At a time when the college admissions bribery scandal is shining a spotlight on the socioeconomic divide in higher education, low-income students even at the wealthiest institutions often take on debt to finish — contrary to public perception.
of Cornell undergraduates took federal student loans to pay for their educations; the university itself says 41 percent graduate with debt, though that’s down from 54 percent in 2007.This is happening in part because, pressed to admit more low-income students, the institutions “artificially understate the actual need that the students have and claim to meet it, while also claiming that if a student takes debt, that's because of poor choices,” Goldrick-Rab said.
She said money she made working over the summer went to food, transportation and paying off credit card debt. Then LaMotta got into Harvard. “That’s not an opportunity you’re going to pass up, no matter what the cost is,” he said. “I sort of out-performed my parents’ expectations for me.”Noah Willman for The Hechinger Report
The same holds true at Yale, spokesman Thomas Conroy said. “It’s up to the student if they wish to borrow to provide their contribution,” meaning the amount not covered by financial aid, Conroy said. While the university does not require a student receiving financial aid to work, he said, any shortfall “can be earned at a campus job that pays well above minimum wage and allows a student to work an average of eight hours a week.
But Croft didn’t get much financial aid — his parents make too much money to qualify as low-income because they own their own businesses, the school found, but Croft said the businesses produce only modest profits. His mother is an ultrasound technician and his father is a lineman for an electric company who owns a 100-acre farm and a small plane he rents out. Croft has borrowed $30,000 this academic year alone and expects to need still bigger loans next year.
. But children from lower-income families who graduate from these elite schools are still more likely than their classmates from higher-income families to default.LaMotta and Gonzales said their circumstances show how elite universities’ policies affect students beyond graduation.
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