Last summer I met a woman who decided, along with her husband, to sell their home so that her daughter could attend New York University. The family concluded that this enormous sacrifice was worth it so her daughter could major in theater at a school near Broadway.
I was stunned when I heard the woman confess to giving up the family home so they could afford to send their child to NYU. But I wasn't surprised that it would take something so extreme to pay the school's tab. The institution is not only one of the most expensive universities in the country, but also is among the stingiest when it comes to providing financial aid to its students.
That anecdote seems especially relevant given the report in The New York Times that revealed that NYU is quite generous to the very people who don't need a helping hand. They include John Sexton, the school's president, as well as some star faculty and administrators. The university has been giving these lucky folks sweetheart loans so that they can buy expensive vacation homes.