Friday, Sep. 11 2009 @ 3:44PM
A while back, the University of Texas announced it would no longer be participating the National Merit Scholarship program, where brainiac students get $13,000 scholarships.
All the stories mentioned that UT said the program cost $4.4 million a year. We had a question about that and e-mailed UT; we never heard back and forgot about it until today. So we called, and eventually got to speak to Thomas Merecki, director of student financial students.
A warning: It was a devilish, F-producing combination of accounting and calculus classes in college that turned us into a largely numbers-free journalist. So our grasp of math, both in the abstract, theoretical sense and the balancing-a-checkbook sense, is tenuous at best.
But here's the question we had: How could this program cost $4.4 million freaking dollars a year?
There's that much bureaucracy involved?
Or, as we thought was more likely, UT is not counting its spending so much as it's counting the tuition money it's not getting from those students, right? It doesn't cost the college anything (or that much, really) to have another student in a class, it's just that the student isn't forking over tuition.
So it's not money going out of UT, it's just not money coming in, and that seems like an accounting trick to us.