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Author Topic: New Frosh Class at MU  (Read 37080 times)

ZiggysFryBoy

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Re: New Frosh Class at MU
« Reply #250 on: September 13, 2021, 02:55:38 PM »
Is it worth it to move up 6 spots? I'd invest for a top 75 degree but no less.

Whooooosh

tower912

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Re: New Frosh Class at MU
« Reply #251 on: September 13, 2021, 03:00:43 PM »
77.   Think about it 10 seconds longer.
Luke 6:45   ...A good man produces goodness from the good in his heart; an evil man produces evil out of his store of evil.   Each man speaks from his heart's abundance...

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Galway Eagle

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Re: New Frosh Class at MU
« Reply #252 on: September 13, 2021, 03:03:03 PM »
77.   Think about it 10 seconds longer.

Oh basketball stuff. Right. 🤗
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muwarrior69

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Re: New Frosh Class at MU
« Reply #253 on: September 13, 2021, 03:55:50 PM »

It's not 1969 any longer.

What does have to do with making a MU education affordable without any assistance? Sadly however, you are correct. My affordable MU BS back in '69 had more value than an unaffordable MU BS today.

Dr. Blackheart

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Re: New Frosh Class at MU
« Reply #254 on: September 13, 2021, 04:12:37 PM »
#83nation

Finished 83rd in KPom last season in hoops too.

Yet, while MU finished ninth in hardwood play, MU finished third academically in the Big East. In fact, one could say that MU is the Harvard of the Midwest as the highest USNWR rated BE school east of Philly.

The Sultan of Semantics

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Re: New Frosh Class at MU
« Reply #255 on: September 13, 2021, 04:26:55 PM »
What does have to do with making a MU education affordable without any assistance? Sadly however, you are correct. My affordable MU BS back in '69 had more value than an unaffordable MU BS today.

That is actually likely not the case.  The difference in career earnings between those with, and without, a college degree have been consistently growing for years.  Which is one of the reasons the costs of obtaining a degree continues to rise.  (Simple economics.)

But yeah costs have risen.  Part of that is due to the above, but also because costs have risen, some of which are likely not necessary, but some of it most definitely is.  (IT infrastructure for instance.)  And yeah a student COULD make it more affordable by going community college for two years than transferring to a four year public, but students don't really want to do that. 

And the final issue is that we have as a society move from higher education as a communal benefit to an individual one.  So financial aid grants are now loans, etc.
“True patriotism hates injustice in its own land more than anywhere else.” - Clarence Darrow

muwarrior69

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Re: New Frosh Class at MU
« Reply #256 on: September 14, 2021, 11:47:07 AM »
That is actually likely not the case.  The difference in career earnings between those with, and without, a college degree have been consistently growing for years.  Which is one of the reasons the costs of obtaining a degree continues to rise.  (Simple economics.)

But yeah costs have risen.  Part of that is due to the above, but also because costs have risen, some of which are likely not necessary, but some of it most definitely is.  (IT infrastructure for instance.)  And yeah a student COULD make it more affordable by going community college for two years than transferring to a four year public, but students don't really want to do that. 

And the final issue is that we have as a society move from higher education as a communal benefit to an individual one.  So financial aid grants are now loans, etc.

I'll concede that a college education has more value than someone without a college degree. I graduated in the middle of my class like most college students. I started my first job right out of school with no work experience earning 9K per year. That is equivalent to about 66-67K in today's dollars. How many graduates with a general degree in Biology will earn 66K right out of school today? That is the value I'm talking about.

dgies9156

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Re: New Frosh Class at MU
« Reply #257 on: September 14, 2021, 11:14:23 PM »
What does have to do with making a MU education affordable without any assistance? Sadly however, you are correct. My affordable MU BS back in '69 had more value than an unaffordable MU BS today.

Interesting point. I was graduated in 1978. The all-in cost of my education was $22,000. My salary out of Marquette was $10,500, because I had a Journalism degree. The ratio of total college costs to first year was 2.10x. It's the equivalent of a debt/income ratio and the lower the better. Keep in mind this is a private school tuition.

