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Free Tuition at Northwestern
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In 1866, Mac LeBuhn’s great-great-great-great uncle bought a perpetual scholarship to Northwestern for a hundred dollars. The perpetual scholarship meant that he and all of his descendants, who were accepted into Northwestern, could attend without paying a cent in tuition – worth over $134k over four years. The only thing they had to pay for was room and board, or approximately $10k.
Before you jump the gun and say that $100 was worth a lot back in 1866, if you were to adjust it to dollars today it would be approximately $1200… still a great great bargain! It was pretty forward looking on the part of his great-great-great-great uncle considering the price of tuition was a mere $45 back then… but since about ten people have taken advantage of the perpetual tuition. Smart guy!
Source: Sun Times (I read this on someone’s blog but I forgot who, sorry!)
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wow, awesome! any other university offering this now?
None offer perpetual scholarships but some do allow parents to buy tuition at the current price (when the kid is 1) for their children if they opt to go to the school.