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Getting Into College the Old Fashioned Way: With Money

Businessweek (in a story spotted via Tyler Cowen's Marginal Revolution) profiles ThinkTank Learning, a college-admission consultancy founded by Steven Ma, and largely catering to ambitious Asian immigrants like Ma, and their offspring — kids who'd like to go to elite schools, and can afford to have Ma's firm help them navigate the path to getting in. It's a statistics driven system, and backed by a money-back guarantee, so long as the applicant meets certain requirements: ThinkTank will refund their tens of thousands of dollars in fees if they don't make it into the sort of school that the ThinkTank algorithms say they will. Basically, they've reverse engineered the admissions policies at schools, particularly elite schools like MIT, Stanford, and the Ivies, and done so well enough to know which factors in a student's portfolio can be tweaked to increase their odds of getting into the big-name schools. A slice: [Ma's] proprietary algorithm assigns varying weights to different parameters, derived from his analysis of the successes and failures of thousands of students he's coached over the years. Ma's algorithm, for example, predicts that a U.S.-born high school senior with a 3.8 GPA, an SAT score of 2,000 (out of 2,400), moderate leadership credentials, and 800 hours of extracurricular activities, has a 20.4 percent chance of admission to New York University and a 28.1 percent shot at the University of Southern California. Those odds determine the fee ThinkTank charges that student for its guaranteed consulting package: $25,931 to apply to NYU and $18,826 for USC.

161 comments

  1. Not worth it by plopez · · Score: 5, Insightful

    Universities are pretty much McUniversities these days. Arguing whether MIT is better than a state engineering school is like arguing whether Applebee's is better then Burger King. The food all comes frozen in a box, is cooked up by grill monkeys, and served by service droids. Having a degree from a state school hasn't hurt me as I am close to making upper management wages at a prestigious McCompany. And don't kid yourself, there are only McCompanies and McJobs left these days.

    --
    putting the 'B' in LGBTQ+
    1. Re:Not worth it by Anonymous Coward · · Score: 3, Funny

      "than", you ignorant buffoon.

    2. Re:Not worth it by plopez · · Score: 1, Funny

      Oh come on. You can do better than that. The quality of ACs has really dropped these days.

      --
      putting the 'B' in LGBTQ+
    3. Re:Not worth it by plopez · · Score: 1

      That's the funniest thing I have read all day.

      --
      putting the 'B' in LGBTQ+
    4. Re:Not worth it by wiredlogic · · Score: 1

      In the US to some degree yes. When these kids go back to China or Korea, the degree from a "name" school will open doors that would otherwise be closed. The actual content of the coursework is irrelevant.

      --
      I am becoming gerund, destroyer of verbs.
    5. Re:Not worth it by mick88 · · Score: 4, Insightful

      At first I wanted to write off your post as just typical, cynical slashdotterism. But I re-read it and - well, I realize that you are probably right, particularly in the IT field (it could be argued that if you want to work in academia, school names _do_ matter).

      Reading your post carefully, I see you aren't saying that "college is worthless, blah blah blah" but rather that the differences between the universities for undergrad ain't what they used to be. As another commenter here noted (paraphrasing) information has been liberated by the Internet so University isn't the only way to attain subject matter knowledge anymore, closing the gaps between schools.

      However, I continue to believe that if a person goes through 4+ years of accredited university experience, learns how to follow directions, learns how to deal with smart people & foolish people, and discovers that they have a passion for something (be it computer science or otherwise) is a person better prepared to be effective in the working world than otherwise. And if that's university's main benefit, then dammit I guess I have to agree that it matters less where you do it.

      Grad school is probably a different story but for undergrad & the kind of jobs you will be getting with an undergrad degree - I think you got it right.

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      I created this account just so I could comment on this story
    6. Re: Not worth it by Anonymous Coward · · Score: 0

      If they made it to the US, why would they go back to a dump like china?

    7. Re:Not worth it by Anonymous Coward · · Score: 0

      Of course it's possible to succeed without going to a prestigious school. Doesn't mean they aren't worth it.

      Not sure if I agree or not, but your anecdotal evidence proves jack-shit.

    8. Re: Not worth it by Anonymous Coward · · Score: 0

      In fact, university itself isn't worth it at all. Four years of your life wasted (everything you learn at uni can be learned easily online ans you can wprk at the same time to save up money), huge debts, and you still won't find a job in this economy.

      If you're smart, start your own business with a genius idea of yours. If you're not so smart, work jobs that don't require a degree (if you get a degree they'll dismiss you as overqualified).

    9. Re: Not worth it by Anonymous Coward · · Score: 0

      Are you fucking kidding me? Get a CS degree from a state uni and go to the bay area. Easy to get a job in this economy -- dunno when that might crash.

    10. Re: Not worth it by Anonymous Coward · · Score: 0

      These aren't your boat refugees or even your typical immigrant. Those types get into school by hard work. The ones buying their way in via expensive consulting services are the ones who have loads of cash and go where they please. They are the "1%" or more when they go back home, and the western schooling is as much a bragging right to maneuver that rich landscape back home as it is to actually get an education. Here they are just another rich bastard, where back home they may be ruling class dynasties etc.

    11. Re:Not worth it by plopez · · Score: 1

      My degree has served me well, esp. improved writing skills. But most undergrad degrees are interchangeable. At the graduate level it depends on your adviser.

      --
      putting the 'B' in LGBTQ+
    12. Re: Not worth it by ShanghaiBill · · Score: 1

      If they made it to the US, why would they go back to a dump like china?

      Opportunity. The USA is growing 2% per year. China is growing 8% per year. America has lots of educated people, so a new employee will start at the bottom, and rise slowly in a slowly growing company. China has fewer western educated people, so a new employee can start higher, and advance faster, in a company that is expanding with the national economy.

    13. Re:Not worth it by jmichaelg · · Score: 1

      Having a degree from a state school hasn't hurt me as I am close to making upper management wages at a prestigious McCompany.

      Had you gone to MIT or Stanford, you would have been surrounded by students who wanted nothing to do with being a wage slave but were looking to start the next fortune 500 company when they graduated. The lessons learned at college depend on the aspirations and talents of the student body.

    14. Re: Not worth it by Anonymous Coward · · Score: 1

      This

      And good luck learning everything from a CmpE degree online. Unless of course you have the money to fork over for an entire VLSI design system, software, and fpgas to run and test on. Thats only a small part of course without all the other uC hardware and projects with no actual vetting of whether or not you did them to some sort of satisfaction of anyone with any clue as to how all this works.

      This is what always irks me about people who say 'oh you can just learn all that at home, unis are useless'. Until you realize you've learned it all wrong and it took you 8 years to learn correctly what you could have done in 4 (in the process losing i.e. 4*~50K for a starting engineer not in california, of course much more after raises and promotions over that time period). There are some disciplines that are done much much better in a school setting, and without people who have a general clue as to what is right and to vet projects your doing (and good luck creating a useful project someone would care about in CmpE without an actual team of other real life meat sacks) no company will care about that project in the context of CmpE

    15. Re: Not worth it by JohnMadsen · · Score: 1

      Maybe I should rethink the online surgeon school. I already have the kitchen knives and a passed out hobo to practice on... I can try the online carpentry school. I can tear apart my kitchen table and build a table from it... Ohh, the online cooking school could be good. I have a grill and and some chicken and that yan can cookbook... Maybe an online engineering school. I can buy some parts a radio shack for the electrical engineering and i just need some paper books for mechanical engineering... Maybe I'l stick with my online computer science school. I have a linux box and an html book... See the pattern here - I am impersonating a clueless idiot. Yeah, no online school is going to ever be near the quality of even a shitty private school.

      --
      Fuckers
    16. Re:Not worth it by johnlcallaway · · Score: 2

      I agree 100% .. my son-in-law hasn't even finished his state-school engineering doctorate and already has 3 big-money job opportunities. He AND his wife were both able to go to college without any debt (she has a BA in molecular biology), and managed to raise a child the last year, buy a house, pay off a car, and not have any credit card debt. He's got the opportunities partly because he is very smart and very personable, two qualities they don't teach in college. While I'm sure his degree gave him the knowledge they were after, his other qualities got him the job offers of other people. Not the school he went to.

      People who go into long-term debt to go to college are too stupid to go to college, they aren't clever enough to find ways to do it and probably can't even do real-life math. With very few exceptions, no one really cares what school you went to. We hired an MIT grad at my last job, worst programmer ever .. I'll never pay any attention to degrees ever again.

      I'll grant at there are exceptions .. if someone wants to be a professional student and just work in a college or university the rest of their lives doing research .. have at it. Depend on the whims of government funding for the rest of your life.

      Or .. if someone really wants to delve into some specific area because it truly fascinates them and it makes no difference to them what they make for a living, as long as they are happy .. have at it.

      My daughter-in-law is a marine biologist. Probably will never be rich. But she gets to travel (went to Cuba legally on some foundations dime) and is very happy doing what she loves for not much money. She and my step-son live in a small home and live based on what they make and are quite happy living their lives within their means.

      I have no issues with people going to college. I have issues with the lie that people have been told that they have to and that they have to make lots of money to be happy.

      I was told something once that has always stuck with me .. happiness isn't getting what you want, it's wanting what you have.

      No one needs a degree to appreciate the world and people around them, they just need common sense.

      --
      I rarely read replies, it's my opinion and if you thought about your opinion a little more, I'm OK with that.
    17. Re:Not worth it by johnlcallaway · · Score: 1

      Maybe his education isn't in editing you self-righteous gibbon.

      --
      I rarely read replies, it's my opinion and if you thought about your opinion a little more, I'm OK with that.
    18. Re:Not worth it by John_Sauter · · Score: 2

      At first I wanted to write off your post as just typical, cynical slashdotterism. But I re-read it and - well, I realize that you are probably right, particularly in the IT field (it could be argued that if you want to work in academia, school names _do_ matter).

      Reading your post carefully, I see you aren't saying that "college is worthless, blah blah blah" but rather that the differences between the universities for undergrad ain't what they used to be. As another commenter here noted (paraphrasing) information has been liberated by the Internet so University isn't the only way to attain subject matter knowledge anymore, closing the gaps between schools.

