Berea University in rural Kentucky is one of the wealthiest colleges in America but it only accepts the poorest applicants. The dropout rate is negligible and its students go out into the world debt-free, unlike the majority of those who emerge every year from America's universities, proudly clutching a degree but burdened by massive debts.
Berea is lucky. It has a $1bn endowment which, wisely invested, produces enough income, topped up by fundraising, to teach 1,500 students. Some of Berea's students even leave with money in their pockets.
Alex Gibson graduated in philosophy this year with $17,000 to his name. Now he is off on a year-long world study tour, funded by a generous travel grant.
Although it ranks among the wealthiest colleges in the nation because of its trust fund, Berea is not one of America's elite colleges. Those are the crown jewels of the US education system and they are far wealthier than Berea.
Harvard's endowment is worth $35bn for example; Yale's $23bn; Stanford's $17bn and Princeton's $16bn -- amounts that make them among the world's richest universities. But there is a drumbeat of criticism about whether they are doing enough for the public good to deserve their tax-free status or just hoarding money for the benefit of an intellectual elite.
http://www.alternet.org/workplace/92827/free_college_for_poorest_students_puts_ivy_league_to_shame/
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