College: The Great American Fee-Factory, Part One
Foreword. Back in the 1980s, having had the fascinating experience of sitting on a financial-aid committee, I learned—to my surprise—that colleges no longer awarded endowed scholarships to exceptionally clever applicants; that instead they were offering something called “financial aid packages” to everyone, thus making it obvious to an inquiring mind that intellectual ability had little to do with college admissions. I also discovered that colleges operated in packs or cartels to fix their prices and restrict competition. The piece that follows was the result of my appalled fascination, and since I seem to have anticipated both the dereliction of academic standards...