      However, I continue to believe that if a person goes through 4+ years of accredited university experience, learns how to follow directions, learns how to deal with smart people & foolish people, and discovers that they have a passion for something (be it computer science or otherwise) is a person better prepared to be effective in the working world than otherwise. And if that's university's main benefit, then dammit I guess I have to agree that it matters less where you do it.

      Grad school is probably a different story but for undergrad & the kind of jobs you will be getting with an undergrad degree - I think you got it right.

      To provide a different perspective, I had the incredible good fortune to attend a top-tier university. In my four undergraduate years, I got to program four of the five computers on campus: an IBM 7090, a Burroughs B5000, a DEC PDP-1 and a DEC PDP-6. After leaving the university, I spent the next 40 years working in the computer industry. I doubt I would have been able to do that had I attended a lesser institution with no approachable computers. Today computers are everywhere, but I suspect there is some other technology present at the top-tier universities that will be very important in the future.

      Also, I got to know and work with some of the most intelligent people in the world. That experience is very humbling: I used to think I was pretty smart—I learned I wasn't. That's a valuable life lesson.

    19. Re: Not worth it by Anonymous Coward · · Score: 0

      Blah, blah, blah. Not all of us are money driven. I'd rather I had a nice life I enjoyed rather than trying to climb to the top, especially since most people near the top of a company are complete shit-bags. Opportunity != money.

    20. Re:Not worth it by Anonymous Coward · · Score: 0

      This person obviously never attended both MIT and a state engineering school. There is no comparison. Your state engineering school may be very good, but MIT is something beyond your ability to imagine.

    21. Re:Not worth it by Anonymous Coward · · Score: 0

      Maybe it doesn't need to be, you philandering macaque.

    22. Re: Not worth it by Anonymous Coward · · Score: 0

      Oh bullshit! I watched a few MIT course videos, and there were plenty of idiotic questions asked, from students who I thought would have been more knowledgable considering they were MIT material. Oh, and the EdX circuit theory class that was so touted; no different than what I learnt in Podunk U 25 years ago, same goes for the circuits 200 at Berkley. If anything, the MOOC from Ivy leagues have shown you really are getting ripped off.

    23. Re:Not worth it by buddyglass · · Score: 1

      I know this is a trendy view to take, but I can assure you that when it comes to applying to graduate programs and, for that matter, applying for certain McJobs, an engineering degree from MIT is going to count for more than an engineering degree from Football State U.

    24. Re:Not worth it by buddyglass · · Score: 1

      It's also worth noting that the sorts of people paying tens of thousands of dollars for Ma's services are themselves quite wealthy, so when discussing whether it's "worth it" you have to take into account the marginal "value" of those dollars to the person paying them. If I'm fabulously wealthy then sure, paying $20k is "worth it" to get my kid into Harvard. Because $20k is a meaningless sum to me. (Which, incidentally, is why it would not be so tragic if that $20k were to go to, say, the IRS instead.)

    25. Re: Not worth it by Anonymous Coward · · Score: 0

      "Learnt" tells me all I need to know.

  2. Have money to burn? Burn it by zr · · Score: 1

    The internet liberated knowledge. So long as paid education doesnt retard development MITOCW, Coursera and many many others, I see no problem.

    1. Re: Have money to burn? Burn it by Anonymous Coward · · Score: 0

      The internet is like a box of chocolates, where 99 out of 100 are filled with shit. Nom nom enjoy

    2. Re:Have money to burn? Burn it by TarPitt · · Score: 1

      Knowledge may be free, but connections required to gain and advance in a highly paid corporate job are still very expensive.

      --
      If your children ever found out how lame you are, they'd murder you in your sleep
    3. Re:Have money to burn? Burn it by Anonymous Coward · · Score: 0

      that's why we should just kill everyone in charge and burn it all down. fuck civilization.

    4. Re:Have money to burn? Burn it by zr · · Score: 1

      my point is only that the value of a top school is there, but in this day and age shouldn't be overestimated.

  3. only lizards and human/alien hybrids need apply by Anonymous Coward · · Score: 0

    or potential human/alien hybrid

  4. Out-of-state tuition by Anonymous Coward · · Score: 0

    Out-of-state tuition is generally higher. If a college has more students from other states, does that mean colleges give preference in admission to out-of-state students because they pay more?

    1. Re:Out-of-state tuition by wiredlogic · · Score: 1

      That's how Purdue works. Somebody's got to pay for the custom branded hand dryers and other pointless luxuries.

      --
      I am becoming gerund, destroyer of verbs.
    2. Re:Out-of-state tuition by frinkster · · Score: 1

      That's how Purdue works. Somebody's got to pay for the custom branded hand dryers and other pointless luxuries.

      The state of Indiana has about 6.5 million residents and has about 200,000 enrollment spots in its two major highly-ranked research university systems. It's neighbor to the west, Illinois, has about 13 million residents but only about 70,000 enrollment spots in its major highly-ranked research university system. It's neighbor to the north, Michigan, has about 10 million residents but only about 100,000 enrollment spots in its two major highly-ranked research university systems.

      You're right, Indiana sees education as an export industry, but they've created a system that allows that to happen without hampering their own residents. Other states could learn from them.

  5. What are they buying? by PPH · · Score: 1

    A score related to their probability of admission? And tutoring plus some help in filling out the paperwork? Is that worth $10-$20K? How about doing it the old fashioned way and submitting applications to half a dozen top schools plus some second tier institutions as a fall back.

    TFA described the plight of a fuck-up who's parents have loads of money. For him, $700K to $1.1 Million. Do they really provide 100 times the tutoring of the top ranked student customers? Or will part of this find its way into some universities general fund?

    --
    Have gnu, will travel.
    1. Re:What are they buying? by plopez · · Score: 1

      Because they call it an "algorithm".

      --
      putting the 'B' in LGBTQ+
    2. Re:What are they buying? by Anonymous Coward · · Score: 0

      They're buying a service. They can afford it because the parents apparently feel guilt over not spending enough time with their kid.

      For the troubled son of the Hong Kong CEO, Ma provided what the boy’s own father never did: his time, attention, and faith. “Steven was the only one who believed in me and told me I still had a chance,” the son says. This past academic year the freshman at Syracuse University—ranked No. 62 by U.S. News—earned a 3.8 GPA, “a total turnaround,” he says. For that, Ma kept $400,000.

      Or maybe it's a long/short-fund....

      Ma says his biggest loss over the years was a $250,000 refund he sent back to the parents in China of a kid rejected by seven Ivies in 2011. “I way overshot,” he says. (Still, that girl ended up attending Cornell, which wasn’t among the eight colleges the family agreed to guarantee. “The mother wasn’t happy with Cornell, can you believe it?” Ma says.)

    3. Re:What are they buying? by PPH · · Score: 1

      They're buying a service. They can afford it because the parents apparently feel guilt over not spending enough time with their kid.

      Right. But daddy is a moron. How he came to be wealthy is a question I'd like to see answered. He could probably have gotten a better ROI from ongoing tutoring and remedial classes starting earlier in his kid's life. So now he has to dump half a million into rescuing a basket case. And the question remains: How much of this goes into actual value added for the student and how much is just greasing the skids at a top level university? TFA said that his father didn't want his son's self esteem to be harmed by the amount he spent. So what happens if he finds out that his entrance was based upon a tuned-up resume?

      --
      Have gnu, will travel.
    4. Re: What are they buying? by Anonymous Coward · · Score: 0

      He finally grows up

  6. its not about the education by Anonymous Coward · · Score: 2

    Its about the connections, and fellating egos.

    1. Re:its not about the education by Anonymous Coward · · Score: 0

      Mostly connections.
      Years ago I took my degrees at a third tier college.
      It had and still has no number of significant alumni.
      No companies of importance ever recruit there.
      Even its alumni, the few, who work into a hiring authority at a significant company won't hire there.
      There fore you never get hired into that important first rung of a good career ladder.

      It isn't fair, it isn't right, and it trashes a lot of talent. But that is the way it works.
      Even a poor performer, you can see it in bankruptcies, who graduates from a first tier school, can get into a marvelous career.

    2. Re:its not about the education by pepty · · Score: 1
      Connections, yes, but also peers. Are you surrounded by incredibly smart and ambitious people in your school? Do they have Incredible work ethics, creative ideas, already planning the companies they want to start? Or are you surrounded by people who are going to college because, um, it's what you do after high school and before real life?

      Some folks will do a lot or a litte no matter what their environment is, others will take a lot of cues from the folks around them.

  7. Wow those fees... by Nemyst · · Score: 1

    Meanwhile, in Canada, I paid around $9,000 (significantly less if you also count the scholarships I got) for my full BSc. at a university that usually ranks towards the low end of the top 100 - perhaps not as prestigious as MIT, but more than sufficient for most people. If you're poor, you can also get a lot of financial support, enough to make university basically free.

    1. Re: Wow those fees... by Anonymous Coward · · Score: 1

      Yeah, but did your school have a rock climbing wall?

      I thought not. You got an inferior education, sucker.

    2. Re: Wow those fees... by plopez · · Score: 1

      It probably didn't even have a food court or a Starbucks.

      --
      putting the 'B' in LGBTQ+
    3. Re:Wow those fees... by Anonymous Coward · · Score: 0

      Top schools in the US are basically free if you're poor (and much cheaper than sticker price if you're middle class) because they have very generous financial aid policies.

    4. Re:Wow those fees... by mark_reh · · Score: 1

      perhaps not as prestigious as MIT, but more than sufficient for most people.

      Sufficient for people who want to become a cog in the machine. Those people who are paying for the application service for top ranked schools want to go to those schools because they don't want to become cogs in the machine, they want to own the machine. It is a completely different mindset from "most people".

      That push to get into those schools is the same sort of push they apply to the rest of what they do which is why they end up owning businesses instead of working at one. The ideas that those schools are too difficult to get into, they cost too much, I don't come from the right family, are reasons not to bother applying for most people. For the others they are reasons to work at overcoming all those obstacles. Admission to those schools is a filtering process. If you manage to jump through the right hoops you'll have access to a lot of people with brains, money, and power.

      If you want to achieve big things you have to think big, have long term goals, and act accordingly.

    5. Re: Wow those fees... by Anonymous Coward · · Score: 0

      Please stop posting. Everyone knows you are a poor idiot and every post just reinforces it. Wait until tomorrow or check the non box.

    6. Re: Wow those fees... by plopez · · Score: 1

      That whoosing noise etc.

