The XX Factor: What women really think.

Rich Kids Have Enough of a Leg Up Already

A guest post from Slate intern Emily Lowe: 

I have to disagree with you, Jessica, on the idea that college admission boards favoring rich kids is not a problem. There are already plenty of ways in which the children of deep-pocketed parents have a leg up on their less-privileged counterparts. Starting as early as pre-K, wealthy families have the option of sending their kids to swanky private schools, where the combination of stellar faculty, name recognition, and powerful alumni networks paves the way for admission to top-notch colleges. 

College students from wealthy families can also take unpaid internships in New York City and Washington, D.C., while their not-so-wealthy counterparts spend summers working jobs to cover living expenses that might not be so résumé-boosting. (I'll openly admit to being one of the former; I get to intern for the XX Factor this semester while many of my classmates must dedicate those out-of-class hours to paying gigs.) There's also the more extreme example of some parents buying internships for their kids, a phenomenon Slate's Tim Noah discussed here.

Jess, you ask in your post: "Is it worth going into serious financial jeopardy so you can have an Ivy League degree?" But the recession's impact isn't limited to the biggest and best private schools. It's hitting everyone, from the Ivies to the smallest liberal-arts colleges. That means students in need of financial aid will have trouble getting into any school where money is tight—and that's every school. Sure, it would be great for the next wave of coeds not to have huge student loans to pay back when they enter the workforce. But if the alternative is no college degree at all, a few thousand dollars' worth of debt doesn't sound so bad.

Colleges Give Rich Kids a Leg Up This Year

Though some have speculated that the recession might create more equality in the domestic sphere, apparently the recession means less of an even playing field when it comes to college admissions. According to the New York Times, in this time of plummeting endowments, colleges may be looking more favorably on students who can afford tuition without financial aid.

Colleges say they are not backing away from their desire to serve less affluent students; if anything, they say, taking more students who can afford to pay full price or close to it allows them to better afford those who cannot. But they say the inevitable result is that needier students will be shifted down to the less expensive and less prestigious institutions.

I wonder if this is such a terrible thing. Even without the recession, my generation is crippled with staggering debt, mostly from higher education. If there's no guaranteed reward of a moderately well-paying job at the other end, is it worth going into serious financial jeopardy so you can have an Ivy League degree?