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Cost to Buy Your Kid's Way Into The Best Universities

Discussion in 'TUG Lounge' started by CalGalTraveler, Mar 12, 2019 at 4:26 PM.

  1. bluehende

    bluehende TUG Review Crew: Veteran TUG Member

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    I think it is interesting that if you give money to the school it is ok. Give it to an individual and it is a crime. You just have to be careful where you place your bribe.
     
  2. WVBaker

    WVBaker TUG Member

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    In the words of the late George and Ira Gershwin

    You say eether and I say eyether,
    You say neether and I say nyther;
    Eether, eyether, neether, nyther,

    You like potato and I like potahto,
    You like tomato and I like tomahto;
    Potato, potahto, tomato, tomahto!

    :rolleyes:
     
  3. CalGalTraveler

    CalGalTraveler TUG Member

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    The plot thickens. You just can't make this stuff up! LoL

    https://www.dailymail.co.uk/news/ar...ials-yacht-college-bribery-scandal-broke.html

    Lori Loughlin's daughter was aboard a yacht owned by the USC Board of Trustees Chairman when the college bribery scandal broke - and has now returned home to face possible expulsion
    • Olivia Jade was enjoying spring break on a yacht owned by Rick Caruso, chairman of USC's Board of Trustees, when news of her mom's indictment broke
    • Caruso told TMZ Olivia got off the boat and has gone home to Los Angeles
    • Olivia's future at USC is uncertain as officials review the applications of each student implicated in the alleged college admissions bribery scheme
    • Lori Loughlin surrendered to federal authorities in Los Angeles on Wednesday
    • She and her husband Mossimo Giannulli are accused of bribing college officials and coaches with $500,000 to get their daughters into USC
    • Prosecutors say they lied and said the girls both rowed crew to get them in as recruits for the rowing team
    • They face five years behind bars if convicted of felony conspiracy to commit mail fraud
    upload_2019-3-14_7-58-32.png
     
    Last edited: Mar 14, 2019 at 10:58 AM
  4. am1

    am1 TUG Member

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    I am sure they were in on it as well. Probably happy about it. No sympathy for them in that regards.
     
  5. bogey21

    bogey21 TUG Member

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    What I don't understand is the obsessiveness in wanting to get into "elite" Universities. I attended 9 (that's not a misprint) Universities before I finally graduated. None were in the elite category (I graduated from Southern Illinois University) and trust me, I did very well in the business world without connections or a fancy diploma...

    George
     
  6. PigsDad

    PigsDad TUG Member

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    That is great it worked out for you, but if you do any amount of research you will find that graduating from an elite school does translate into higher income, both in starting salaries and overall career, compared to a degree from the average college.

    Kurt
     
  7. CalGalTraveler

    CalGalTraveler TUG Member

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    There is an element of competitiveness, camaraderie, and rigor that you don't find at the other schools. It's a bit like the bond for those who go through seal training or boot camp together - a right of passage. Once you are in, you become part of an elite "club."

    The Elite culture operates by the rule, "It's not what you know, it's who you know." Their alumni groups have networking down to perfection and make it easy for people to connect. The schools benefit from alumni donations so it is a virtuous cycle.

    While this "club" culture has always played big on the East Coast in traditional business. This is becoming less important to younger millennials and has been less important on the West Coast.

    There are also certain industries where you need a degree from a certain universities to succeed. Examples include venture capital and Wall Street investment banking.
     
    Last edited: Mar 14, 2019 at 12:53 PM
  8. Steve Fatula

    Steve Fatula TUG Member

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    I love it, couldn't say it any better. Just imagine the quality kids who actually wanted to go there and did not get in due to the slots being filled. Maybe some of the sports teams will get in trouble with the NCAA.

    I must say, it's sadly not surprising at all.
     
    VacationForever likes this.
  9. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    These kids all knew. Someone sitting next to them during SATs to help them with the answers? C'mon!
     
    Last edited: Mar 14, 2019 at 1:02 PM
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  10. Steve Fatula

    Steve Fatula TUG Member

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    Of course they knew. It's possible there is one who may not have known (obviously not your example), doubt it though. And these are the same people often quoted in media telling us how we should do this or that, think this or that, great example guys. Money does what money does. It's a big lure. More often than not, it's a problem. We see this over and over in Hollywood, in Sports, Politics, etc. And if it isn't the person themselves, someone else robs them of it (advisors, money managers, etc.).
     
    VacationForever likes this.
  11. CalGalTraveler

    CalGalTraveler TUG Member

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    In some cases there was more to be gained than just an education. For Lori Loughlin's daughter, it is reported that she was following the Kardashian business model and was benefiting from advertising sponsorships via her social media account.

    Her USC dorm room was outfitted by a retailer and she showcased it on social media - profiting from the USC relationship. She wouldn't be the first entrepreneur to make money in her dorm room. Michael Dell famously started his mail order computer business out of his dorm room at UT. The difference is that she is profiting from the USC brand - a brand association she did not earn.