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      putting the 'B' in LGBTQ+
    7. Re:Wow those fees... by russotto · · Score: 1

      perhaps not as prestigious as MIT, but more than sufficient for most people.

      Sufficient for people who want to become a cog in the machine. Those people who are paying for the application service for top ranked schools want to go to those schools because they don't want to become cogs in the machine, they want to own the machine. It is a completely different mindset from "most people".

      Second time I read this sentiment in this thread. It fails on two counts -- one that students at lesser schools want to become cogs in the machine; I knew quite a few from my state school who had founded their own company before graduation, and others who wanted to. Two, that MIT and other elite students don't become cogs -- there sure are a lot of MIT-educated "cogs" where I work; they're not any less a "cog" than me for having gone to MIT.

  8. Parent of University Frosh Twins: "Thank You" by retroworks · · Score: 4, Interesting

    Competition and expense at elite colleges is really tough for my kids. Today, I don't think I would have gotten into the colleges I attended 30 years ago. And I hear most of the parents of my generation griping about competition from incoming foreign students.

    No, I say this is good. The USA college tuitions have been going up 3 times the rate of inflation for three decades. While much of the increased annual fees go to "need based" tuition scholarships, the university endowments have funded an arms race on "country club" campuses complexes, the maintenance of which draws from the same tuition and fees. Students are paying for the lavishness. MOOC (massive online open courses) have been proposed as the solution, providing the education without the cost of the colleges' overhead.

    As this would trend, the smaller and middle reputation colleges would fold and get privatized (which has not worked well at all). Colleges like, say Hendrix in Arkansas or St. Mike's in VT, are fine schools with good professors, and they'd be the victim if it weren't for an increase in students who can afford to pay the full tuition. If the country club and reputations of US colleges didn't attract foreign full-tuition paying students, the only solution would be more college debt, which is already unsustainable. So if my kid (with better grades, scores, and languages than I had) didn't get into the "A-List" college I attended, I'm satisfied she'll find more people as smart as she is at the less prestigious school, and that all the foreign tuition coming into this program will float all boats.

    The only two things most people remember about college are 1) the interesting people they met (friends, faculty, etc) and 2) the debt they leave with. MOOC's only address the latter. More wealthy foreign students paying full tuition addresses both.

    --
    Gently reply
    1. Re:Parent of University Frosh Twins: "Thank You" by rsilvergun · · Score: 5, Insightful

      Or we could, you know, just restore the massive State and Federal funding that was cut 15-20 years ago that was the _actual_ reason tuition was as cheap as it was.... You know, all those tax cuts we keep voting for have a cost, right?

      --
      Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
    2. Re:Parent of University Frosh Twins: "Thank You" by Anonymous Coward · · Score: 1

      i've seen it said that for less than the amount of foreign aid sent annually to Afghanistan, college tuition in the US could be free for *all* US students.

    3. Re:Parent of University Frosh Twins: "Thank You" by AthanasiusKircher · · Score: 4, Interesting

      The USA college tuitions have been going up 3 times the rate of inflation for three decades. While much of the increased annual fees go to "need based" tuition scholarships, the university endowments have funded an arms race on "country club" campuses complexes, the maintenance of which draws from the same tuition and fees.

      THIS. Whenever the topic of college tuition increases comes up, the assumption is that it must have to do with the cost of instruction (i.e., faculty salaries) or maybe lab equipment or something.

      In reality, the biggest factor for many colleges has been this "arms race" (great term) to make sure all the new dorms have a swimming pool and a climbing gym and whatever. New buildings and facilities keep going up, which have ongoing staffing and maintenance costs. You could often fund many endowed professorships with the cost of a new building.

      After campus facilities "improvements," the biggest reasons for increased costs are often enlarged administration bureaucracies and sports programs. College administration staff in many colleges has increased by 50% or so at many universities in the past few decades, even as faculty size remains roughly constant. High-profile sports at big athletic schools are often thought to bring in the cash, but actually most schools lose huge amounts of money on them. It's only a precious few that win that gamble.

      But, as the parent says, it's great that we can have wealthy foreign students throwing in the cash so our kids can have the new climbing gyms, a boatload of administrators, and great sports coaches that often earn a lot more than college presidents.

      Oh, wait? You were concerned about better education? Hah! There's where we need to cut costs. Let's put everything online and create MOOCs, so we can reallocate the buildings with classrooms for more climbing gyms, have professors record their lectures so they can then be dispensed with (along with their pesky salaries -- think of how many administrative staff we could hire by getting rid of that endowed chair!) and have the courses "taught" by adjunct drones who respond to emails, and without those annoying "class schedules" where you might have to actually show up and interact with real people to learn and discuss deep ideas, we can use online classes to meet whenever and have more flexibility to schedule athletic events whenever we want!

      I'm being a bit sarcastic here, but these are really some disturbing trends. I'm not saying that traditional college lectures were always the best way to teach information, nor that higher ed couldn't be improved in general. But the pressures which are creating the tuition cost often have little to do with education... but I guess we have foreign students to pay for it (which is ironic since most foreign students are coming to the U.S. because of its educational reputation at universities, not for the climbing gyms).

    4. Re:Parent of University Frosh Twins: "Thank You" by David+Jao · · Score: 2
      Need based tuition scholarships do not come close to explaining the extraordinary rise in tuitions. The real reason is decreased state funding (for public universities) and government-guaranteed student loans (affecting all universities).

      Without student loans, colleges would only be able to charge what the market can bear. No entity can violate this ironclad law of economics. If families can't pay the amount of tuition that you charge, you're not getting that amount of tuition, period. Loan availability increases the amount that families can afford to pay. In principle, there is nothing wrong with this idea, and in fact if the free market were allowed to determine loan availability, the system as a whole would quickly converge onto the optimal amount of loan availability. Under this hypothetical free-market scenario, banks wishing to make student loans would have to vet their students properly and make sure with reasonable confidence that they will be repaid. If the free market were at work, there would be a natural market-based limit on the amount of loan money available, simply because not every student is going to represent a good investment.

      Unfortunately, what we have right now in the student loan market is not even close to a free market. The dominant lender is the government, and even in the case of privately held student loans, the laws and regulations governing student loans are highly and artificially favorable to the lenders. To give just a few examples, unlike any other form of loan, student loans (including private loans) can almost never be discharged in bankruptcy; cannot expire from statute of limitations; allow the lender to garnish wages, tax refunds, social security, and disability payments without a court order; and repayment is guaranteed by the government, even if the borrower defaults (but the lender can still pursue the borrower for repayment even after the government makes them whole). The result of such amazingly biased and favorable laws is exactly what you would expect: lenders throw money at students far out of proportion to the actual amount of money that it would make economic sense for them to lend under ordinary circumstances. Having this much money supply available in the system is then the primary factor that enables and allows ridiculous increases in tuition.

      I don't have school age children yet, but I will soon. I have no intention of taking out loans or making them take out loans, no matter how hard it is to achieve this goal. I would love to compete on a level playing field with other similarly responsible parents, but unfortunately I'm not going to have that chance. Instead I'm going to have to compete with irresponsible borrowers who have borrowed way more money than anything that remotely makes sense for them to borrow.

    5. Re:Parent of University Frosh Twins: "Thank You" by retroworks · · Score: 1

      That's what we all said in 1982 when Reagan was blamed for cutting the Pell Grant Program (which was replaced by loans). It turns out Reagan may have been right after all. The cost of tuition increases, when all other cost factors (energy, interest rates, salaries, etc.) were controlled for?... Federal Pell grants. The more the feds slopped into students, the higher the college tuition draw. (cue sucking sound).

      I suspect that in nations where tax aid for tuition is working, the universities are government owned, and there are too many private colleges in the USA. And to give USA credit, our colleges are admired overseas in part for the competition between private and public enterprise (even if some was for the athletic facilities arms race). I was out protesting Reagan's cuts as a freshman and sophomore, but by the time I was a junior, I realized why Eisenhower included universities in his "military industrial complex" speech. We were patsies. The more our "need" was met, the higher the tuition went. It correlated to aid.

      --
      Gently reply
    6. Re: Parent of University Frosh Twins: "Thank You" by Anonymous Coward · · Score: 0

      The loans are not dischargeable, but that enables interest rates to be considerably below market value - compare the student loan rates of 6-8% with any other unsecured loan (credit cards 15-20%) available to the average person, particularly young people who have limited credit histories and incomes.

    7. Re:Parent of University Frosh Twins: "Thank You" by AthanasiusKircher · · Score: 1

      I don't have school age children yet, but I will soon. I have no intention of taking out loans or making them take out loans, no matter how hard it is to achieve this goal.

      That's not necessarily a reasonable policy. I completely agree with most of your post that student loans are out of control and are causing all sorts of price distortions.

      But absolutes are rarely good general policies. A good college education is in fact a lifelong investment, and while motivated students can succeed anywhere, a good school and a good line on a resume can really give someone a jumpstart for the first few years of a career and the first few jobs. I am NOT by any means arguing that anyone should take out hundreds of thousands of dollars in loans, as some people are today. You're never going to get any return on investment for that. But would I say that a kid or parent should NEVER take out a low-interest-rate loan for the extra $10k or $20k (TOTAL, not per year) to allow them to get 4 years of education at a significantly better school, which might be repaid in a salary bump from better job offers in just a few years after graduation? No -- that seems a draconian policy which doesn't take into account the real "investment" that education can be.

      People should be careful about taking on debt. But sometimes there are valid reasons to do so, if you gain larger benefits in the long-run.

      Instead I'm going to have to compete with irresponsible borrowers who have borrowed way more money than anything that remotely makes sense for them to borrow.

      It's not only you, but your kids who will have to compete with these people on the job market. I'm all for instilling responsible spending habits and financial sense in kids, but part of responsible financial management is knowing when debt is a good and rational choice. Credit card debt is almost always irrational, because interest rates are ridiculously high. Other types of loans can sometimes be justified.

      Heck, I have a car loan on my current car (at a crazy low interest rate) even though I could have paid in cash -- but that money's better off in the long-term investments I have for retirement (where it will likely gain at least 5 times as much value as the amount as the minimal interest charge on my car loan), and even if I stuffed that money under my mattress, it would lose value due to inflation, whereas now my car loan loses principal with inflation instead, making my effective interest rate less than zero. (Of course, I would have been less likely to take on this debt without being financially secure -- if you don't have a large emergency fund in the bank, adequate insurance, etc., this may be a harder decision.)

