Friday, November 30, 2018
Economics of College Applications (sorry if triggering at this time)
College tuition is not the only high expense related to college. Paying to even just apply to colleges has become crazy expensive. Over the years more and more applicants have been applying to colleges meaning more rejections, but that also means more and more students pay to apply with higher chances of getting rejected. Let's look at Harvard for example. Harvard got about 35,000 applications last year and with an application fee of $75 they made about 2.6 million just from fees. Students end up spending hundreds of dollars on application fees which are basically a fixed cost. The average application fee is $37.88 and let's say you apply to 10 schools; that would cost about $380! The average application fee is the highest it has been in 5 years and I am not surprised. With the increase in the number of students applying to colleges and in the number of colleges, universities have bumped up the prices to apply to gain even more profit. Most families say that the costs to apply are worth it and I agree, you want to keep options open to further your education. But why are there even application fees at all? If you do not end up attending the school why should you have to pay them any money at all? These are questions that do not have reasonable answers but either way, it is important to at least keep in mind how much you end up spending on applications alone.
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The application fee is an incredibly interesting topic. Personally, I find it is really frustrating that one must pay to apply to a school. Additionally, many of the school's don't need the additional money. For example, Harvard's endowment fund is worth 37.1 billion USD. However, one can also argue that schools do this so that only motivated student apply to their school.
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