How prevalent is old money in colleges?

I'm in the middle of my college search and I keep hearing about 'old money' in certain universities. What does this mean, exactly? And can someone clue me in on which colleges are known for this 'old money' status?

The term "old money" typically refers to individuals or families who have maintained wealth for several generations, often with their fortunes rooted in longstanding industries or inherited wealth accumulated over many years. It contrasts with "new money," which typically refers to individuals or families that have recently acquired wealth, like tech entrepreneurs or other major players in fast-growing industries.

In the context of college environments, old money is often associated with a subset of colleges that have traditionally been attended by children from wealthy, established families. This may be due to the school's location, historical reputation, or longstanding traditions of legacy admissions. Socioeconomic diversity can vary greatly across colleges, and it's important to recognize that the presence of "old money" or wealthy students does not predominate the entire student body at these institutions.

Certain universities are often stereotypically associated with "old money." These institutions typically include some Ivy League universities like Harvard or Yale, as well as other elite schools such as Vanderbilt or Duke. Not coincidentally, these schools often possess significant endowments and have long histories.

However, remember that all educational institutions are made up of individuals coming from a wide array of backgrounds, and the overall student culture is not exclusively defined by a subset of wealthy students. Regardless of the privilege some students may possess, colleges typically endeavor to create an inclusive and diverse atmosphere where every student, regardless of socioeconomic background, can thrive.

Therefore, while college culture is something worth considering in your search process, it would be more beneficial to consider factors such as the university's academic programs, support systems, and the community when making your choice. Consider speaking with current students or alumni of the colleges you're interested in to gain a fuller understanding of their experiences. The presence of 'old money' shouldn't discourage you from applying to a school you're interested in, especially if you feel it aligns with your academic and career goals.