Amherst is going to a no-loans policy for financial aid. President Tony Marx, famous crusader for social justice, has decided that it is tragic that so many investment bankers graduate from Amherst with $10,000 in debt. How can they get through the financial screening process from those notorious NYC co-op boards? Think of their clothing bills!

Other than Princeton, I do not know of another school with the same policy. Does Williams have any other choice but to follow suit? If you were advising a high school senior with a choice between Williams and Amherst, would you argue that choosing Williams is worth the extra $14,000 in debt? I wouldn’t.

Those better informed should let us know more details. I think that the maximum debt for Williams students is now set at $14,000. Is that correct? I know that it was lowered a few years ago. What was Amherst’s set at before this move? How much money will the change in policy cost them? How much would a similar change cost Williams?

Tony Marx should have called Morty for advice. President Schapiro would have pointed out that financial aid is too confusing to applicants already. Why give them more choices? Why compete on price? We wouldn’t want the Little Three to turn into a nasty bazaar, would we?

My prediction stands. Within a few decades, an elite college education will be free for many/most students.

Thanks to a loyal Jeff reader for the news. More mocking to come.

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