Word: capped
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...Course-Cost Assistance Program (C-CAP) intends to provide a book stipend to financially disadvantaged students. The Undergraduate Council and Students Taking on Poverty Campaign began its crusade last spring, and their recent online petition may finally give the idea some widespread momentum...
...CAP hopes to plug this financial aid gap by doling out $125 to students with family incomes under $40,000 and $75 to those between $40,000 and $60,000. C-CAP’s heart is undoubtedly in the right place, but I am worried about its head...
...COOP. Excluding coursepacks and books needed immediately, shopping online probably could be used, at most, for three-fourths of the student’s purchases: $750 worth. Shopping online could save the student as much as a third off the COOP price, so the student saves $250. If C-CAP provides this same student with $250, it squashes much of the incentive for shopping outside of the COOP...
Unfortunately, C-CAP misunderstands the Harvard textbook market. The COOP has a local monopoly on Harvard textbook purchases, and lower-income students are perhaps the only group to spend significant book money outside the COOP. The COOP’s financial burden is greatest for those who buy books while pressured by time and stress—shopping online and catching up on the first week’s reading after their books arrive in the mail during weeks two or three. If lower-income students are suddenly given a bit of cash to buy books, trading sanity for savings...
...CAP would save some of its beneficiaries a little time and money, though not the full value amount printed on their checks. It would cost everyone else a little extra, both at the COOP counter and on the termbill increase that will pay for the C-CAP program. And it would make the COOP’s profits a little fatter. Or, the COOP would argue, make the COOP’s annual rebate recipients a little richer—but forgive me if I am not thrilled about getting 7 percent of my money back a year after...