Assume today a first year, non-scientific salary is $42,000. Four years of Marquette, undiscounted, is about $220,000, making the college cost to first year salary ratio 5.24x. Nobody in their right mind would lend on those kind of ratios.

So here's the question: Let's assume an optimal debt/ first year income ratio is about 1.75x. The argument is you grow into the debt so you take a higher ratio earlier on and it shrinks over time. Back in the day, the $22,000 all-in cost of Marquette and a $10,500 salary meant you debt ceiling was about $18,500. The remaining $3,500 would come from jobs, scholarships, parents/relatives and grants. Doable.

Today, a salary range of $42,000 to $62,000 would yield a 1.75x debt ceiling of between $73,500 and $108,500. The result is equity contributions of between $111,500 and $146,500. For most middle class families, especially those with multiple children, this is just not possible. I get that Marquette is discounting to some degree. But when the cost of Marquette is stacked up against a Big Ten university, for example, you have to have a damn good reason for the small private college in Milwaukee because you're going to be in hoc to some bank for a long time to come.

Which is a big reason why private universities are in trouble. It's also a big reason why Marquette has as large a first-time college student base, which often is low and moderate income and qualifies for federal, state and private foundation grants. If the cost equation doesn't change, the cost of Marquette outweighs the tangible benefit of the university. Of course, Marquette has huge intangible benefits as well, but that's a really tough sell.
« Last Edit: September 14, 2021, 11:23:18 PM by dgies9156 »

Galway Eagle

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Re: New Frosh Class at MU
« Reply #258 on: September 14, 2021, 11:29:18 PM »
Interesting point. I was graduated in 1978. The all-in cost of my education was $22,000. My salary out of Marquette was $10,500, because I had a Journalism degree. The ratio of total college costs to first year was 2.10x. It's the equivalent of a debt/income ratio and the lower the better. Keep in mind this is a private school tuition.

Assume today a first year, non-scientific salary is $42,000. Four years of Marquette, undiscounted, is about $220,000, making the college cost to first year salary ratio 5.24x. Nobody in their right mind would lend on those kind of ratios.

So here's the question: Let's assume an optimal debt/ first year income ratio is about 1.75x. The argument is you grow into the debt so you take a higher ratio earlier on and it shrinks over time. Back in the day, the $22,000 all-in cost of Marquette and a $10,500 salary meant you debt ceiling was about $18,500. The remaining $3,500 would come from jobs, scholarships, parents/relatives and grants. Doable.

Today, a salary range of $42,000 to $62,000 would yield a 1.75x debt ceiling of between $73,500 and $108,500. The result is equity contributions of between $111,500 and $146,500. For most middle class families, especially those with multiple children, this is just not possible. I get that Marquette is discounting to some degree. But when the cost of Marquette is stacked up against a Big Ten university, for example, you have to have a damn good reason for the small private college in Milwaukee because you're going to be in hoc to some bank for a long time to come.

Which is a big reason why private universities are in trouble. It's also a big reason why Marquette has as large a first-time college student base, which often is low and moderate income and qualifies for federal, state and private foundation grants. If the cost equation doesn't change, the cost of Marquette outweighs the tangible benefit of the university. Of course, Marquette has huge intangible benefits as well, but that's a really tough sell.

+1000000000
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MU82

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Re: New Frosh Class at MU
« Reply #259 on: September 14, 2021, 11:45:43 PM »
Interesting point. I was graduated in 1978. The all-in cost of my education was $22,000. My salary out of Marquette was $10,500, because I had a Journalism degree. The ratio of total college costs to first year was 2.10x. It's the equivalent of a debt/income ratio and the lower the better. Keep in mind this is a private school tuition.

Assume today a first year, non-scientific salary is $42,000. Four years of Marquette, undiscounted, is about $220,000, making the college cost to first year salary ratio 5.24x. Nobody in their right mind would lend on those kind of ratios.

