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Michael Bloomberg: Why I’m Giving $1.8 Billion for College Financial Aid

posted Jan 18, 2019, 5:31 AM by ­김형민‎(응용화학부)‎
https://www.nytimes.com/2018/11/18/opinion/bloomberg-college-donation-financial-aid.html?module=inline

Here’s a simple idea I bet most Americans agree with: No qualified high school student should ever be barred entrance to a college based on his or her family’s bank account. Yet it happens all the time.
When colleges review applications, all but a few consider a student’s ability to pay. As a result, high-achieving applicants from low- and middle-income families are routinely denied seats that are saved for students whose families have deeper pockets. This hurts the son of a farmer in Nebraska as much as the daughter of a working mother in Detroit.
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College is a great leveler. Multiple studies have shown that students who attend selective colleges — no matter what their family’s background — have similar earnings after graduation. But too many qualified kids from low- and middle-income families are being shut out.
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As a country, we can tackle this challenge and open doors of opportunity to more students by taking three basic steps:
 First, we need to improve college advising so that more students from more diverse backgrounds apply to select colleges. Through a program called CollegePoint, my foundation has counseled nearly 50,000 low- and middle-income students about their options, and helped them navigate the financial aid process.
 Second, we need to persuade more colleges to increase their financial aid and accept more low- and middle-income students. Through the American Talent Initiative (which my foundation created several years ago), more than 100 state and private schools have together begun admitting and graduating more of these students.
 Third, we need more graduates to direct their alumni giving to financial aid. I’m increasing my personal commitment — the largest donation to a collegiate institution, I’m told. But it’s my hope that others will, too, whether the check is for $5, $50, $50,000 or more.

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