay for these costs and (hopefully, for the college) generate a profit. This profit can either go toward expanding the scholastic programs at the college, toward the investors if it is a private college, or toward the endowment — the chunk of cash the college retains for a rainy day. Harvard has more than $17 billion tucked away, but other colleges are struggling to retain any funds in this difficult economy.

The balancing part comes when college administrators try to figure out how much of their profit or endowment dollars should be spent on enticing specific students. As the student in question, you have to determine how to portray yourself as someone who brings added value to the college.

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