So here's the question: Let's assume an optimal debt/ first year income ratio is about 1.75x. The argument is you grow into the debt so you take a higher ratio earlier on and it shrinks over time. Back in the day, the $22,000 all-in cost of Marquette and a $10,500 salary meant you debt ceiling was about $18,500. The remaining $3,500 would come from jobs, scholarships, parents/relatives and grants. Doable.

Today, a salary range of $42,000 to $62,000 would yield a 1.75x debt ceiling of between $73,500 and $108,500. The result is equity contributions of between $111,500 and $146,500. For most middle class families, especially those with multiple children, this is just not possible. I get that Marquette is discounting to some degree. But when the cost of Marquette is stacked up against a Big Ten university, for example, you have to have a damn good reason for the small private college in Milwaukee because you're going to be in hoc to some bank for a long time to come.

Which is a big reason why private universities are in trouble. It's also a big reason why Marquette has as large a first-time college student base, which often is low and moderate income and qualifies for federal, state and private foundation grants. If the cost equation doesn't change, the cost of Marquette outweighs the tangible benefit of the university. Of course, Marquette has huge intangible benefits as well, but that's a really tough sell.

What percentage of Marquette students pay retail? What percentage pay 75% of retail? What percentage pay even 50%?

I don't know, maybe others do.
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dgies9156

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Re: New Frosh Class at MU
« Reply #260 on: September 15, 2021, 12:04:34 AM »
What percentage of Marquette students pay retail? What percentage pay 75% of retail? What percentage pay even 50%?

I don't know, maybe others do.

Brother MU:

You're missing the big issue -- opportunity cost.

How many prospective Marquette students are so turned off by the face value of the educational costs? There's no way of knowing but I have to believe the high acceptance rates are a function of the fact that the cost/tangible benefit of a Marquette education is off-putting. I reiterate my point that the focus on first-time and low-income college students may seem in line with Jesuit values but they also reflect a cold reality that too many of the parents in my generation of MU grads have looked elsewhere for their students in no small measure because of costs.

If you come from a low and moderate income family, Marquette's affordability is very different because you have grants, scholarships etc., available to you that may not as readily be available to middle-income and upper middle-income families.

Those sample ratios I noted are real.

For the record, my wife and I both are MU grads. Our children attended Southern Illinois University in Carbondale because SIU had a program that met their needs. Marquette didn't. We're a big time MU family and I made a promise to them both that if they wanted to go to MU, if MU had a program they wanted and they could do MU work, we'd find a way to pay for it.

TAMU, Knower of Ball

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Re: New Frosh Class at MU
« Reply #261 on: September 15, 2021, 12:44:41 AM »
How many prospective Marquette students are so turned off by the face value of the educational costs? There's no way of knowing but I have to believe the high acceptance rates are a function of the fact that the cost/tangible benefit of a Marquette education is off-putting.

A personal anecdote that speaks to this phenomenon. When I was searching for a grad school, my number 1 choice was the University of Florida. They had an excellent program for what I wanted to study, I wanted a different experience than what I got at Marquette, and while not an Ivy it's not like you need to explain a degree from UF. Unfortunately, out of state tuition was over $30K a year and the assistantship I was offered did not cover tuition. The program recruiting me told me that most of their GAs received a scholarship that would lower the cost of tuition to less than the stipend they would be paying me but they of course couldn't promise that I would get it. I ended up going to Grand Valley State because they offered me an assistantship that covered tuition, room and board, and a stipend, even though Grand Valley was a distant second for me. The sticker price was just too high to risk. I found out later that every person in what would have been my cohort at UF received the scholarship that they mentioned. C'est la vie.
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tower912

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Re: New Frosh Class at MU
« Reply #262 on: September 15, 2021, 05:23:32 AM »
But then you would have missed out on the dynamic social mecca that is Allendale.
Luke 6:45   ...A good man produces goodness from the good in his heart; an evil man produces evil out of his store of evil.   Each man speaks from his heart's abundance...

It is better to be fearless and cheerful than cheerless and fearful.

