Ivy schools more affordable

Thursday, March 29, 2012

BY GERALD M. BRADSHAW

gerald_bradshaw@post.harvard.edu

Bradshaw College Consulting

(219) 663-3041


Dear Mr. Bradshaw:--

I plan to apply to Harvard and several other Ivy League schools this fall. Is it true that they offer generous financial-aid packages? If I have to borrow thousands of dollars to attend, I will opt for a state school where I am sure to be admitted. —

Ivy schools more affordable

Dear Student: —

After the Ivy League got stung with bad publicity because many of their graduates ended up with more than $150,000 in debt, Harvard took the lead and revamped its financial-aid packages to replace student loans with grants.

Other colleges quickly followed suit.

Today, 70 percent of Harvard undergraduates receive some financial aid. This is typical at most of Ivy League schools.

Students from families with annual incomes below $65,000 are not required to contribute to their educations. And families with incomes up to $150,000 pay no more than 10 percent of their income.

At Harvard, the average financial-aid recipient’s family pays only $11,500 annually.

This new policy has resulted in greater economic diversity in the Ivy League. No longer the exclusive bastion of upper-class privilege, the financial-aid program has made the Ivy League more affordable to attend than many state colleges and universities.

As might be expected, the number of students applying to the Ivy League has increased because of the new policies. However, at Harvard, the number of applications this year started to level off. A total of 34,285 applications were received, down from last year’s record of 34,950.

Two years ago, 30,489 applied and, 10 years ago, there were 18,932 applications. One change worth noting is the modest (5 percent) increase in international applicants this year, compared to a 20 percent increase last year.

According to Harvard’s admissions office, outreach to international students by American colleges and universities normally has produced large annual gains, as relatively few international students had considered coming to the United States for college.

Today, an American college education is considered an option by more international students than in the past.

Along with the new generous financial-aid offerings, expect the admissions competition to show an increasing number of international students who have stellar academic credentials.

Although you can afford to attend if admitted, the competition will be tougher because international applicants are not considered separately for admission.

Schools now pick the best applicant, regardless of nationality.

Business, economics degrees differ greatly

Friday, November 25, 2011


BY GERALD M. BRADSHAW

gerald_bradshaw@post.harvard.edu

Bradshaw College Consulting

(219) 663-3041


Dear Mr. Bradshaw: I am a college sophomore and I need to declare a major. I am thinking about majoring in business and finance or economics. I know that a few colleges like Harvard and Yale do not offer undergraduate degrees in business. Why?

Can you explain the difference between a major in business and one in economics? Is one better than the other in order to get a top-paying job or admission to grad school? I am considering law school at some point in the future. --Student


Business, economics degrees differ greatly


— As the deadline nears for declaring a major for sophomores, you are right to be concerned about job and grad school prospects and the impact a major has in the job market. The good news is that both business and economics degrees will help you find employment even in a down economy according to recent studies by The Wall Street Journal.

There is a great deal of difference between the study of business and economics as a concentration. This goes to the heart of why Harvard does not offer an undergraduate degree in business.

The law school at Harvard even warns applicants that chances of admission are inversely proportional to the number of business classes taken as an undergraduate. The university considers business courses to be vocational in nature and not fitting their broad definition of a liberal arts education.

Perhaps it is better to explain the difference between economics and business by saying that economics is a social science aimed primarily at understanding the social world.

Economists address a variety of social science questions. Will school vouchers improve the quality of education? Do politicians manipulate the business cycle? What sort of legal system best promotes economic development? Why do cities have impoverished areas? Why do people procrastinate in saving for retirement — or in doing their homework?

Economists say that business classes teach professional skills that are useful for starting and operating companies. They believe that economics and business are related, but that business is professional training aimed at making profits, while economics is a science that pursues an understanding our social world.

Because many top colleges do not offer a business major to undergraduates, some students treat economics as a substitute. This has been proven to be a bad choice. According to studies, there is no evidence to suggest that concentrating in economics helps students to get better jobs after graduation. For these reasons, most economics departments strongly discourage students from majoring in economics as a substitute for something else.

If you select a major with law school in mind I would recommend economics over business because the courses cover a broader subject area touching on many fields of study. I should add that I have several clients who majored in business and went to law school. They tell me they profited a great deal by their study of business as undergraduates.

College Admissions Consulting Articles - Business, economics degrees differ greatly