College Tuition Options

Posted On: 2007-01-30Length:

Listen to this podcast

This program is brought to you by Microsoft Dynamics. Easy-to-use business solutions for your financial, supply chain, and customer relationship management needs.

Here's another unconventional service up for bid on eBay. Well, unconventional, that's putting it lightly. You can actually bid on your child's college tuition. Yep. You heard it right. So, it's now we've reached this level at eBay, where you can actually bid on your child's college tuition. Could save you a few bucks, I would think. Dr. Bob Myers is the vice president at Oklahoma Wesleyan University. Bob, why did OW, Oklahoma Wesleyan University decide to offer tuition package for auction on eBay?

Well, we decided that we wanted to reach the broadest possible market that we could, and we realized that people today are all over the Internet and they are all over eBay, and we're a little bit tired of the elitist attitude that some higher educational institutions have about tuition prices. So we thought we'd have some fun.

So this is potentially, kind of ground-breaking in a sense that I can't, correct me if I'm wrong, I don't remember at any time where the actual market outside of a college actually set a price for tuition.

We think that we are the first university in the country to do it.

And what are you hoping to accomplish from this?

Well, we really wanted a couple of things. One, we do want to have some fun with people on eBay, and we realize a lot of people are out on eBay looking for things, but we wanted to give people a chance to actually bid on a college education. And it can be for a son a daughter, a relative a friend, and obtain that tuition, room and board at a price that we hope will be beyond what they would ordinarily have to pay.

Oh you mean less than what they would have to pay.

Yes, if they were to just come here directly.

So what are the bidding dates for this listing?

The bid starts on February the 4th and we'll run a seven day bid.

So, the 4th to the 11th. And will there be a reserve price?

There will be no reserve. Bidding starts at one penny.

Oh you're kidding.

No. So, we are really excited to see what happens.

And when is it good for?

It is good for next academic year. So the fall and spring of next academic year. This coming fall and spring.

So it's not something, you could, you can't bid and bank this for 20 years, for a child you haven't had yet.

Well, that would sure be a good investment. Unfortunately we can't do it with this one. So, yes, you're correct. This one is for next academic year.

And, what is the, what's the value of this package?

We estimate it to be about $23,000.

Whoa. And that's one year for tuition, room and board?

One year, tuition, room and board, and any fees that would be associated with taking courses and the admissions process.

Wow. Can anyone take this offer?

Anyone. Our current students are eligible. People who have already applied and haven't been accepted, people who haven't applied. A grandparent. A friend, relative, somebody who knows somebody who could use college next year, anybody is eligible.

Well now that brings me to my next question. What about academic eligibility, what if somebody bids on this package for their child, and their child isn't really college material. What happens in that case?

What happens is, you'll see if you go...