May 4 2022
Read the book: https://www.amazon.com/gp/search?ie=U…
The Price of Admission: How America’s Ruling Class Buys Its Way into Elite Colleges – and Who Gets Left Outside the Gates is a 2005 book by Daniel Golden, a recipient of the Pulitzer Prize in journalism. The book criticizes admissions at elite American universities, including preferences given to the wealthy, children of celebrities, and legacy applicants. It also documents discrimination against Asian-Americans in the admissions process.
In 2017, the book was referenced by John Oliver, in the late-night talk show Last Week Tonight, regarding the way Jared Kushner got admitted to Harvard University, soon after the private Ivy League research university received a donation from Kushner’s father. At the end of 2016, Golden expressed “gratitude to Jared Kushner”, for “reviving interest the book”.
Then Massachusetts Institute of Technology Dean of Admissions Marilee Jones is quoted in The Price of Admission as describing a Korean-American student as “yet another textureless math grind.” Two years after the book’s publication, Jones was found out to have fabricated several degrees in order to get her first job at the MIT Admission Office.
The higher education bubble in the United States is a highly controversial claim that excessive investment in higher education could have negative repercussions in the broader economy. According to the claim, generally associated with fiscal conservatives, although college tuition payments are rising, the supply of college graduates in many fields of study is exceeding the demand for their skills, which aggravates graduate unemployment and underemployment while increasing the burden of student loan defaults on financial institutions and taxpayers. The claim has generally been used to justify cuts to public higher education spending, tax cuts, or a shift of government spending towards the criminal justice system and the Department of Defense.
Most economists reject the notion of a higher education bubble, noting that the returns on higher education vastly outweigh the costs.
Harvard College is the undergraduate college of Harvard University, an Ivy League research university in Cambridge, Massachusetts. Founded in 1636, Harvard College is the original school of Harvard University, the oldest institution of higher learning in the United States and among the most prestigious in the world.
Part of the Faculty of Arts and Sciences, Harvard College is Harvard University’s traditional undergraduate program, offering AB and SB degrees. It is highly selective, with fewer than five percent of applicants being offered admission in recent years. Harvard College students participate in more than 450 extracurricular organizations and nearly all live on campus—first-year students in or near Harvard Yard, and upperclass students in community-oriented “houses”.
The college has produced many distinguished alumni, including prominent politicians, scholars, and business leaders.
A federal lawsuit alleges that Harvard’s admissions policies discriminate against Asian Americans, who tend to be overrepresented among students with high academic achievement. A 2019 district court decision in the case (which has since been appealed) found no evidence of explicit racial bias but did not rule out a small amount of implicit bias. Harvard has implemented more implicit bias training for its admissions staff in accordance with the court’s recommendations. In addition, Harvard’s admissions preference for children of alumni, employees, and donors has been criticized as favoring white and wealthy candidates.
Finn Michael Westby Caspersen Sr. (October 27, 1941 – September 7, 2009) was an American financier and philanthropist. A graduate of the Peddie School, Brown University and Harvard Law School, he was chairman and chief executive of Beneficial Corporation, one of the largest consumer finance companies in the United States. After an $8.6 billion acquisition of Beneficial by Household International in 1998, Caspersen ran Knickerbocker Management, a private financial firm overseeing the assets of trusts and foundations.
As a philanthropist, Caspersen donated tens of millions of dollars to the Peddie School, Brown, Harvard, and Drew University, while overseeing the Hodson Trust, which benefitted four institutions in Maryland. He described education as his “particular love” and regarded it as “an investment in the future—an investment in human capital.”