Pomona's Monetary Fun(ds)

I have never really believed in the Claremont McKenna - Pomona rivalry. Yes, I know it's a good thing to have because it encourages school spirit and that in turn, gets students revved up about their college experience. Students who loved their college experience often give money back once they graduate. So as a fiscal point, I get it. Hatin' on Pomona = +$$$. (And I'm not even an Eco major - yet.)

But while we're on the topic of mullah, let's just notice one thing that the Sagehens have over us: they have the market cornered on the whole purchasing power thing. I'm sure ConfusedMinority will come on here and explain, but suffice it to say, it's a chunk of change. With an endowment that clocks in significantly higher than CMC's, the Sagehens are the big kid on the block and so it is with no surprise that they can boast a financial-diversity that bests us.

With the Stags remain stagnant on guaranteeing competitive aid packages access, Pomona has guaranteed a no-loan aid package for returning and incoming students. As I mentioned previously, this news is welcome news on one front, but is it necessarily a good idea?

Part of the reason why loans are a good thing is that they encourage students to go out there and make big bank. Fearful that they will be swept under the deck of the rising financial tide, most students decide that they will either sink or swim. They may not like I-banking or whatever right out of the gate, but the siren song of making money has encouraged many an entrepreneur.

Many students, indoctrinated by this "follow your dreams" bogus, will end up becoming art history majors. Sometimes you have to be practical if you want to make it in this world and its better to learn that lesson early when you have room to err than out in the real, wild world.

If Pomona really wanted to do a good deed by its students, it would no longer use home-equity to compute college costs. Many people who send their kids to college just happened to be fortunate enough to strike it rich when the housing market got hot. By assessing family homes in the calculus, colleges unnecessarily hurt the middle class who are house rich, but cash poor. Real reform ends the use of home equity to determine financial package.