    8. Re: Parent of University Frosh Twins: "Thank You" by David+Jao · · Score: 1

      That's kind of my entire point. The market rate is the correct rate for economic optimality. A rate below market rate attracts far too many borrowers who would normally not merit a loan.

    9. Re: Parent of University Frosh Twins: "Thank You" by David+Jao · · Score: 2

      To clarify, the goal is to be rich enough that I won't need to borrow money. I'm not implying that I insist on some sort of draconian no-debt stance. If I fail in my goal then sure, I'll borrow what's sensible. But I'm not starting out with debt as a goal. I can't see how car loans make sense under any circumstances. The basic purpose of a car is to get me from point A to point B safely and reliably. Such a car, used, costs well under $5000 in almost all localities. This is not a useful or interesting enough amount of money to be worth taking on debt.

    10. Re:Parent of University Frosh Twins: "Thank You" by phantomfive · · Score: 1

      The only two things most people remember about college are 1) the interesting people they met (friends, faculty, etc) and 2) the debt they leave with.

      If those are the only two things you got out of college, you seriously missed out. I had my world-view changed, and learned a lot about computers, history, literature, physics and math. Too bad you didn't. Study harder next time.

      --
      "First they came for the slanderers and i said nothing."
    11. Re: Parent of University Frosh Twins: "Thank You" by Anonymous Coward · · Score: 0

      And this really is an issue for the dead beats or people going to school for money loans instead of education. yes, poor people do this more than you think. They should never be discharged via bankruptcy or other vehicles. When you take a loan, you promise to pay it back. If you are a dishonest scumbag, you'll pay it anyway.

    12. Re:Parent of University Frosh Twins: "Thank You" by Anonymous Coward · · Score: 0

      I agree. I met so many people that studied hard - like a full time job - because it is. We all learned as much as we could and beyond. I also seen but did not socialize with people that would face book in class or play games or just zone out. Obviously they failed or barely passed. They all grouped together to support their cause of being future slackers. Guess who go the good jobs or just a job and guess who didn't. Guess who could not even pass simple interview questions. Guess who us hard workers will never ever have to compete with. So its fine. Less competition for me.

    13. Re:Parent of University Frosh Twins: "Thank You" by Anonymous Coward · · Score: 0

      Disturbing trends? Nonsense. You disagree with the prioritization of funds in universities? The first step to decoupling education from those decisions is to emacipate the instructors from the bad administration and need to host at a specific location.

    14. Re:Parent of University Frosh Twins: "Thank You" by khallow · · Score: 1

      Or we could, you know, just restore the massive State and Federal funding

      Where's this money coming from? Tax increases have a cost too.

      Further, I don't think people get that the massive funding in question just wasn't that massive or that different from today. Recall that college costs have increased for decades at a far greater rate than the US economy has. What was ample funding forty years ago just doesn't come close today.

      From the above link, education costs increased by a factor of six in a 26 year period from 1985 to 2011. In that time, nominal GDP (not adjusted for inflation to compare apples to apples) didn't even increase by a factor of 4 (4.35 trillion dollars to 16.16 trillion dollars).

      So it's not just a matter of just maintaining historical levels of spending, which probably has been done for most states, but to increase spending as a fraction of the overall economy by 60%.

    15. Re:Parent of University Frosh Twins: "Thank You" by Anonymous Coward · · Score: 0

      yep and we didn't have to pay for the health care law with the school loan program either

    16. Re:Parent of University Frosh Twins: "Thank You" by Anonymous Coward · · Score: 0

      Here is an idea...

      Require that for any college/university to receive federal funding in the form of grants/loans from the FAFSA, that they post certain statistics regarding tuition and cost of attendance. Posted on application to the college. Made very apparent.
      1. The average and median teaching faculty pay.
      2. The average and median administrative faculty pay.
      3. The average and median pay per employee.
      4. The number and percent who are teaching faculty.
      5. The number and percent who are administrative faculty.
      6. The highest three teaching salaries.
      7. The highest three administrative salaries.
      And teaching would be if a teacher has a certain number of credit hours being taught in a given year.

    17. Re:Parent of University Frosh Twins: "Thank You" by david_thornley · · Score: 1

      What I really want to know: where the $EXPLETIVE is that money going? It doesn't look to me like the faculty's overpaid nowadays, research costs don't affect all colleges to any great degree (and are usually from other funding sources), the buildings are not dramatically improved, and in general the education doesn't look all that much better.

      --
      "When you have eliminated the unacceptable, whatever is left, however improbable, must be the truthiness" - Holmes
  9. What I hate about the American college admissions by Anonymous Coward · · Score: 5, Interesting

    I really despise the way college admissions in the US works (I have a Ph.D. from an Ivy, but did my undergrad in Europe). The problem is that all your hobbies are turned into some form of merit that you use to apply for college. In order to get some documented evidence for this, everything has to be officially done through a club or some other nonsense, where you can find someone to write a recommendation letter for you. As a Finn when I was in high school, we used to hop on the train with some friends and go up to Northern Finland to hike through the wilderness. Once during Winter break in -30 degrees (C) for a week in pitch black darkness on skis. I value much more having to plan for everything independently.

  10. Smart People by Etherwalk · · Score: 3, Insightful

    Would you rather be surrounded by smart people or by normal people?

    Better schools give you smarter peer groups, and you learn from and with smarter peer groups.

    1. Re:Smart People by plopez · · Score: 4, Insightful

      I did fine. With far less debt. Besides, you are surrounded by "normal" people, if there is such a thing. If you surround yourself with abnormal people you never learn to deal with the rest of the world. Which amounts to a bad education.

      --
      putting the 'B' in LGBTQ+
    2. Re:Smart People by Anonymous Coward · · Score: 2, Interesting

      > With far less debt.

      You don't seem to be aware that top schools generally have very generous need-based tuition+expense assistance -- so generous that people with families at any point on the income spectrum can generally graduate completely debt free.

      Example: Harvard is a full ride if your family makes $65k/yr, and the aid gets prorated until your family makes ~$150k/yr. And yes, they do take into account having multiple kids in school, etc.

      https://college.harvard.edu/financial-aid

    3. Re:Smart People by AthanasiusKircher · · Score: 3, Insightful

      I did fine.

      Good for you! Want a gold star?

      Anecdote is not data. Graduates from many prestigious schools in general have better outcomes. Highly motivated people can generally get ahead anywhere -- if you're such a highly motivated person, then it's not surprising that you did well in life, regardless of where you got your degree, or whether you even had a college degree AT ALL.

      With far less debt.

      Well, you might have a point if you were talking about some random expensive second-rate private college. But the schools brought up in the summary like the Ivies and your chosen example of MIT have incredibly generous financial aid packages that are generally entirely need-based. Some facts from MIT's financial aid info:

      -- 72% of undergraduates receive either a need-based or merit-based scholarship.

      -- 41% of undergraduates have student loan debt at graduation, and the average debt at graduation is $17,900. The median debt for all undergraduate financial aid recipients who graduated in 2013 was $10,948.

      For a school that estimates its ANNUAL tuition and fees now come to over $60,000/year (with 4-year cost in the $250,000 range), coming out with just over $10,000 in debt is pretty darn miniscule, I'd say. And that's less than the cost of ONE YEAR of college at many state universities these days. (Lest you think that these numbers are skewed because everyone comes from rich families, note also that at least 1/3 of MIT graduates come from familes with annual incomes of less than $75,000.)

      So, sorry -- if you actually get into and graduate from MIT, chances are your debt levels are going to be at the levels of many state university graduates, perhaps lower.

      (Note that MIT and the Ivies can do this because they have big endowments. Your argument would be better targeted at lesser private universities that change $50+k/year and don't have the resources to give such generous aid.)

      Besides, you are surrounded by "normal" people, if there is such a thing. If you surround yourself with abnormal people you never learn to deal with the rest of the world. Which amounts to a bad education.

      Meh. You have a point, I suppose. But there are many, many years and daily opportunities to learn to socialize with people who aren't as smart as you ("normal" people). Even if you go to a place like MIT, you can easily find plenty of opportunities to deal with "normal" people while you're there -- go outside your down, volunteer, join some non-university social groups, become active in local politics or non-profit organizations... whatever. Build up your resume AND learn to deal with "normal" people, all while going to a top-tier school -- what a concept!

      However, there are far fewer opportunities to surround yourself with incredibly smart people to get a high-quality education. Not to mention that it's useful to get this training while you're young and your brain is still more malleable. And unless you end up at some really top-tier company, chances are you're not going to be challenged intellectually by those around you.

      Sure, it's definitely possible for a well-motivated student to get a great education elsewhere and to do great things in life. But if you have the opportunity to attend a top school with decent financial aid rules, there are few downsides to it, contrary to your implications.

    4. Re:Smart People by plopez · · Score: 4, Interesting

      anecdote IS data. Gather enough anecdotes and you can start to do statistics on them. If you are scientific you will follow up with a well randomized survey. But usually inquiry begins with anecdotes. Or didn't you take Statistics 101?

      --
      putting the 'B' in LGBTQ+
    5. Re:Smart People by AthanasiusKircher · · Score: 1, Informative

      Gather enough anecdotes and you can start to do statistics on them.

      Sure, you could. If you want to work with a complete unreliable dataset, where all your conclusions are much more likely to be invalid.

      If you are scientific you will follow up with a well randomized survey.

      "Well-randomized surveys" are not anecdotes. Anecdotes are individual stories, which may all have their individual bias. Since they are reported without context or regard for selection, they are more subject to cherry-picking, confirmation bias, etc.

      But usually inquiry begins with anecdotes.

      Agreed. You have to get interested in a topic first, and if you've never heard anything about it, you probably would never look into it. But after we've heard a couple stories then we move onto better data collection techniques if we want to draw any valid conclusions.

      Or didn't you take Statistics 101?

      Well, I've actually written articles in peer-reviewed professional publications and essays on the topic of the use of statistics. What are your credentials?

    6. Re:Smart People by ShanghaiBill · · Score: 2, Insightful

      anecdote IS data. Gather enough anecdotes and you can start to do statistics on them.

      There are already plenty of statistics available for college fees, scholarships, and salary outcomes. This one anecdote is meaningless. Attending a top university generally does NOT result in more debt, but is correlated with significantly higher salaries.

