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You are here: Home / Lifestyle / Rich Kids, Big Payoffs, Life Lessons

Rich Kids, Big Payoffs, Life Lessons

May 31, 2012 by D. A. Wolf 9 Comments

There’s no way I could ignore this news item on son of Sean (Diddy) Combs, who was reportedly awarded a full ride to UCLA, to the tune of $54,000/year.

Justin Combs earned his merit scholarship, just like any other kid. Shouldn’t we reward those who work hard for what their brains and / or sweat have accomplished?

But does it make sense for the son of a man who’s reportedly worth half a billion dollars to be given 54k/year, when limited funds are available, and that money could go to a student who might otherwise be unable to attend?

Then again, merit scholarships are a matter of merit, right? Aren’t they designed to be need blind?

So if we believe that kids who work hard should reap the rewards, should Justin Combs say thank you but… I will decline the money? Or should he take what he’s earned, regardless of his family’s financial status?

How to Afford College Tuition?

This subject? It hits close to home. I have two sons in college, both on merit scholarships. They also carry loans, and one has worked two part-time jobs along with a full academic load. Even with all that, there are thousands of dollars that are left uncovered. I’ve kicked in as well, and relative to my income, frankly, it’s been a significant contribution.

As a long-time single parent, like many, I’ve been subject to the whims of an incomprehensible family court system, a disproportionate financial burden when it comes to the cost of raising children, worsened by a bumpy economy. Whatever once would have gone to college has long since been used just to get by.

I’m hardly alone in this situation. There are millions of us, aren’t there? Single parents or otherwise?

Our bottom line?

The college countdown was painful enough; the wait to hear about aid packages – for me – even more so. Without the scholarships my sons receive (for which I’m endlessly grateful), they wouldn’t be attending the fine universities they’re both enjoying. And may I add – they’re busting their young butts, in order to maintain the grades required to keep their necessary academic standing.

Rich Kids, Donor Dollars

As a society, we have good reason to be concerned about the lessons we’re teaching our children. We give too much, we say yes too easily; divorce complicates things immeasurably.

So should we not reward a rich kid for the very sort of rigor and responsibility we’d like to encourage in our sons and daughters? Still, if there is no need for a monetary award, should a wealthy family accept it? What lesson does that teach – relative to others who are less fortunate?

I can’t help but think back to the many weeks not long ago when I was immersed in data gathering and documenting for the purpose of completing FAFSA and CSS. These are essential financial reporting tools for those of us who apply for college aid. The amount of detail included can be considerable, and the time (and cost) required, likewise.

But I have no problem with this. If anything, I am reassured that serious people are taking their responsibilities seriously, and the awards of grants and loans are appropriately scrutinized.

As for scholarships awarded from limited pools to which alums (among others) donate?

As an alum of two prestigious institutions myself, I am incensed to think that my hard-earned dollars would ever be given to someone who could so clearly afford to pay.

College and Life Lessons

Perhaps there is already a mechanism in place for this sort of situation. Perhaps it’s simply a matter of saying “thanks, but no thanks,” accepting the distinction and declining the funds. Perhaps a polite “decline” is already in process.

And I find myself wondering about my own donated dollars.

I’d be interested to hear from those who work at universities, and also, other parents.

  • If Justin Combs accepts these funds, what lessons should our kids take from it? And what about us?
  • What would your perspective be if you were the parent of a UCLA student who was accepted, but couldn’t afford to attend?
  • How would you feel if you were an alum, and thought your $50 or for that matter, $500 each year were going to a very rich kid?

I welcome your thoughts.



© D. A. Wolf

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Filed Under: Lifestyle, Morning Musing, Other Stuff, Parenting Tagged With: big questions, cost of raising children, daily plate of crazy, education, financing college, Parenting, parenting college students, Single Parenting

Comments

  1. PollyAnna says

    May 31, 2012 at 12:42 pm

    Thinking about paying for college for my daughter gives me a headache, and it’s still nine years away.

    Being PollyAnna, of course I want to put a positive spin on the rich-kid-scholarship dilemma. Here it is:

    Hard working rich kids with celebrity fathers are likely to become rich adults who donate generously to the alumni fund.

    As a matter of fact, it wouldn’t surprise me if Sean Combs, in his own publicity (or, more optimistically, out of his conscience) tactic chose to make a donation greater than that of his son’s tuition. He can certainly afford to do so, and the goodwill he would generate by doing so could be substantial.

