How this tiny private college maintains a nearly $500 million endowment without charging tuition
But unlike other private liberal arts colleges with large endowments, C of O, as it's often called, has accumulated its endowment all while offering four-year degrees to students tuition-free.
US News & World Report calls C of O a selective school; it accepts just 8.3% of applicants and has small class sizes with a 15:1 student teacher ratio. A total of 1,433 students attend the school.
While the school's policies state that 90% of the class must show financial need to be accepted, C of O spends about $18,100 per student every year, where a typical top 20 school spends in the $40,000-to-$80,000 range.
The college keeps costs down by employing students around campus. C of O students must work 15 hours a week as teaching assistants, grounds keepers, and farm workers. That work covers the full cost of tuition for students, who can choose to work additional hours to pay off the cost of their room and board. Students cannot earn additional wages from their campus jobs.
On the schools' farm, for example, students cultivate produce and raise farm animals to sustain their cafeteria. When there's a surplus, the students sell items at a farmers market to the surrounding community.
Students must maintain their campus jobs in addition to staying on top of their school work to remain enrolled at the college.
Dubbed "Work Hard U," C of O seems to have sense of pride in its somewhat gritty style of subsisting."If I were an employer, I'd take our graduates over those at most any other schools,"Jerry C. Davis, C of O's president, told the Wall Street Journal in 2014. "The kids at these East Coast colleges strike me as being a little spoiled," he continued.
Undoubtedly, C of O must work hard to maintain its endowment as well as its tuition-free model. It's one of only seven tuition-free work colleges in the US. Berea College, another work-based institution, also spends its money wisely. The liberal arts college located in Kentucky has a $1 billion endowment.
Student loan debt constitutes the second-largest source of consumer debt in America, and total debt hit an all-time high of $1.3 trillion in January 2015. Many, like outspoken entrepreneur and billionaire Mark Cuban, warn of a student loan bubble - and say it's going to pop.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market