$2 million for your kids to Harvard College admissions?

"Parents Sue Consultant After Sons Rejected by Harvard"

"“The Hong-Kong couple says they gave Mark Zimny more than $2 million under the assumption that he could assure their sons a ticket into Harvard; Zimny used to teach at the university before heading IvyAdmit Consulting LLC.”

When meeting the Chows in 2007, Zimney presented himself as a current Harvard professor with strong connections. They agreed to pay $4000 a month for tutoring through his company, for each of their sons."

URL: Parents Sue Consultant After Sons Rejected by Harvard (VIDEO)

Is it worth to attend Harvard University for $2 million on admission? These people don't realize that they can send their sons to Harvard backdoor for cheap, AKA Harvard Extension School. If it was me, I'll give $2 million to my kids for having their own business.

 

I thought we decided HES wasn't even as good as a Junior College in Guam...hardly a fair comparison. Do you want these kids washing dishes for the rest of their lives?

Seriously, people place way to much emphases on reputations that have no intrinsic value.

 

If they knew anything they would have known that the "Harvard Number" is likely around $5mil. Maybe even $10mil if your kid is not a high achiever.

If I was the kid I'd rather take the mil myself and go to a state school, but I'm not rich and status is not my number one goal in life.

Plus, this sounds like they are tying to bribe the school. Which if I am not mistaken is illegal.

 

No, no, no it not a bribe it an endowment or a charitable donation :tounge-in-cheek:

 

Harvard is a private university. As such, they can offer preferential admission to anyone they like, for any reason that they like. They can discriminate in favor of children of wealthy donors if they want to -- just as schools can discriminate in favor of students who are particularly good at football, or music, or who hold particular religious beliefs.

In theory, a private university could openly auction off admissions to the highest bidders. This might not be a good idea, as it would probably hurt the school's reputation, but it would be perfectly legal.

 

You about to start something. :tongue2:

 

When I first saw the article about the parents and $2 million, I thought, "I sure hope that the apple fell FAR from the tree if he expects to actually graduate from Harvard." What parents, what person could be that stupid? In addition, I wouldn't bring suit against the consultant, but take it as an expensive lesson. Whenever some future employer searches the Internet for the child's name, the suit will show up. As a potential employer, I'd wonder if the apple fell far from the tree, and hire someone else.

 

The prestige of sending a child to an Ivy in China is on another level than here in the states. A woman who's child was admitted the school in the late 90's wrote a book on how tog et your child into the school and has made a fortune. It is common to receive the book as a gift upon the birth of a child. It's a cultural thing and this doesn't surprise me at all.

 

One interesting point about private donations to schools is that the government is not involved. So this is truly a free market.

Based on the free market, it appears that a guaranteed Harvard College admissions slot has a perceived value of at least $2,000,000. I suspect there are a number of other colleges and universities where admissions slots would be valued in the 6-figure to 7-figure range. Oddly enough, though, all of those schools are non-profit.

Well, what about for-profits ? How much would you donate to (for example) University of Phoenix, Ashford, Kaplan, or DeVry in return for a guaranteed undergraduate admissions slot? What would guaranteed admissions at a for-profit school be worth on a free market basis ?

 

Since most for-profits are open admissions, probably not much.

 

In all fairness, that was $2 mil for two slots. Maybe it wasn't enough, to pay only half the bribe could be seen as an insult. Just a thought.

 

Ivy consultant....humm, now that's a nice paying job. I'm sure somewhere along the line those $4000 checks were given with understanding that the tutoring and consulting had "no guarantee" of admissions (let's hope).
As a middle aged America, I can reflectively say I agree with Tekman, and my kids -I promise- would rather open businesses than go to college...but I get it- I really do. Mom and Dad want the best for Jr. and I appreciate that. It's possible that the kids were really "that" bad, that they felt this "investment" was their last chance at directing their children into success. Perhaps Harvard is skilled at seeing through the primping.

 

As a chinese, find this thread quite interesting for me, currently i'm in singapore doing IT biz.
To be honest with u guys, that is truely what happened in china these years, also i think these will continue happening in the next 20 years.
these past 30 year especially past 10 years, because of the big market and the government adjustment, some people in china make a big fortune in china, they earned more than what their child can ever make for their whole life in a "job", well, then if people got enough money they will find some other thing to make him better like fame or better education for kids, so donation can make that happened, then they just do it. in my head, that is still something regular chinese people would think about in this period of time.

 

hah , what kinda biz? can share it here?

 

I'll let TEKMAN answer, but you're right, there is no guarantee that any kid's business is going to succeed. However, as evidenced by this article, neither is paying $2,000,000 to the IvyAdmit Consultants! The philosophy of the parent, is very different. In TEKMAN's scenario, you're investing in the child so HE can build his dream. In the Zimny family, you're investing in someone else to provide FOR your child. Obviously, I'm very American in my views, but I'm in the camp of rugged individualism.

Anyone know the attrition rate of Harvard College students? (EDIT: I looked, it's 98% http://colleges.usnews.rankingsandreviews.com/best-colleges/rankings/national-universities/freshmen-least-most-likely-return ) Those are good numbers.

 

Educational businesses, but more specifically distance educational businesses

 

As an Asian-American, I understand that education is really important in the Asian family. However, with that $2,000,000.00 for the admission price tag is outages. I did not receive education until at age 12. I graduated from high school, and only one in my entire family attended college. Well, I used the backdoor to college through the U.S Marine Corps. Even though I know a Doctorate does not help much for my career field, but I still keep that on my path because it is my personal enrichment and pride.

 

I think we would be kidding ourselves if we didn't think endowments and donations weren't already influencing admissions in some way, shape, or form. Not necessarily bidding for a seat, but how many schools would really reject a student whose parents are huge donors and donate $5 million to a school? Favoritism happens with big donors, sports, etc.

 

I don't even think a Harvard education is worth $2 million.

For $2 million, give the kids tuition at a cheaper state school in a high-paying field (perhaps medicine, engineering). Invest half of what's left in stocks, bonds. Invest the remaining left-over half in the kids starting a company. With good investments and a reasonably affordable standard of living, the kid would never have to work a day in their life.

What kind of job do the parents have? Sign me up!

 

I think this is typical in communist and socialist countries. What matters more than your merits and abilities are your political connections and affiliations.