What makes a “great university?”
When our daughter was applying to colleges, she visited a bunch of college campuses but ended up applying to only two. One was Washington University in St. Louis, which was only a few blocks from where she grew up. The other was Colorado State University in Ft Collins, which she saw on her big college campus tour. Since my wife worked at Washington U, our daughter could have attended WU tuition-free. And Wash U’s tuition benefit extended to any college or university at half of the Wash U tuition, which was equal to or exceeded the tuition at any state university. Friends of ours at the time said that surely, we would make her go to Wash U. When I asked why, they told me: “because Wash U is a great university.” Here’s the deal. When people talk about a “great university,” they’re usually referring to the research reputation of the university. And the top universities are research universities. Since research is always and everywhere a cost center, universities have to subsidize res...