Pakuni

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Re: New Frosh Class at MU
« Reply #263 on: September 15, 2021, 07:47:01 AM »
I don't know if people still pay much attention to the US News rankings, but anyone who thinks they have any worth should listen to Malcolm Gladwell's two-part "Revisionist History" eviscerating US News,its methodology and the rankings' value.   

GOO

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Re: New Frosh Class at MU
« Reply #264 on: September 15, 2021, 08:05:50 AM »
A good student is likely to get between 10k and 15k of the sticker price just for applying to Marquette.  A great student between 15k and 22k just by applying. This is just what they’d be offered upon acceptance based upon GPA and/or test scores.  So it is harder to compare older numbers when the scholarships automatically offers are higher now than the past.  The sticker price has less meaning now.

I am concern about a trend where schools, and I assume Marquette, try to not offer as much scholarship money to students that they think they have a good chance of landing. Does this mean the fourth generation applicant with a sibling at MU or similar schools maybe gets offered a lot less attractive financial package?  What about the child of graduates? That way of honking could back fire easily on these schools unless they are incredible data.  Plus, it could start generational slides. I am only speculating for MU, but this is a trend in trying to target scholarships to get kids the schools might not Hager otherwise and to not offer as much to kids they think they will land anyway.   Makes sense I suppose.

Galway Eagle

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Re: New Frosh Class at MU
« Reply #265 on: September 15, 2021, 08:25:34 AM »
Has anyone had surveys from MU asking about salary, employment, etc? I have not and I feel that should be sent for them to better understand the immediate return on the value of their education.

My grad school reaches out to me asking about my salary, length of employment, if it's relevant to my studies, etc about every 6months. I feel like NUIG has a great barometer on how valuable their degree is to young adults vs American schools trying to bleed people dry.
Maigh Eo for Sam

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Re: New Frosh Class at MU
« Reply #266 on: September 15, 2021, 08:40:17 AM »
Marquette undoubtedly surveys its graduates about salary, etc.  Such assessments are required for its accreditation.

Another factor they use is their student loan default rate.  Which is 2% - which is excellent.  The national default rate is just under 10%, and about 6.7% for private, four-year institutions.  This means 98% of Marquette graduates have the resources and willingness to pay-off their student loans.

As for admissions, there is a grid of some sort that determines how much aid they will be offered.  Academic performance, financial need, etc. are all taken into consideration.  Where I work, they could fall into one of sixteen (?) boxes that correspond to various offer levels.
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Galway Eagle

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Re: New Frosh Class at MU
« Reply #267 on: September 15, 2021, 09:01:43 AM »
Marquette undoubtedly surveys its graduates about salary, etc.  Such assessments are required for its accreditation.

Another factor they use is their student loan default rate.  Which is 2% - which is excellent.  The national default rate is just under 10%, and about 6.7% for private, four-year institutions.  This means 98% of Marquette graduates have the resources and willingness to pay-off their student loans.

As for admissions, there is a grid of some sort that determines how much aid they will be offered.  Academic performance, financial need, etc. are all taken into consideration.  Where I work, they could fall into one of sixteen (?) boxes that correspond to various offer levels.

Could you elaborate more on this? It seems like you're saying that MU (and schools in general) are thinking "as long as you don't default we'll keep upping the price" as opposed to thinking "is the salary these people are getting for 200k (or if 15k/scholarship then 140k) actually giving them a livable salary for the next decade or more?"
Maigh Eo for Sam

muwarrior69

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Re: New Frosh Class at MU
« Reply #268 on: September 15, 2021, 09:35:00 AM »
Interesting point. I was graduated in 1978. The all-in cost of my education was $22,000. My salary out of Marquette was $10,500, because I had a Journalism degree. The ratio of total college costs to first year was 2.10x. It's the equivalent of a debt/income ratio and the lower the better. Keep in mind this is a private school tuition.

Assume today a first year, non-scientific salary is $42,000. Four years of Marquette, undiscounted, is about $220,000, making the college cost to first year salary ratio 5.24x. Nobody in their right mind would lend on those kind of ratios.

