MIT just admitted 1,548 applicants from a pool of 18,989. Thatís a rate of about 8 percent, one of the lowest in the nation.
Think about it: Most of those applicants didn't stand a chance. They wasted their time and money to help give MIT a low acceptance rate so MIT can brag about their highly selective admissions. Boosts MIT's status. But costs the losers who should have invested their efforts on attainable educational goals.
What's much worse than getting suckered into spending time and money on a futile college application? Getting suckered into spending a couple hundred thousand dollars for a faux elite college degree (great Washington Monthly piece "The Prestige Racket" about George Washington University by Daniel Luzer).
Note to George Washington University administrators: Since you are hitting against the Washington DC government limit on how many students can enroll you've got an interesting opportunity to work around that limit: get more students on 3 year plans with 12 month per year education. You can generate more money per year from rich kids for expensive dorm rooms and student centers and pump out more alumni who you can later solicit for donations. It would also make sense to accept students at the ends of their high school junior years for summer enrollments after junior and senior years before they start the regular freshman fall classes. Make money from them sooner. The kids would already pay you big bucks before their first fall enrollment and you could get them thru in 3 years of regular semesters with much more revenue per year.
Note to high school students and adults: Coursera, Udacity, Edx, the Khan Academy, Western Governors University, and many other online education programs offer you alternatives that are cheaper, far more flexible, and richer in the number of choices.
Note to adult taxpayers for local schools: you are also being suckered into believing in the efficacy of high dollars per local school student. Education is a really big racket.
|Share |||By Randall Parker at 2013 April 15 11:22 PM|