Archive for September 5th, 2012

September 5, 2012

Quick Takes – College scholarships by race, UVA in-state quota, managing student loans, etc.

by Grace

—  The Distribution of Grants and Scholarships by Race  (Mark Kantrowitz,

This paper presents data concerning the distribution of grants and scholarships by race. It debunks the race myth, which claims that minority students receive more than their fair share of scholarships. The reality is that minority students are less likely to win private scholarships or receive merit-based institutional grants than Caucasian students. Among undergraduate students enrolled full-time/full-year in Bachelor’s degree programs at four-year colleges and universities, minority students represent about a third of applicants but slightly more than a quarter of private scholarship recipients. Caucasian students receive more than three-quarters (76%) of all institutional merit-based scholarship and grant funding, even though they represent less than two-thirds (62%) of the student population. Caucasian students are 40% more likely to win private scholarships than minority students.

(This paper has lots of data on college financial aid.)

—  In-state student quota at University of Virginia

The Commonwealth of Virginia mandates that 2/3 of the students at the University be Virginia residents.  Beyond that, there are no quotas with respect to regions, counties, or high schools.
The UVA Admission Blog

California has a system-wide cap of 10% for out-of-state undergraduate students, and the University of North Carolina limits out-of-state freshmen to 18 percent on each campus.


—  A Web Site That Aims to Help Manage Student Loans 

A new Web site called aims to help current students and graduates manage their financial aid and loans with less confusion. The site allows users to access federal loans and grants, but will be expanded to include private loans in about a month. (Parents can also register to see information about PLUS loans taken out on behalf of their children.)
(The New York Times)

—  New York State pension costs ‘will rise 10.6% for state, local governments‘.

ALBANY — Public pension costs are again set to rise in the next fiscal year, with both the state and local governments facing an average increase of 10.6 percent, according to figures released Friday.

Starting April 1, the state, counties and municipalities will contribute an average of 20.9 percent of most employees’ salaries into the state’s pension system, state Comptroller Thomas DiNapoli said. The contribution rate is 18.9 percent.

—  ‘Average people think the road to riches is paved with formal education. Rich people believe in acquiring specific knowledge.’

“Many world-class performers have little formal education, and have amassed their wealth through the acquisition and subsequent sale of specific knowledge,” he writes.
“Meanwhile, the masses are convinced that master’s degrees and doctorates are the way to wealth, mostly because they are trapped in the linear line of thought that holds them back from higher levels of consciousness…The wealthy aren’t interested in the means, only the end.”
From Steve Siebold, author of “How Rich People Think.”

21 Ways Rich People Think Differently (Business Insider)

Another one:

Average people would rather be entertained than educated. Rich people would rather be educated than entertained.

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