So here's the question: Let's assume an optimal debt/ first year income ratio is about 1.75x. The argument is you grow into the debt so you take a higher ratio earlier on and it shrinks over time. Back in the day, the $22,000 all-in cost of Marquette and a $10,500 salary meant you debt ceiling was about $18,500. The remaining $3,500 would come from jobs, scholarships, parents/relatives and grants. Doable.

Today, a salary range of $42,000 to $62,000 would yield a 1.75x debt ceiling of between $73,500 and $108,500. The result is equity contributions of between $111,500 and $146,500. For most middle class families, especially those with multiple children, this is just not possible. I get that Marquette is discounting to some degree. But when the cost of Marquette is stacked up against a Big Ten university, for example, you have to have a damn good reason for the small private college in Milwaukee because you're going to be in hoc to some bank for a long time to come.

Which is a big reason why private universities are in trouble. It's also a big reason why Marquette has as large a first-time college student base, which often is low and moderate income and qualifies for federal, state and private foundation grants. If the cost equation doesn't change, the cost of Marquette outweighs the tangible benefit of the university. Of course, Marquette has huge intangible benefits as well, but that's a really tough sell.

My total college costs back in'69 were 12K with no assistance. According to your calculation my debt/income ratio is 12000/9000 is 1.33. So even if a student today were to start a new job equivalent to my starting salary back in '69 their debt/income ratio 220000/67000 would be about 3.3. So to put in real terms a student today would have to graduate with a starting salary of 165K to equal my 1.33 income to debt ratio.
« Last Edit: September 15, 2021, 09:37:11 AM by muwarrior69 »

dgies9156

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Re: New Frosh Class at MU
« Reply #269 on: September 15, 2021, 09:39:24 AM »
A good student is likely to get between 10k and 15k of the sticker price just for applying to Marquette.  A great student between 15k and 22k just by applying. This is just what they’d be offered upon acceptance based upon GPA and/or test scores.  So it is harder to compare older numbers when the scholarships automatically offers are higher now than the past.  The sticker price has less meaning now.

I think you can still compare. Let's use the midpoint of your good student range -- $12,500. We'll use the range of $42,000 to $62,000 again for the expected first year salary. The discount takes an MU student's tuition from an estimated $220,000 to $170,000 across four years. On the low end, your tuition debt is 4.05x your first year salary. On the high end, it's 2.74x. The latter is better than the more than 5.0x but it is still way above college costs in the late 1970s and early 1980s as a percentage of reasonable first-year income.

To go a step further, to assume a 1.75x college debt to starting salary ratio is reasonable and assume four years is now $170,000, the starting salary necessary for a 1.75x cost/income ratio is almost $100,000 annually. Not sure there is a lot of Marquette students who start with that income.

In fact, ratios of 1.5x to 2.5x are often the debt/income ratios optimized in mortgage lending. Those loans are originated for terms of 30 years to manage payments. If you buy into what colleges, including Marquette, are doing, you're effectively assuming that either the student will prepay because their salaries skyrocket or the debt will be outstanding for much of the student's working life.

In a word -- YUCK!

The result is we have a college system that makes the type of assumptions made when I filled a FALFSA for my daughter a number of years ago. The result came up with such a ridiculous assumption about what I could afford that the only way I could have paid that amount would be to sleep under a bridge at night. It really was that bad.

Colleges have come to assume that parents have saved enormous amounts of money for college. Some, like my wife and I, did the best we could. Nonetheless, colleges have become like the medical profession insofar as they have different rack rates for different classes or groups of potential students. The goal is to optimize revenue by setting rates based on an ability of a third party to pay, rather than market or economic forces for the students colleges want.

jficke13

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Re: New Frosh Class at MU
« Reply #270 on: September 15, 2021, 09:55:51 AM »
Could you elaborate more on this? It seems like you're saying that MU (and schools in general) are thinking "as long as you don't default we'll keep upping the price" as opposed to thinking "is the salary these people are getting for 200k (or if 15k/scholarship then 140k) actually giving them a livable salary for the next decade or more?"

