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The founder of a college startup more exclusive than Harvard or Stanford says traditional applications don't measure anything but wealth

College applications "expose" applicants' wealth "everywhere" says Ben Nelson, founder of Minerva Schools.

Minerva students in Berlin.

Minerva Schools, a college startup based in San Francisco, California, believes that the traditional model for college is failing students.

Based on application numbers for the Minerva Class of 2021, it seems that there may be tens of thousands of students that agree.

In just its fourth year accepting applications, the unconventional college received 20,427, admitting 385 students.

"Our application does not expose anything about the student that indicates their wealth," Nelson told Business Insider. "A traditional application that claims not to, exposes it everywhere," he continued.

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There is no prewritten college admissions essay, which Nelson said is "a wonderful measure of how well your college counselor worked with your mother." And extracurriculars that can in essence buy admission to prestigious schools — recruitment to the sailing team, water polo, or other typically pricey sports — are similarly ignored, Nelson said.

Instead, Minerva has its own set of assessments and essays that are done live on camera and recorded. This includes an oral and a written interview. "No college coach can help," Nelson said.

While Minerva is need blind, and offers full financial aid to those in need, its full-price

Classes also differ from those at a traditional college. For one thing, students don't stay in one place during their four-year education. They spend time in up to seven residence houses in .

There is a strong focus on critical thinking and communication skills in academic coursework. Students earn bachelor's degrees in Arts & Humanities, Computational Sciences, Natural Sciences, Social Sciences, and Business. There are also two graduate degrees that students can work toward, and still graduate in four years.

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Still, there are some unknown variables in what a Minerva degree will provide. Salary of recent graduates and job placement metrics, for example, are nonexistent. That's because the first cohort of Minerva students has yet to graduate.

But interest continues to grow for Minerva. Applications were up 26% from the previous year, perhaps indicating that prospective college students are interested in nontraditional post-secondary education.

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