When we tire from worrying about North Korea, Iran, fiscal cliffs and sequestering, we can sit back and luxuriate in the knowledge that our institutions of higher education are still doing their job of opening the door of opportunity to permit successive generations of students to achieve both educational and economic advancement. Regardless of the circumstances of their birth, or of the wealth of their families, talented and ambitious students rest secure in the knowledge that their efforts will be recognized and rewarded by top colleges and universities. Because of their enormous endowments, these institutions now more than ever have the capacity to be need-blind in the admissions process, meaning that students will be admitted without regard to their ability to pay.
Oops! Maybe it’s time to go back to thinking about nuclear weapons and cliffs. Several of the wealthiest campuses have recently announced that they are reducing their aid packages for needy students and are no longer offering need-blind admission.