    7. Re:Smart People by Anonymous Coward · · Score: 0

      Well, I've actually written articles in peer-reviewed professional publications and essays on the topic of the use of statistics.

      [citation needed]

    8. Re:Smart People by Anonymous Coward · · Score: 0

      I think he is arguing with an obvious idiot for fun. Wind them up and watch them go. They will say one stupid thing after another.

    9. Re:Smart People by AthanasiusKircher · · Score: 5, Funny

      Well, I've actually written articles in peer-reviewed professional publications and essays on the topic of the use of statistics.

      [citation needed]

      Well, sure, if you insist. I actually participated in the founding of the discipline of combinatorics, partly to discuss issues of probability and statistics of distributions. See my treatise Ars Magna Sciendi sive Combinatoria (1669), for example.

      If you dig into my earlier treatises, you'll find I actually considered a number of issues in this sort of mathematics even before Leibniz's De Arte Combinatoria (1666) (he was actually a bit of a fan of my work, I exchanged some great letters with him about it back in the day), and well before all those young Bernoulli whippersnappers got involved.

      (What's that -- you wanted a serious answer? You want me to give real-world information about myself to a guy who hides as an AC?)

    10. Re:Smart People by Anonymous Coward · · Score: 1

      The idea that an ivy league diploma gets you a better salary has been debunked numerous times. High performing students get paid more whether they go to a "better" ranked school or not. That is to say, if you were accepted to Harvard, but instead attended a state school, you will statistically wind up with the same salary as if you had attended Harvard. http://www.usnews.com/education/blogs/the-college-solution/2011/03/01/the-ivy-league-earnings-myth

    11. Re:Smart People by rogoshen1 · · Score: 1

      I'd rather be a big fish in a medium pond, than a big fish surrounded by an ocean filled with even bigger fish.

      Consider the effect on someones ego by being able to completely stand out. Take a highly intelligent person, they go to MIT/Harvard/Yale/Wherever -- they're suddenly average. That same person at a 2nd tier school is suddenly a rock-star.

      That person might get the confidence and notoriety to go on to do bigger and better things, than the average Harvard alum.

    12. Re:Smart People by Anonymous Coward · · Score: 0

      What tipped me off was your UID is too high. Now if it had 3, 4, or maybe even 5 digits...

    13. Re:Smart People by AthanasiusKircher · · Score: 1

      That is to say, if you were accepted to Harvard, but instead attended a state school, you will statistically wind up with the same salary as if you had attended Harvard. http://www.usnews.com/educatio...

      This is all very interesting, but some details of the study you cite suggest that other factors are at play. From your link:

      As with the earlier study, there were some students who did fare better financially if they attended elite schools. The students who fell into this category were Latino, black, and low-income students, as well as those whose parents did not graduate from college.

      In an E-mail, the researchers explained these exceptions: "While most students who apply to selective colleges may be able to rely on their families and friends to provide job-networking opportunities, networking opportunities that become available from attending a selective college may be particularly valuable for black and Hispanic students and for students who come from families with a lower level of parental education."

      The researchers want to blame the effects on all networking, which is undoubtedly significant, but that's not to say there weren't also other factors present -- like the fact that minority kids, poor kids, and kids without well-educated parents might not have the kind of cultural exposure to the "upper class educated world" that white rich kids with high SAT scores might have. By going to a better school, they might be exposed to more ideas that are more typical of wealthier classes, as well as learning social skills and networking.

      Whatever the cause -- the point is that this is SERIOUS confounding variable in this study. Students with high SAT scores are already disproportionately from upper-class or upper-middle-class white (and Asian) families. Saying that those sorts of people will achieve whether they go to Harvard or not isn't actually saying much at all.

      The fact that "better" schools make a significant difference for all these other non-privileged groups proves that they actually do something for students who actually NEED the help to succeed in life.

      Moreover, I just find this finding hilarious:

      Applicants, who shared similar high SAT scores with Ivy League applicants could have been rejected from the elite schools that they applied to and yet they still enjoyed similar average salaries as the graduates from elite schools. In the study, the better predictor of earnings was the average SAT scores of the most selective school a teenager applied to and not the typical scores of the institution the student attended.

      Holy crap! If I want my kid to succeed, I just need for him to APPLY to Harvard, since the best predictor is the average SAT score of the most selective school he applies to. It doesn't matter whether he's accepted, rejected, whatever -- as long as he applies, it will help.

      Of course... that's preposterous. Once again, the interpretation of this finding gets murky. What's probably more telling here is that kids who BOTHER applying to Harvard or wherever are mostly from households with high-achieving parents or parents who really push their kids to succeed. Those kids will likely do well wherever they go to.

      The question of whether better schools "add value" is mostly relevant to kids who would NOT generally have good opportunities to succeed in life otherwise, like poor kids, minority kids, kids whose parents were not well-educated. And for those kids, your study absolutely shows a significant difference.

    14. Re:Smart People by Anonymous Coward · · Score: 1

      I'd rather be a big fish in a big pond, personally.

      You're underestimating how a high-achieving environment can push already-capable students to even higher levels, when they see what their peers are capable of doing. (I'm thinking MIT specifically, here.) An exceptional student is less likely to find their ceiling (if there is one) if they never have to work or think harder than it takes to stand out against the efforts of "average" students.

    15. Re:Smart People by hackus · · Score: 0

      George Boole was told he wasn't a man of quality, and his ideas were not correct by ALL of the leading academic institutions IN THE WORLD.

      That is just one example, and there are many more.

      How idiots like you in institutionalized learning centers manage to get away with REWRITING HISTORY OF THE COMPUTING FIELD by posting that sort of horse shit really pisses me off.

      Yeah, go right ahead. Burn through 250K in cash, places like harvard and stanford computer science programs and get taught by narrow minded people who share that marvelous history of telling people like George Boole his ideas are not worth anything. "Because you are not a man of quality."

      It is a fine tradition carried on till this day by all major Universities around the world.

      If you are a University Degree'ed PhD reading this I have a message from George B. :

      KISS MY ASS.

      --
      Got Geometrodynamics? Awe, too hard to figure out? Too bad.
    16. Re:Smart People by russotto · · Score: 1

      Plenty of smart people even at large mediocre state universities, though -- and they tend to cluster.

    17. Re:Smart People by Ol+Olsoc · · Score: 1

      Would you rather be surrounded by smart people or by normal people?

      Better schools give you smarter peer groups, and you learn from and with smarter peer groups.

      Having worked in a University environment, where you would think the right school would be paramount -

      It ain't necessarily so. Most of the higly placed people in my unit were from obscure schools. The director was from a school that I had to look up, it was so obscure. Some even committed the cardinal sin of getting their Bachelor's, Masters, and Doctorates from (hold your hands over the children's ears folks, this is going to be brutal........ The same university!!!!!! A mortal sin, we are told.

      But here's what it is. Your very first job will likely have something to do with the institute you were degreed from. After that? It's all on you.

      Why does this happen? Because it is of course pretty likely that you will be a good performer if you came from a good school. But if you can't perform, you won't get far.

      But often, a person who can perform goes to a more obscure school. Performance and ambition will always out however.

      Some times, the educational truisms are just that. Kind of true, but a very convenient excuse for slackers whne they don't succeed.

      --
      The shepherds did so well protecting the flock that the sheep no longer believed that wolves existed.
    18. Re:Smart People by AthanasiusKircher · · Score: 1

      Says the guy that hides behind "athanasiuskircher". Fuck you you pseudo tough-guy.

      Look, I normally don't respond to AC trolls -- but my record of posts is available for you to peruse as you'd like. I've been active here for years, and I haven't hid my knowledge of stats, which I make use of periodically in posts (and even do some of my own calculations to respond to posts from time-to-time).

      I have a durable record you can feel free to follow and search. I'm not "hiding" as an AC, and on the rare occasion where I'm unnecessarily harsh to someone in a post, I apologize. You, on the other hand, are an AC randomly swearing at people while you hide behind the cloak of complete anonymity, knowing whatever you say will never follow you anywhere.

      Have a nice day! Cheers!

    19. Re:Smart People by Anonymous Coward · · Score: 0

      Because only rich people attend them.

    20. Re:Smart People by buddyglass · · Score: 1

      My household is around the 15th percentile (counting from the top) in terms of income. I'm a software dev. and my wife, who works half-time, earns about a quarter what I do. So that should provide some context. I recently ran the numbers and compared how much I'd have to pay for my son to attend Harvard vs. how much I'd have to pay for him to attend my alma mater, which is generally thought to be in the upper tier of state schools. Using in-state tuition for the state school, the cost was approximately the same, though Harvard would have required work-study to make up part of the tuition. If he (my son) were admitted to both, I'd probably pony up the difference to send him to Harvard. If the difference were large (say, $10k/year) then I would probably advise him to attend my alma mater.

    21. Re:Smart People by buddyglass · · Score: 1

      So, sorry -- if you actually get into and graduate from MIT, chances are your debt levels are going to be at the levels of many state university graduates, perhaps lower.

      This is doubtful. If only because the caliber of student who is admitted to MIT is likely to receive extremely generous merit-based scholarships at most state schools, and especially at lower-tier state schools. There's at least one AAU member school (Arizona) that offer a free ride (tuition + fees + room + board) to any national merit scholar. When I was applying to colleges (which, admittedly, was 20 years ago), I was offered free rides to the University of Oklahoma and LSU based solely on my SAT Math score. It really depends on which state schools we're talking about (top-tier vs. lower-tier) and the student's household income. In the specific case of a middle-income student (household income = $70k/year) and a top-tier state school then what you've said is likely correct. Despite having a strong resume (evidenced by his being admitted to MIT) that student may not get a full ride at a top-tier state school. So he's relying on financial aid, and MIT's financial aid package for a student whose family earns $70k/year is likely better than the top-tier state school's. As income goes up and/or the quality of state school goes down, though, the equation starts to favor the state school if all we care about is out-of-pocket cost.

    22. Re:Smart People by Anonymous Coward · · Score: 0

      If your family makes less than $65K/yr, the odds of you having the numbers to get into Harvard are very low. Besides, the social structure maze will drive you out of an 'elite' school first. You will soon learn how illiberal the 'liberal' rich are. Since you offer nothing in the way of family contacts, why would the other students even care to talk to you? Sorry, you are not in our dinner club, rowing club, or are not welcome to our VT ski cabin or private island off of Maine.

