Looks like my son's current #1 choice just got taken off the list. Apparently, we are supposed to afford more than my annual take home pay to pay for his college education each year! Somehow, I just don't see a very great return on that investment when other schools with merit scholarships can get him to the same place.
He's disappointed but then I suspect that his current #2 was going to end up as his #1 since he always liked it best. He just got hung up on academic reputations (and they really aren't that far apart on that level).
I did start wondering who does attend these extremely expensive ($50,000+) schools because I don't see anyone who has managed their money well going into debt when a comparable education could be obtained at a lower price. I'm beginning to think that if a study was done, there would be an inverse bell curve representing the household incomes of the students in the college. Anyone know if there has been such a study on the effect of the elimination of merit scholarships in favor of financial need only on the relative family "wealth" of the student populations at these schools?