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I am interested TM in you thoughts about the status of state schools in relation to the rising cost of a college degree. Are they still considered backups to middle class but highly intelligent students given the incredible disparity in cost (for example UI at 17,000 versus NU at 47,000)? 120,000 over 4 years is a significant expense even for very good wage earners.
Starting with Northwestern, I will say that for low- and middle income students, it is perhaps the best bargain in higher education. Northwestern has long maintained a practice of need-blind admission and couples that approach with a need-based financial aid system. This means that NU considers all admitted applicants "deserving" of the financial aid package that will make the school affordable for them and provides them with the assistance necessary to matriculate. So a student whose annual family income is 35K will likely receive a free ride (loaded with fat "grants", which are de facto scholarships) and graduate with little or no loan debt. On the other hand, an affluent student with a family income of over 200K will have to pick up much more of the tuition cost and may therefore graduate with substantial loan debt. If I were a low- or middle-income parent and had an academically gifted son or daughter, I would make sure that he or she applied to Northwestern. The opportunity that the school provides for students to transcend their economic origins is enormous....Duke's financial aid system is also need-based while schools like Harvard and Stanford have improved their financial aid allocations, at least depending on your definition of middle income (for them, less than 75 or 80K--hardly generous, but not as bad as in the past).
Now this doesn't mean that every middle class kid needs to go to a top-tier school to get a top education. But middle class parents with smart kids should definitely get them to apply to schools like that--there's only an application fee to lose and a lot of class mobility to gain.