As a Reedie myself, I find this story in the New York Times pretty embarrassing to our Fine Institution of Higher Learning. Reed College and other small schools have been forced to amend their accepted students’ list to include fewer incoming students in need of financial aid. I know they have to save money somewhere, but this just doesn’t feel right. People on campus constantly discuss the lack of diversity at Reed, yet the school has chosen to homogenize our student body even more by excluding students who need aid. Don’t get me wrong — I’m glad the board chose not to cut any programs or professors. Perhaps, instead they could have dipped into the school’s endowment or sold some of that valuable Eastmoreland property. I’m sure it was a tough call. We at Reed are very attached to our way of college life — small class sizes, professors who know us personally, all sorts of free tutoring options, a beautifully cared-for campus. It would be tough to get us to compromise on these fronts, so I can see why the administration turned to an alternative. But turning away students who belong at Reed, who deserve to attend — that’s a violation of Reed’s ideals. I don’t see anything wrong with using endowment money so Reed doesn’t have to turn over 100 worthy students and charge its current students a tuition of nearly $50,000.
-Rachael Marcus
I think you’ll be hard pressed to find anyone outside of the Reed community who really cares about the lack of admissions to one of the most over-priced colleges in the world.
$50,000 per annum? Fucking bullshit. Someone should really examine their administration to see how they’re wasting so much money on TOP of their endowment.
It’s the trouble with relying too much on your endowment—when the economy goes to hell and the payout drops, suddenly you’re out of cash and have to raise tuition. Lewis & Clark isn’t nearly so hard-up these days, because its endowment is so small that it has to be more proactive in its funding strategies even in good years. It offers all of the qualities you say you like about Reed, but costs less and hasn’t decreased the amount of financial aid this year.
How many Reed grads will make $50K a year (aside from those in academia) their first year out of college?
I didn’t see any reference to the diversity issue in the article. How did you come to the conclusion that diversity (racial diversity?) on campus would suffer? Do you have some supporting statistics?
@pork chop
Rachel doesn’t have any stats to back up her statement, only her observations as a Reed student. If I am reading it correctly (and I think I am), she is saying that by turning away students who typically rely on financial aide and scholarships – students who are traditionally poorer and/or people of color – that Reed would become LESS diverse because in their place Reed will be accepting only those who can pay full tuition, i.e. the more privileged.
That’s what I get from having read the article and her post. Rachel, and I correct?
Thanks Jacob-I understand this is what Rachel means. I was hoping there might actually be some numbers to back it up is all.
Apologies for misspelling your name Rachael.
Spending through your endowment now will only make things worse later, and selling land in a down real estate market is equally stupid. Apparently finance isn’t a course offered at Reed…
My first thought was that this action would make Reed less economically diverse, but it is true that it will probably affect racial diversity, as well. About half of current Reed students receive financial aid, but I don’t know what percentage of incoming students will be awarded aid.
It seems they made the right choice, based on the NYT article. Especially if they only temporarily use the option during the supposed downturn. Ultimately though, they need to better manage the endowment and keep a stronger reserve on hand.
Really though – how many po folk really EVER went to Reed? Not many, I suspect. I’m talking normal American folk… What was your experience in that regard, Rachael? Also.. will you have my baby? Grr!
“Apparently finance isn’t a course offered at Reed…”
Economics 421, Economics of Reed College, is indeed offered, but it benefits only those taking it…
Apparently MIT has room for students who can’t afford tuition. See this:
http://www.oregonlive.com/education/index.…
$50k a year? How many families can afford that, without financial aid? I can’t comprehend that kind of income.
Yah, I don’t really think Reed has ever been too friendly to the non-monied actually. I went there for a look-see once and asked about their financial aid options and they pretty much said that all they do is provide loans and little if any other financial aid. The person giving the tour was actually really snotty and didn’t even want to discuss financial aid! They were obviously looking for the kind of students whose families could foot the bill with no help…and this was a number of years ago. So, I guess I should say: at least now they are being honest about their actual policies. Kind of ironic that it is such a liberal hippie haven when it really caters to an elite bunch of monied kids.
That’s unfair. 51% of all Reed students receive financial aid, and their *average* award is $35,000 a year. Graduates of Reed have the lowest levels of debt in Oregon–including public universities! See I’m sorry your tour guide was snotty, but you definitely got the wrong impression. Sure, there are students from wealthy families, but there are also students who grew up dirt poor.