      There are many criteria for selecting a college. The 'status' is a trap, be sure you or your student can handle the life there. More important than the academics.

    23. Re:Smart People by phorm · · Score: 1

      Better schools give you more educated peer groups. That doesn't always equate to smarter, but it still has advantages.

    24. Re:Smart People by Anonymous Coward · · Score: 0

      Would you rather be surrounded by smart people or by normal people?

      Better schools give you smarter peer groups, and you learn from and with smarter peer groups.

      True, it would have been nice to have smart people to build off of, instead of just being the smartest nerd in every class.

  11. Hey I can do that too! by Opportunist · · Score: 1

    No problem at all. You pay me 10k and I'll tell you what you need to do to get into the college of your dreams. And if it doesn't work out, you get those 10k back.

    How I do it? Not at all. A few of the bozos that fall for my con will make it in anyway and I'll keep their 10 grand, paying back the others.

    --
    We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
    1. Re:Hey I can do that too! by Intrepid+imaginaut · · Score: 1

      Ha! Nailed it. Once again raising the question of the connection between wealth and needing intelligence to accumulate it.

  12. Impact of foreigners on the education of Americans by Anonymous Coward · · Score: 3, Interesting

    I attended college in California about 30 years ago, studying biology. Back then, the student body was an ethnic mix of whites, Hispanics, blacks and Asians. Yet most of us were third or more generation Americans. We were born and raised in America, our parents had been born and raised in America, our grandparents had been born and raised in America, and only then did we start getting to ancestors who came from overseas. We spoke English as a native language, and culturally we had a lot in common. Most of our professors had a similar lineage and background, as well.

    30 years later, my nephew (American born and raised) is attending the same college I did, and he also chose to study biology. What he describes is completely different from what I experienced. He's told me about how many students there are wealthy foreigners who have absolutely no ties to America, and often a very limited grasp of the English language. This is even true for some of the professors, apparently.

    He's told me horror stories about group work he's been forced into, where there will be maybe two American-raised students forced to work with several foreigners. In one case he said that he and an American woman had to work with Chinese, Somali and Arab students on a project. The foreigners struggled to communicate with one another, and with the Americans. Some of the foreigners apparently just didn't even bother to do any work, since they were there just because their wealthy parents had sent them over, and didn't have any initiative whatsoever to succeed. In the end, the project was a near disaster for the two American students. They ended up doing the bulk of the work. They considered complaining to the professor and administration about the situation, but decided not to as they feared being labeled as "racists", even though the American woman was black.

    I understand that colleges benefit financially from accepting these foreigners, especially when they can charge them many times what an American student is charged. But it sounds to me like this is absolutely destroying the learning experience for the American students. The American students are forced to work with sub-par foreign students who are only there because their parents have money. Then these middle-class American students need to take on the work load of the foreign students, in order to avoid failing group work assignments. It shames me to think how bad my nephew's experience is with the same college I attended, in the same field I studied, a mere 30 years later.

  13. Good luck with that by Anonymous Coward · · Score: 2, Interesting

    Statistical analysis is useful, but the interview process itself has enormous weight and is not easy to numerically manage this way. My interviewer for MIT was someone who'd known me since I was one year old, and wanted to make sure I was at least 1000 miles away from his daughter. No sane Ivy League or top notch school should have taken me on my numbers: they had to look past that to the piece of paper from the state that said "emancipated minor", realize I had *no* money or family support, and take me anyway on the grounds of "lord, if he's survived all this craziness, what could he do with *encouragement*".

    It worked out: I built for NIH and MIT at least 3 patent worthy hardware inventions. (NIH grants don't cover the fees for patents, and it's all effectively public domain anyway, so I never got patents. I'd have liked the patents, even if I paid for the legal fees out of my own pocket. The lab wouldn't let me do that, darn it.) But if I'd been spending my time "working the numbers" for maximum college entry success, I'd have never learned to *explore* science, and equipment, and done some of the politically dangerous work but reviewing equipment and finding farcical measurements from other people's labs. And lord, did it pay off when I found old data that was misanalyzed because it was misrecorded or miscompared. Scientifically, and and in engineering terms, it was invaluable.

    Anyway: micro-analyzing the odds and cooking the numbers would have wasted my resources, and guided me, as a student, away from actually learning vital subjects. Who would have anticipated that taking medieval history would have led me to the SCA, and the networking for weird science and engineering jobs among that geeky medieval re-enactment crowd?

  14. get rid of student loans / make them income based by Joe_Dragon · · Score: 1

    get rid of student loans / make them income based / make the schools have to eat part of the costs for default and then you see costs come down / school teaching more real skill needed to do jobs.

  15. Re:Impact of foreigners on the education of Americ by Anonymous Coward · · Score: 0, Insightful

    "He's told me horror stories about group work he's been forced into, where there will be maybe two American-raised students forced to work with several foreigners. In one case he said that he and an American woman had to work with Chinese, Somali and Arab students on a project. "

    SHOCK HORROR!!!

    You racist fuck. Make your kid do some fucking group work with people that are different to him and get the hell on with things.

    In case you're thick as pig shit, let me rephrase your words in a non-racist way, just so you get the point:

    "My son has had to work with other students in his group work who are neither as bright, nor as motivated as he is."

    Welcome to group work sunshine, we've all had to do it, and we all continue to do it throughout our professional lives. Kick your son in the fucking arse and tell him to get on with things.

  16. It's not what it is by DiamondGeezer · · Score: 3, Insightful

    ...a college-admission consultancy founded by Steven Ma, and largely catering to ambitious Asian immigrants like Ma, and their offspring

    but its not racism. Racism is only practiced by white people.

    --
    Tubby or not tubby. Fat is the question
    1. Re:It's not what it is by Anonymous Coward · · Score: 2, Insightful

      No it's not racism. Why would it be?

      It's a private business that makes its service open to everyone, but most people who take advantage of it are Asian immigrants. The horror.

    2. Re:It's not what it is by Anonymous Coward · · Score: 1

      I guarantee that if you, a white person, walked into that business and offered to pay $25,000 if they could get your kid into NYU, they would happily accept.

    3. Re:It's not what it is by Anonymous Coward · · Score: 0

      ...a college-admission consultancy founded by Steven Ma, and largely catering to ambitious Asian immigrants like Ma, and their offspring

      but its not racism. Racism is only practiced by white people.

      http://www.imdb.com/title/tt0128442/quotes?item=qt0379511

      Mike McDermott: Listen, here's the thing. If you can't spot the sucker in the first half hour at the table, then you ARE the sucker.

    4. Re:It's not what it is by Anonymous Coward · · Score: 0

      Consultants love money. I'm sure Steven Ma would cater to customers of any race, so long as they had money.

    5. Re:It's not what it is by Anonymous Coward · · Score: 0

      Nah, it's not racist. Truth is, though, if a business was 51% white (or whatever ratio is "too much") it'd get labeled racist by people who don't understand statistical variation with no real investigation beyond a single statistic.

      I believe complaints of racism are true when a poor minority kid gets beaten up or similar things. I think they're total BS when some ratio enforcer tries to crack down.

  17. MOOCs are the solution? LOL! LOL! LOL! by Anonymous Coward · · Score: 0

    Seriously, I don't see how you can say that MOOCs are the solution to the problem of making education more accessible.

    Have you ever taken a MOOC course? The videos will probably be decent, but everything else is total shit. The other "students" are the worst part, by far. I really hesitate to call them students, because that's exactly what they aren't.

    If you've taken a MOOC course, you'll probably have looked at the discussion forums. And you'll have noticed that most of the topics were posted by "students" with Indian, Arabic or Asian names asking when they'd get their certificate of achievement, sometimes even before the course had officially started!

    If you stuck with the course, you'd find these same Indian, Arab and Asian students asking for all sorts of special treatment. They "couldn't study" for the open book timed exam because of "religious holidays", so they feel they should pass the exam without even taking it.

    Then after they ultimately fail the course, even admitting to not watching any of the videos, not doing any of the reading, and otherwise not studying or learning the material, they still insist that they deserve a certificate of achievement merely for taking the effort to click the button to register them in the course.

    The worst part is that the people running the MOOC courses will sometimes give in to these absolutely idiotic demands, and retroactively adjust the course standards so that these complete failures end up just passing enough to get their precious certificate of achievement. This craps all over the legitimate students who actually put in some effort.

    MOOCs are a joke. I don't see how your or anyone else can think that they're anything but jokes.

  18. Reminds me of Jimmy the Greek by tomhath · · Score: 1

    His scam was to guarantee that you would win at the horse track if you took his advice; if you didn't win you didn't own him anything. Of course his picks weren't any better than the next guy's; he collected his share from half of his victims and walked away with nothing from the rest.

  19. Didn't realize NYU was so competitve by superwiz · · Score: 1

    Back in my day, NYU is where you went if you dropped out of Cooper Union.

    --
    Any guest worker system is indistinguishable from indentured servitude.
  20. I agree but .... by Anonymous Coward · · Score: 0

    Ever notice that many of the get-rich-quick techies are Ivy League dropouts?

    I think if Zuckerberg went to Ithaca State and did exactly the same thing, he would never have been noticed by the money people that handed him his winning "lottery ticket". He may have had a business, but he would have been crushed by the other guys.

    1. Re:I agree but .... by plopez · · Score: 1

      The first millionaire I knew was a cohort of mine. He went to Seattle, started a company, brought in investors, got bought out, and is now in a position buy a Lexus... cash. A funny story he tells which starts out, "I went to buy a pair of gloves one day..." :)

      --
      putting the 'B' in LGBTQ+
    2. Re:I agree but .... by mark_reh · · Score: 2

      Your definition of rich is a poor man's definition. Owning a Lexus doesn't make you rich whether you paid cash for it or not. Lexus is, for the most part, a middle-class car brand.

      Having a million dollars doesn't make you rich. It makes you middle class, with a loooong way to go to rich. Having a million dollars doesn't mean you can quit working unless you're about 80 years old, especially if you live in the US where the healthcare system is designed to bankrupt you before you die.

    3. Re:I agree but .... by Anonymous Coward · · Score: 0

      Yes, I though that was funny. A Lexus (toyota). Or maybe he can go to walmart and get anything he wants without lay away. No more pay loans for him... No more dog food for victor... He cam purchase the whole crate of costco blue jeans now...

