College Transitions to Private Good, 1927 [...]

As John D. Rockefeller Jr. explained it in 1927, there was once a time when it made sense for society not to expect students to pay much for college: most of the students were going into the ministry, or into some other low-paying but society-benefiting career, so it behooved the nation to keep costs low by supplementing funds with endowments and gifts from men like Rockefeller himself. That had changed by the early 20th century, when more men (and a few women) were going to college, many of them in preparation for their future high-earning careers, or simply because it was becoming more normal. Why, the reasoning went, shouldn’t they pay more? (Source)

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