November 26, 2011

HIGHER EDUCATION BUBBLE UPDATE: $5.3B goes to students who government says don’t need it. “Universities and colleges are giving $5.3 billion in aid this year to students who the federal government says don’t need financial help, according to figures from the College Board. An additional $4 billion in federal tuition tax credits went to families making $100,000 to $180,000 — at least double the median income for U.S. households. The schools use the money — more than 20% of all U.S. financial aid — to compete for applicants who have high grade-point averages and SAT scores. Some discounts serve another purpose: They lure high-income families that can write a check for the rest of the tuition.”

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