    4. Re:I agree but .... by plopez · · Score: 1

      Many "rich" people I know or heard of are in debt. Either they are or their company, or companies, are.

      --
      putting the 'B' in LGBTQ+
    5. Re:I agree but .... by Lucidus · · Score: 1

      Rich people tend to be in debt, because they use debt to increase their wealth. They don't, as a rule, go into debt to accumulate stuff. This is, in fact, the fundamental difference between rich and poor.

    6. Re:I agree but .... by david_thornley · · Score: 1

      Um, give me a week to shuffle things around and I can easily buy a Lexus, paying cash. I'm not exactly poor (family income well within the top 10%), but I'm not a millionaire. (I intend to retire before 65, but not by all that much.)

      --
      "When you have eliminated the unacceptable, whatever is left, however improbable, must be the truthiness" - Holmes
  21. Re:Impact of foreigners on the education of Americ by spire3661 · · Score: 3, Informative

    Its racist to acknowledge language barriers? ITs racist to expect that people attending an American university be able to speak English to participate in group assignments? Or do you expect the American students to learn Arabic, Mandarin and Somali?

    --
    Good-bye
  22. Re:get rid of student loans / make them income bas by tomhath · · Score: 1

    Almost all financial aid is already need based (income and savings). The big problem is that students (and parents) don't make rational decisions when it comes to taking out those loans. Instead of a modest priced state school and sharing an apartment with three other students (which worked for me), they send Junior to an expensive school and make sure he lives in a private dorm room.

  23. we need more Old Fashioned alts to college as well by Joe_Dragon · · Score: 1

    Back in past we did not have this big college for all push and we had more people going to trade and tech schools as well more places having in house training.

    Now we are pushing to many people to college just for lot's of them to get big skill gaps and big loans to pay off.

  24. Re:get rid of student loans / make them income bas by Joe_Dragon · · Score: 1

    forced dorm rooms are a big issues where some schools force you stay in one with room mates and sheared floors at a cost that is much higher then renting on your own.

  25. Re:Impact of foreigners on the education of Americ by Anonymous Coward · · Score: 1

    Oh if only there were a "Mythical Man Month" book to point to for showing how group projects go bad.....

  26. Not the old-fashioned way by David+Jao · · Score: 3, Insightful

    The approach mentioned here may get you into college, and it may cost money, but it is not old-fashioned. The old-fashioned way to get into colleges with money goes something like this: "My dad is a trustee at Princeton, so I knew I would get in." If you have 2 million dollars to spend, endowing a faculty chair at a university is a much better bet than paying for high-priced consulting services.

  27. Re: get rid of student loans / make them income ba by Anonymous Coward · · Score: 0

    They do this because living on campus is part of the college experience for these schools - you are embedded with your fellow students, affording a much greater opportunity for out of class learning and facilitating collaboration.

  28. Re:Impact of foreigners on the education of Americ by Hunter-Killer · · Score: 4, Interesting

    I had a similar experience when I was in school a few years ago.

    Group project with two German foreign exchange students--copy/pasted their part from another website. I caught it early and after some "clarification" from the professor, they redid it.

    Another group project--with a white guy, white girl, African immigrant, and a Chinese exchange student. White girl didn't contribute anything at all, Chinese didn't contribute anything (informed us "I wasn't sure what I was supposed to do" two days before the report was due), and the African immigrant contributed one slide (the project was a slide and a paper). White guy and I ended up writing the entire paper, and we were not pleased.

    I was the group leader for both projects. The lesson I learned wasn't that foreign students are worthless, but rather that people needed to be treated differently. For any project, I map out the pieces and dependencies that need to be completed in a shared spreadsheet, and let team members choose what they work on. This works out very well for motivated students, and functional procrastinators since the dependencies are also worked out. Unfortunately, simply telling everyone what needs to be done is not a one-size-fits-all solution. If I had assigned tasks to specific individuals early on and followed up regularly, I would have obtained better results. If output was poor or non-existent, we could have adjusted expectations ("you need to turn this in earlier so we can correct for ESL") or escalate to the professor if necessary.

    If you are an "A" student, working with other "A" students is the easiest way to keep that A. Learning how to get the most of B and C students is likely more valuable than a slight downtick in your GPA.

  29. This isn't paying to get accepted to a college by Solandri · · Score: 2

    Basically they're providing insurance that pays out based on the odds that you don't get into a college they say you can get into. The fee they charge is the premium for that insurance. It doesn't affect your odds of getting accepted in any way compared to if you'd applied on your own. The only thing the information they provide you may change is which schools you decide to apply to. It's actually a pretty clever way to monetize on the risk and uncertainty of applying to colleges, though I suspect the steep price to play will discourage most applicants.

    To put it another way - they're letting you place bets on whether you'll be rejected by a school. And like all good bookies, they've crunched the numbers to make sure that statistically they come out ahead. But based on those odds they've crunched, you can drop or add schools you apply to to increase your ratio of acceptances to rejections, making it a marginally useful service whereas just plain gambling would mean on average the client loses.

  30. Re: get rid of student loans / make them income ba by Joe_Dragon · · Score: 1

    but why does the cost have to be so high? The experience is nice but not at today's prices.

  31. Re:Impact of foreigners on the education of Americ by Anonymous Coward · · Score: 1

    Umm... no. Those types would normally be fired, at least in any decent company. Did you even read the premise of the article: buying your way into college? At least my class mate took advantage of the situation, charging $300 to complete each EE design project for some Saudi fucks.

  32. no incentive to actually do anything by Anonymous Coward · · Score: 0

    step 1: take people with a 50-50 chance of getting into elite universities.
    step 2: charge them $20k each.
    step 3: refund those who don't get in
    step 4: profit!

    Were is the incentive to actually do anything other then promote the success stories?

    1. Re:no incentive to actually do anything by gnupun · · Score: 1

      W[h]ere is the incentive to actually do anything other then promote the success stories?

      The 50-50 chance you mention is not guaranteed.

      He has two incentives for their success:

      (a) The greater the number of students that get accepted, the greater his profit. Conversely, the greater the number of students that are rejected, the greater his loss (of time and effort preparing their apps and coaching them).

      (b) As you said, the other thing is the success stories, word of mouth or reputation. His services need a high reputation for people to invest in his services in the future.

      But as someone mentioned in a different post, this is a clever scam, because at least of small chunk of his students will get accepted and he will profit handsomely from this.

  33. Re:Impact of foreigners on the education of Americ by Anonymous Coward · · Score: 0

    Then these middle-class American students need to take on the work load of the foreign students, in order to avoid failing group work assignments.

    And you believe your nephew? American students are the ones failing their classes because they have no work ethics and spend all their time partying and smoking weed.

  34. Save the money. Retire at 40. by Anonymous Coward · · Score: 0

    Not to belabor the obvious, but full-ride tuition is what? 20k at some schools. 60k+ at others. Suppose instead of going into debt up to your eyeballs, you put all that money into the market (stock/bonds). At an 8% return, you'd be a millionaire before your 40. You could retire very comfortably and very early in life. Can you say the same for what happens after you get that college degree and start serving coffee for a living?

    1. Re: Save the money. Retire at 40. by Anonymous Coward · · Score: 0

      Just where are you getting that 8% return?

    2. Re: Save the money. Retire at 40. by Anonymous Coward · · Score: 0

      I have been maxing out my 401k since I was 25; I'm now 43 and a 1/2 millionaire, but no millionaire. Bonds? You do realize the federal reserve has zero interest rates for quite some time. Stocks? DJIA has swung at least 50% over the past 15 years.

    3. Re: Save the money. Retire at 40. by Anonymous Coward · · Score: 0

      Must be thinking of a Madoff fund that got 10% consistently.

  35. Re:Impact of foreigners on the education of Americ by mark_reh · · Score: 1

    That sort of interaction is EXACTLY what makes the education at that school an education. Try to imagine what your education would have been like if you had gone to a university where you had difficulty with the language in which the classes were taught. Those foreign students got into that school with your nephew by being smart and maybe/probably well-connected (i.e. they come from wealthy, well educated families in their home countries).

    Does your kid end up doing a lot of the documentation of the group work? Sure- his mastery of English is probably better than the foreign students. That's how it goes. So what? Some of the group members don't contribute much? So what? Do you think that if all the kids in the group were white, English speaking Americans there wouldn't be any lazy asses the other group members would have to carry? Group work teaches productive people how to be productive when confronted with the harsh reality of unmotivated group members.

    I'd say your nephew is getting an education.

  36. SAT SCORES by Anonymous Coward · · Score: 0

    Sorry, how the fuck do you score. 2400 points on a 1600 point test?

    1. Re:SAT SCORES by rfengr · · Score: 1

      IIRC they added an essay section worth 800 points. I also believe, sometime in the mid 90's, they made it easier by giving everyone 100 additional points.

    2. Re:SAT SCORES by rfengr · · Score: 1
    3. Re:SAT SCORES by twistedcubic · · Score: 1

      The SAT has three 800 point sections now, not two, old-timer.

  37. Re:get rid of student loans / make them income bas by Anonymous Coward · · Score: 0

    In the US nearly all student loans, over 90%, are given out by the federal government. The government does not do with less, that is why they passed the laws that student debt can't be discharged in a bankruptcy, it wasn't the banks that got that rule passed. Any calls for reduction in student loans is met with political ads against the person proposing something like you did with "he hates kids getting educated".

    I personally don't agree with your specific idea, but I do agree with your thought behind it. However, as long as the feds are the ones handing out the loans I'm not sure what can be done, and I'm not sure how to get the loans away from the feds either.

  38. Re:Impact of foreigners on the education of Americ by Required+Snark · · Score: 1
    Similar story outside of academia.

    I have a friend who is a registered nurse and evaluates complaints about healthcare delivery. He has to write technical reports that refer to medical terminology and procedures. He is a native born US English speaker and writes well, and takes pride in his ability to communicate complex situations that can have important ramifications. For example, hospitals could loose accreditation or doctors could loose their licenses based on his reports.

    His boss is a native speaking Chinese woman. She cannot write proper English sentences. She micromanages and rewrites his reports and turns his careful prose into hard to understand crap. She has a master's degree. She makes him less productive and degrades the quality of his work. Upper management loves her, and she get's paid more then he does. They like the fact that she is always finding fault, because it means that somehow they are the untrustworthy people who do the actual work.

