I am lucky and privileged to have gone to an elite US university thanks to need-based scholarships, but I the ROI seems meh given the costs that continue to rise. I previously donated ($ earmarked for the same aid I got, only) but now think there are many other better causes.
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Also, Antonio. Merit or meritocracy is... um... well, the term was originally created as a satirical term in the late 1950s to describe a nouveau class-based system in the U.K. that rationalized itself differently than the old aristocratic system, but was essentially the same.
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