    Ultimately, the alumni fund may come out AHEAD because of this particular scholarship.

    I believe that merit scholarships are merit scholarships, financial hardship scholarships are financial hardship scholarships, and the two are unrelated. If the best and brightest happen to be rich, well, it is what it is. UCLA wants the best and brightest, and it looks like this kid earned it, rich celebrity father or not. I think he deserves the chance to make his own name, not riding on his father’s coattails, and wish him well. It’s not his fault his dad is rich (ha!), and it speaks well of him that he didn’t rely on his father’s wealth to get him through life, and has shown initiative and drive….hopefully he goes on to make the world a better place.

    I put myself through undergraduate by working – my parents couldn’t or wouldn’t help me much at all. Working up to sixty hours a week, it took me seven years to graduate. (When I went to grad school I had enough to support myself without working, and was SHOCKED at how easy it was by comparison, and how spectacular my grades were.) I feel your pain.

    Reply
  2. Wolf Pascoe says

    May 31, 2012 at 2:29 pm

    I googled Sean Combs’ donations and noticed his support for the following list. I don’t know much about the guy, but it does seem he believes in giving back:

    Breast Cancer Research Foundation
    Children’s Hope Foundation
    Hip-Hop Summit Action Network
    i.am scholarship Fund
    Jackie Robinson Foundation
    ONE Campaign
    Tony Hawk Foundation
    Usher’s New Look Foundation

    Reply
    • BigLittleWolf says

      May 31, 2012 at 2:49 pm

      Good information, Wolf.

      Still, as I’ve continued to think about this throughout the day, recalling the 25+ years of donating to my undergrad institution, I would be livid if I thought those dollars were going to someone in that income bracket. Period.

      Reply
  3. Kate says

    May 31, 2012 at 5:53 pm

    I think merit scholarships should be need blind. But someone who can (easily) afford to pay tuition should not apply for scholarships. The honors will come with hard work, whether or not you get a scholarship.

    I just don’t think you should take what you don’t need. But perhaps that’s why I will never be rich.

    Reply
  4. The educator says

    June 1, 2012 at 12:59 am

    The real issue is the students needing scholarships and financial aid in a country where the cost of education is outrageous and where there is no equal opportunity access to quality upper education. Some students of lesser economic means may be accepted at reputable colleges and qualify for financial aid, but many will not. Conversely, if your dad is an alum who makes major contributions to your Ivy League of choice, there is a good chance that you will be admitted regardless of performance. You may even become a president later! So when Americans decide, like the Germans and the French, to pay sufficient taxes to create a publicly funded university system where admission for ALL is truly based on merit, those issues disappear. Yearly university costs for rich or poor French students set by the Ministry of Education for year 2010-2011, were 174 € for undergarduate degrees, 237 € for masters and 359 € for doctorate degrees. In Germany, costs vary per state. All students currently pay administrative fees of 50 à 75€ per semester. Their tuitions range from zero in Bavaria to 500€ in Baden Wurttenburg. It’s time for America to rediscover the concept of equal opportunity.
    The Educator

    Reply
    • BigLittleWolf says

      June 1, 2012 at 1:20 am

      Educator – Stop by more often. Please!

      Wonderful perspective. Bigger picture, but with detail we can sink our teeth into. Thank you for reading and commenting.

      Reply
  5. labergerebasque says

    June 1, 2012 at 10:13 am

    I would hope his father would have enough scruples to decline the merit scholarship…just as I would hope that bankers would decline their bonuses after the recent bailouts.
    A REAL man knows when to step up and be one.

    Reply
    • BigLittleWolf says

      June 1, 2012 at 12:43 pm

      I happen to agree with you, LaBergère. But, I guess we’ll see…

      Reply
  6. Gale @ Ten Dollar Thoughts says

    June 6, 2012 at 2:28 pm

    I agree with you and the others here who have suggested that declining the scholarship is the appropriate choice. Both parties (the school and the Combses) come out smelling like roses – the school for being truly need blind, and the Combses for being gracious and generous.

    As for the larger implications of this issue, I wouldn’t even know where to begin. We finally watched “Waiting for Superman” a couple of weeks ago and I was amazed at the beuracracy and red tape in the primary and secondary public school system. I can’t imagine the university infrastructure is much better…

    Reply

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