    So much for the myth of high quality US business practice.

    --
    Why is Snark Required?
  39. Education as a Religion? by Tablizer · · Score: 1

    I'm not sure how to word this diplomatically, so please don't jump on me if sounds racist, I'm only trying to express my thoughts based on my observations.

    Many Asians seem to treat education like a religion and become zealots. It's as if one is going to hell if they don't get into a good college. It's not even about long-term general earning potential it seems, but rather the status of a degree.

    Part of it seems to be that as a parent, if your kid gets a big-name degree, you are allowed to feel satisfied that you "did your job well" as a parent in the Asian community. If a child didn't get a good degree yet gradually worked their way up into big money, the parent may not live that long, and so that is a lessor perceived reward even if the kid eventually has 3 mansions and 10 Maserati's: the parent may never get a chance to brag about it.

    1. Re: Education as a Religion? by Anonymous Coward · · Score: 0

      I suppose it the concept of "face", which as a westerner, I don't understand.

    2. Re: Education as a Religion? by david_thornley · · Score: 1

      "Face" is a concept here. I've generally found that I'm happier and do better when I mostly ignore it in myself, though I do let other people save face.

      --
      "When you have eliminated the unacceptable, whatever is left, however improbable, must be the truthiness" - Holmes
  40. Re:Impact of foreigners on the education of Americ by russryan · · Score: 3, Insightful

    Nice. You learned the fundamentals of being a good manager, which are sadly lost on many who are given the position.

  41. Silly by Anonymous Coward · · Score: 0

    GPA isn't really that telling. My sister was a 4.0 student, but lacks the ability to apply that knowledge in RL application. She got a collage degree in Art, then realized there was nothing to do with the degree.

    I got a degree in Accounting, got a great paying job, and I only had a 3.0 GPA in school. Unless your going into a knowledge intense field (law, doctor, scientist) don't waist your money on a expensive collage, the collage don't make the difference, your ability to learn and apply knowledge is all that matters.

    1. Re:Silly by Anonymous Coward · · Score: 0

      Jesus fucking Christ! "collage"? "your"? "waist"???

      Apply some fucking grade-school knowledge yourself, idiot.

  42. Re: Save the money. Retire at 40. by Anonymous Coward · · Score: 0

    8% isn't super far off the recent-history 6-7% market return expectation (but yes, beware of market volatility), it just doesn't take you to millionaire quite that easily. And millionaire doesn't mean what it used to mean.

    The first obvious problem with the AC's point is that even the high bound of $60k, at 1.08 annualized returns, is considerably less than a million dollars after 22 years compounding (assuming they start at 18 and end at 40). Now I'm not familiar with the American education system and "full ride"; maybe he means that times 4 years. In which case 4 years @20k still can't make you a millionaire but 60k * 4 = 240k would (not so surprising when you start at a quarter million). The million mark happens at ~$45k per year for 4 years.

    But if you take that assumption, then the obvious difference with you is that you started 7 years later at 25, and restricted yourself to the 401k upper limit which was $9500 at the time, way less than even the 20k, and even today the contribution limit is well under 20k. Granted, you kept contributing after 4 years, but it actually takes you 4-5 years to match each year's contribution of the guy skipping school, so you're probably about matched on absolute contributions, while the school-skipper has a big edge on the time he contributed that money.

    Maxing out your 401k may be sound financial advice, but it's insufficient to retire young and in plenty. My maxed out 401k is less than a third of my savings at 30 (and I'm definitely not a millionaire yet, though I should be by 40 barring something disastrous). I know not everyone is so lucky as to be able to do that.

  43. Connections by Taco+Cowboy · · Score: 2

    Mostly connections

    Connections are crucial, but, there is a very BIG but, if one solely relies on the connections he or she fosters when the individual was in the college, then that individual is a loser

    I did what I did, from a refugee, into someone who have thousands of co-workers all around the world, partly because of the connections that I have fostered through all the stages of my life

    The kicker is, over 90% of those connections that I rely on are the connections I've made _after_ I came out of college

    Connections I have from the Silicon Valley enable me to enjoy a certain "respectable" position when I am in Asia, which open a lot of doors for me, even the doors to foreign governments

    Which is why I am always amused by those who stress so much on the connections that they foster through their alma mater --- life does not only evolve around college

    --
    Muchas Gracias, Señor Edward Snowden !
  44. How do you define "smart" by Taco+Cowboy · · Score: 2

    When I landed in the States I found myself amazed with all the grizzly things and I found myself, a refugee fresh from communist China, being the dumb one, as everybody else was smarter than me

    Later on as I enrolled into college, I found that my professors were very smart, because they knew things that I didn't know

    And more later on when I got out of college I found many other people, people of the company I worked for and people outside of the company but still in the same job field, were much smarter than me because there were so many things that I could learn from them

    I have worked with some legendary programmers in the more than 30 years I have been in this field, and yes, there were all much smarter than me

    So, how do you define "smart" ?

    For me, that goal post of "smartness" kept on shifting, as I grew from a stage of my life to another - For example: those Americans whom I found so smart when I first arrived in America, in hindsight, were not smart at all. They were lucky to be born in this country, that's all

    Plus I sincerely doubt that the students from elite universities are "smarter" - In my own experience, most of those who came working with me with sheepskin issued by elite universities are not really smarter than those who came without any official sheepskin

    --
    Muchas Gracias, Señor Edward Snowden !
  45. Re: Save the money. Retire at 40. by Anonymous Coward · · Score: 0

    I have been maxing out my 401k since I was 25; I'm now 43 and a 1/2 millionaire, but no millionaire.

    Since this is basically a penis comparison, I'll do some spreadsheet math and add some words to this line because of stupid commenting system limits. (I am neither the P nor GP AC.)

    401k annual contribution limits by year
    1995 9240 some characters per line
    1996 9500 some characters per line
    1997 9500 some characters per line
    1998 10000 some characters per line
    1999 10000 some characters per line
    2000 10500 some characters per line
    2001 10500 some characters per line
    2002 11000 some characters per line
    2003 12000 some characters per line
    2004 13000 some characters per line
    2005 14000 some characters per line
    2006 15000 some characters per line
    2007 15500 some characters per line
    2008 15500 some characters per line
    2009 16500 some characters per line
    2010 16500 some characters per line
    2011 16500 some characters per line
    2012 17000 some characters per line
    2013 17500 some characters per line
    2014 17500 some characters per line
    Total years 1995-2014 (inclusive): 266740.

    S&P 500 annual gain (including dividends) from http://en.wikipedia.org/wiki/S%26P_500#History
    1995 1.3758 some characters per line
    1996 1.2296 some characters per line
    1997 1.3336 some characters per line
    1998 1.2858 some characters per line
    1999 1.2104 some characters per line
    2000 0.909 some characters per line
    2001 0.8811 some characters per line
    2002 0.779 some characters per line
    2003 1.2868 some characters per line
    2004 1.1088 some characters per line
    2005 1.0491 some characters per line
    2006 1.1579 some characters per line
    2007 1.0549 some characters per line
    2008 0.63 some characters per line
    2009 1.2646 some characters per line
    2010 1.1506 some characters per line
    2011 1.0211 some characters per line
    2012 1.16 some characters per line
    2013 1.3239 some characters per line
    2014 1.0862 some characters per line

    Maximum possible gain at end-of-year if the whole contribution limit were paid-in at the beginning of the year:
    1995 $12,712.39 some characters per line
    1996 $27,312.36 some characters per line
    1997 $49,092.96 some characters per line
    1998 $75,981.73 some characters per line
    1999 $104,072.28 some characters per line
    2000 $104,146.21 some characters per line
    2001 $101,014.77 some characters per line
    2002 $87,259.51 some characters per line
    2003 $127,727.13 some characters per line
    2004 $156,038.25 some characters per line
    2005 $178,387.12 some characters per line
    2006 $223,922.95 some characters per line
    2007 $252,567.27 some characters per line
    2008 $168,882.38 some characters per line
    2009 $234,434.56 some characters per line
    2010 $288,725.30 some characters per line
    2011 $311,665.56 some characters per line
    2012 $381,252.05 some characters per line
    2013 $527,907.83 some characters per line
    2014 $592,421.99 some characters per line

    (I had to add some characters per line to get around the commenting nanny )
    Is it feasible to be a half-millionaire in the 401K after the last 18 years? Yes. But if the 401k is all you got maybe you spent some money? Anyway, my penis is bigger....

  46. Re:Impact of foreigners on the education of Americ by zennyboy · · Score: 1

    *lose

  47. At for profit Universities by rsilvergun · · Score: 1

    you're right. At public Universities, no. That's not what happened. Prices at public schools were low up until the late 90s/early 2000s. I know. I was in school paying tuition out of pocket.

    Now, public Universities are rapidly becoming profit centers, but they started that trend in the mid-2005s. Well after the cuts went in.

    --
    Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
  48. Re: Save the money. Retire at 40. by Anonymous Coward · · Score: 0

    I'm not dick swaging, rather my comment was to show that you can't retire at 40 with $1M with basic investing from a normal job. As I said, I'm only half there, despite saving a lot more than the typical worker. I need $4M in my 401k at 67 to keep the same living standards for 20 years. I doubt it will get there. Thanks for the table though.

  49. Re:Impact of foreigners on the education of Americ by CRCulver · · Score: 1

    Its racist to acknowledge language barriers?

    No, but it is silly to claim that an foreign undergraduate's gradual pursuit of English proficiency is a disaster for university education nationwide.

    ITs racist to expect that people attending an American university be able to speak English to participate in group assignments?

    It's pretty common across the world for universities to accept that foreign students will take a couple of years to become proficient in the local language, and Americans benefit from that too. I did my university degrees first in Spain and then in Finland, and in both countries my lecturers and classmates understood that I needed some time to learn Spanish and Finnish respectively.

    Or do you expect the American students to learn Arabic, Mandarin and Somali?

    As someone who studied Chinese and tried to get as much exposure to the language as possible, I would have definitely enjoyed working with a Chinese student so that I could hit him up for free language practice, which normally costs a high hourly rate. Learning Somali may not bring many advantages for Americans (though interestingly enough, Somali skills are in high demand now in the Finnish state sector), but Mandarin and Arabic are major world languages, some knowledge of which can only help.