A journalist claims in his upcoming book that pupils at Harvard Business School used to play a cunning trick to buy luxury cars and get financial aid, when he was a university student.
Philip Delves Broughton writes in ‘Ahead of the Curve’ about his two years at the Ivy League university, telling that he was stunned to find a number of students driving BMWs, Porsches, Lexuses, Mini Coopers and Lincoln Navigators, while he only had a 2,000-dollar Toyota.
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| He was stunned to find a number of students driving luxury cars. |
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"Once you get accepted into HBS, you want to clear out your bank account so that you can get more financial aid. When you list your assets in the financial-aid application, you don't have to mention your car . . . You buy a car for 20,000 dollars, maybe you get an extra 20,000 dollars in financial aid, so basically HBS buys you a BMW. If you hadn't bought the car, you'd have to pay 20,000 dollars out of your savings," the New York Post quoted him recalling what a student once told him.
The author writes that he was jolted by "the idea of these 25-year-old Wall Street jerks fiddling with their financial aid forms, with the connivance of their parents and the local BMW dealerships." Representatives for the school were unavailable for comment.
Tags: luxury cars, bmw, porsche, lexus, toyota.
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