We remorse to tell you that we’re unable to give you a spot in our incoming faculty class — however thanks for the money!

Aggressive universities throughout the nation are cashing in huge on college students who don’t make the lower, in accordance with an evaluation of admissions knowledge by student-loan agency LendEDU.

Most colleges require hefty utility charges and preserve the money whether or not or not an applicant will get in. All that scratch, particularly at colleges that shun tens of hundreds of youngsters per 12 months, has turned rejection letters right into a gold mine.

Topping the listing of rejection-revenue mills is UCLA, which pocketed a whopping $5.6 million from 79,000 rejected candidates who ponied up $70 every in 2016. The highly-selective faculty accepted 17,473 college students. The west coast faculty didn’t return a request for remark.

The exorbitant figures have consultants questioning why flush schools nonetheless accumulate such charges.

“Colleges with actually excessive endowments don’t want the cash,” stated Dr. Shirag Shemmassian, founding father of Shemmassian Educational Consulting. He added that the unique nature of some colleges could possibly be a purpose why schools are accumulating a lot in utility charges.

“It’s like a nightclub — the longer the road is, the more durable it’s to get in, the extra you wish to go,” he stated.

New York schools are additionally getting boatloads of money from college students getting the skinny envelopes.

Columbia, New York College, Fordham, Syracuse, SUNY Stony Brook and CUNY Hunter School all made greater than $1 million in rejection income in 2016, in accordance with LendEDU. Columbia and NYU had been neck and neck at about $2.9 million.

Universities stated charges are needed as a result of a whole lot of work is concerned in vetting hundreds of functions, cowl to cowl. Additionally they argued that many charges are waived.

A Fordham College spokesman disputed the group’s findings, saying that the school took in solely $552,000 in 2016.

And NYU spokesman John Beckman stated, “So far as I recall, the Publish fees $1.50 to purchase a duplicate of the newspaper no matter whether or not the purchaser reads each article. In contrast to the Publish, although, if somebody asks us to waive the appliance charge, we don’t cost them.”

At CUNY, a single utility can be utilized for as much as six schools, and 42,000 low-income excessive schoolers had the $65 charge waived, a spokesman stated.

LendEDU analyst Michael Brown stated the group got here up with their figures by subtracting the variety of admitted college students by the entire quantity of candidates, then multiplying the distinction by the appliance charge.

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