    Now I understand why some people refer to USC as "University of Spoiled Children."
     
    Last edited: Mar 14, 2019 at 1:26 PM
    Patri and Steve Fatula like this.
  12. klpca

    klpca TUG Review Crew: Veteran TUG Member

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    In the article that I read one of the moms was recorded on the phone saying that her son didn't know and she wanted to keep it that way. (It's the woman who owns KFMB in San Diego). I'm sure that some of these kids didn't know. I'm sure that others did know. It's all very messy. Life is much easier if you keep your nose clean, that's for sure.
     
  13. 1Kflyerguy

    1Kflyerguy TUG Review Crew: Rookie TUG Member

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    Wow, this story just keeps getting worse and worse..
     
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  14. 1Kflyerguy

    1Kflyerguy TUG Review Crew: Rookie TUG Member

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    I will add that at least here in Silicon Valley, some of the big name tech companies, Google, Facebook, etc. get so many job applicants that having an big name university on your resume and help you stand out. When a company gets 5000 applications for a position, they really need ways to screen and filter applicants.
     
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  15. geist1223

    geist1223 Guest

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    I remember many years ago when my son did a 3 day visit at USC they were pretty open about saying if you wanted to live and work in California you got a huge leg up by graduating from USC.
     
  16. T-Dot-Traveller

    T-Dot-Traveller TUG Member

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    Remember the 1990’s joke - God invented cocaine in order to tell people they had too much money-

    SAME THING
     
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  17. T-Dot-Traveller

    T-Dot-Traveller TUG Member

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    Going forward - they may have to find a "filter 'system that does not revolve around entitlement SCAMS .

    Bad for their image as a company .
     
    Last edited: Mar 14, 2019 at 7:40 PM
  18. Luanne

    Luanne TUG Review Crew: Veteran TUG Member

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    And then there are those who can get the jobs based on ability. My son in law, without a college degree, got a very good job at Google.
     
  19. davidvel

    davidvel TUG Member

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    I always thought USC let anyone in, so long as you agreed to pay the exorbitant tuition. Never needed particularly high grades/SAT. The old joke was University of Spoiled Children. I guess that part hasn't changed. :D
     
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  20. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    When we looked for universities for my son, we had zero interest with USC simply because of the reputation of it being for spoilt rich brats. That impression has not changed for us through the years. This scandal just reinforces it.

    No offence to TUGers who attended USC. :)
     
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  21. lovetotravel77

    lovetotravel77 Guest

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    We don't have to look further than Mark Riddell, Harvard grad, tennis player, who took the SAT tests for these rich brats.:mad: What a joke! Was it pure greed or was Ridell not able to earn a good living with his "Harvard" degree? Our family was never about the "bumper" sticker. Proud to say our older son graduated from a very highly rated state school and has had a very successful career; he is 31, lives and works in NYC, and probably is in the top 75% of people his age for earnings. MOST IMPORTANTLY he is not a rich overindulged kid who didn't work hard for anything.
     
  22. Talent312

    Talent312 Tug Review Crew: Rookie TUG Member

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    With their parents facing prison and soon drummed out of college w/o a degree, Loughlin's kids may find that their silly, rich brat act isn't working anymore. They may have to earn their keep by getting an actual job waiting tables at the local deli. But more likely, they'll just get married and retire.
    .
     
  23. 1Kflyerguy

    1Kflyerguy TUG Review Crew: Rookie TUG Member

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    I did not mean to imply that the only way to get hired at Google or any tech company is to have an Elite degree, its just one screening method. I am sure there was something on your son's resume that caught the recruiters attention.. Then after the conversation gets started your son did a good job selling his skills and capabilities.

    Personally, i dropped out of junior college to go to work for a start-up. When that business failed I moved up to bigger and better funded start-up. Eventually I moved up to a large software company. Twenty years later I am still here. I did finally finish my bachelors and get an MBA from University of Phoenix, which is certainly not an elite school.....
     
  24. bogey21

    bogey21 TUG Member

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    I can't argue with your stats as I don't know. It seems logical to me that a degree from an elite school will give one an advantage when first starting out. But I wonder how valuable it is as one moves through his/her career. What I do know is that when I hired people for high level positions I didn't give a rat's ass where they got their degree. All I wanted to know is how they performed during their work career. For example one of the best hires I ever made was for a high level Marketing position. The guy I hired had only a HS diploma and 3 years as a factory worker at Granite City Steel before working his way up in sales. No college degree at all but he had performed at every stop along the way...

    George
     
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  25. Brett

    Brett Guest

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    there are many smart and talented people that succeed despite not having a college degree. Like you I can think of some personal examples and when I hired people I evaluated work performance but I also looked at the applicant's college on their resume (for outside new hires). Sure it may not matter much but there are differences. An extreme example may be between say, someone with an engineering degree from Phoenix Online (ECPI) vs someone with an engineering degree from MIT or Stanford
     

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