Not to split hairs, but a college taking the short view does not care one solitary whit whether the borrower defaults. (They ought to care, holistically and with a long-term view, that their students are successful because that is most likely to lead to a path of longterm success for the institution). The school has been paid. The school is not the lender. The *lender* should care whether the student defaults... but since most loans are backed by the feds the lenders don't really care either. The feds are gonna pay them out for any defaults anyway.

The net result of this scenario is there is no incentive, none, zero, zilch, for any piece of the admitting chain to either keep prices low or to deny students loans. Schools can let tuition skyrocket, take on cheap debt while interest rates are low, and build fancy new buildings. Student loan lenders can give tens of thousands of dollars to anyone with a pulse applying to anywhere that masquerades as an institute of higher education, and why wouldn't they? They're all making rational decisions for their own economic interests?

The Sultan of Semantics

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Re: New Frosh Class at MU
« Reply #271 on: September 15, 2021, 10:00:32 AM »
Could you elaborate more on this? It seems like you're saying that MU (and schools in general) are thinking "as long as you don't default we'll keep upping the price" as opposed to thinking "is the salary these people are getting for 200k (or if 15k/scholarship then 140k) actually giving them a livable salary for the next decade or more?"



No.  What I am saying is that a Marquette education provides the students with the compensation needed to pay back their student loans, and they do so at a higher rate than their peer institutions.  Therefore they received an education of value.
“True patriotism hates injustice in its own land more than anywhere else.” - Clarence Darrow

The Sultan of Semantics

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Re: New Frosh Class at MU
« Reply #272 on: September 15, 2021, 10:06:13 AM »
And I have said this before, but at its most simplistic level, an institution has two basic goals with respect to admissions.

How many students are enrolling? 

How much are these students paying out of pocket?

All financial modeling is built on those two basic questions first and foremost.  For instance, a school that has 1,500 students who pay $20,000 each, is earning more tuition revenue than a school that has 1,800 students who pay $16,000 each.  (Though it is earning less room and board.) 

So enrollment isn't the only determining factor here.
“True patriotism hates injustice in its own land more than anywhere else.” - Clarence Darrow

MU82

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Re: New Frosh Class at MU
« Reply #273 on: September 15, 2021, 10:19:48 AM »
My total college costs back in'69 were 12K with no assistance. According to your calculation my debt/income ratio is 12000/9000 is 1.33. So even if a student today were to start a new job equivalent to my starting salary back in '69 their debt/income ratio 220000/67000 would be about 3.3. So to put in real terms a student today would have to graduate with a starting salary of 165K to equal my 1.33 income to debt ratio.

Again, as others have said, most students accepted by Marquette aren't going to pay anywhere near $220K -- most will have "assistance," and a considerable amount. So while I know you need to fuel a narrative, please stop talking about $220K.

It's not 1969 anymore. The Vietnam War is over. A McDonald's burger isn't 15 cents. Gas isn't 29 cents a gallon. Minimum wage isn't $1.60. Your examples have no merit.

But yes, many college graduates do not make big bucks right out of school.
“It’s not how white men fight.” - Tucker Carlson

Galway Eagle

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Re: New Frosh Class at MU
« Reply #274 on: September 15, 2021, 10:22:47 AM »
Again, as others have said, most students accepted by Marquette aren't going to pay anywhere near $220K -- most will have "assistance," and a considerable amount. So while I know you need to fuel a narrative, please stop talking about $220K.

It's not 1969 anymore. The Vietnam War is over. A McDonald's burger isn't 15 cents. Gas isn't 29 cents a gallon. Minimum wage isn't $1.60. Your examples have no merit.

But yes, many college graduates do not make big bucks right out of school.

While you're right I think you're going after the wrong party here. FBM seems to be the one vaguely saying we get creative so 'these kids can afford it' without very much context. But this argument's been had before.
Maigh Eo for Sam

 

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