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<p>Again, this may be true for the very top 4 or 5 with endowments which could sustain your model, but that is not the case for most top 20 schools that currently don’t offer much aid to upper middle class families. </p>
<p>We have all seen the reports that indicate more and more families are choosing the economical option over prestige. There is no doubt that the relative sacrifice of the, say, 70th percentile family is much greater today than it was 20 years ago. This hasn’t affected enrollment yet because the increasing population means there are more 70th percentilers willing to replace those who forgo the expensive option. Demographic projections show this trend will not continue indefinitely. Sure it can go on for a while still at elite schools that are willing to increase their proportion of internationals, but even that strategy couldn’t be sustained indefinitely as it would lead to a vicious cycle of diminishing prestige.</p>