The Elite Education Arms Race: How the Wealthy Are Spending Top Dollar to Get Their Kids into Top Colleges
The Stakes Are Higher Than Ever
As college acceptance rates plummet to all-time lows, families are willing to spare no expense to get their children into the nation’s top schools. With the sticker price of private colleges nearing six figures a year, some students are opting for more affordable alternatives, while others are investing heavily in tutors, college counselors, and test prep to gain a competitive edge.
The Rise of the “Ivy Plus”
Universities in the so-called “Ivy Plus” – including the eight private colleges that comprise the Ivy League, plus the University of Chicago, Duke, Massachusetts Institute of Technology, and Stanford – are experiencing a record-breaking increase in applications. To get into this elite group of schools, many families are seeking outside help to give their children an advantage.
The High Cost of College Counseling
Families are spending upwards of $100,000 on counseling services, with some shelling out as much as $800,000 over several years. At the top end, students receive “SEAL-team” level tutoring, with personalized support throughout their high school careers. With prices reaching $1,600 an hour, these services are only accessible to the wealthiest families.
The Business of College Counseling
The college counseling industry is booming, driven by concerns about college’s return on investment. In 2024, total revenue reached $3 billion, with many companies offering premium services to high-income families. However, this creates an uneven playing field, where those who can afford outside help have a significant advantage over their peers.
The Imperfect Meritocracy
While higher education is often touted as a meritocracy, the reality is that children from wealthy families have a significant advantage when it comes to getting into top colleges. Even with comparable SAT or ACT scores, students from affluent families are more than twice as likely to attend an “Ivy Plus” college as those from middle-class families.
The Benefits of Attending an Elite College
While attending an Ivy League college may not have a significant impact on earnings, it does offer other advantages, such as increased chances of attending an elite graduate school, working at a prestigious firm, and reaching the top 1% of the earnings distribution. Elite colleges serve as gateways to the upper echelons of society, perpetuating privilege and limiting social mobility.
The Unspoken Truth
Despite the clear advantages of outside help, many parents are reluctant to admit that their children received private tutoring or counseling. This creates a culture of secrecy, where only those who can afford these services are willing to acknowledge the role they play in securing coveted college spots.
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