How Private Colleges Are Like Cheap Sushi
In New York City’s East Village, there are a number of hole-in-the-wall spots that advertise sushi at 50 percent off. But I can never bring myself to sample the goods. We’re talking about a delicacy flown in from around the world. Marking it down drastically just doesn’t sit right. Something — either the price, or the fish — has to be a little off.
The same uneasiness arose recently when the National Association of College and University Business Officers released a survey of tuition discounts at private, nonprofit, four-year colleges and universities. NACUBO looked at 401 schools, and the survey found two things: almost no one pays full price, and the discounts are quite steep.
They estimate 88.9 percent of first-time, full-year freshmen received some kind of discount in 2013-2014. Of those students, the average grant they received is estimated to cover 53.5 percent of tuition and fees. In other words: more than half off. These discount rates are climbing fast. They are the highest recorded since the study began in 2000.
