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Vectorspace said:Why would accepting a student into grad school be a risk at all? Isn't university simply a business? Don't they want to get the money from that student?
Please explain the risk thing. I am very interested.
At the undergraduate level, bringing in more students can generate more revenue. However, you have to keep in mind that tuition only covers a part of the cost of educating students and a larger portion of the funding depends on government.* So it isn't a "simple" business and follows a more beureaucratic model.
At the graduate level things are different as well. As has been mentioned, the university will often fund graduate students - covering tuition and providing a modest living stipend. But what's more important to the people on admission committees is that the students they admit are productive and successful. They want graduate students who are going to produce papers and advance their projects rather that those who will become time and resource sinks.
*Note, my experience here is largely based on the Canadian system. In the US, I believe the ratio of government funding is somewhat different, but it's still there.