Financial Aid - Parental Contribution if Income <$40,000?

mit_hopefulgirl · 02-25-2005, 10:02 PM

Will MIT move towards the step Harvard is taking and not require any parental contribution if a student's family income is <$40,000 a year?

How generous is MIT's financial aid at present? Thanks!

tokenadult · 02-25-2005, 10:26 PM

I'm curious about the answer to this question too.

*barkowitz* · 02-26-2005, 07:30 PM

Unlike Harvard, we do not have a stated "cut-off" point where students receive 100% financial aid, but rather we look at each case individually. I will tell you, though, that the majority of families earning less than $40,000 will receive full packages at MIT and Harvard and probably almost any place they would want to go. The contribution level expected from a family with less than $40,000 in earnings and no sizable assets would, by definition, be small. But I would be careful about using standard "cut-offs" since there are very many factors that go into our consideration.

You may want to review my blog at http://blogs.mit.edu/barkowitz -- specifically the sections on how your EFC is determined, to get a sense of how we work it through.

h88 · 02-26-2005, 07:56 PM

Thanks for the informative post, Mr. Barkowitz, and welcome!

*barkowitz* · 02-26-2005, 07:57 PM

Thanks! Nice to be here (even though I copied Ben's idea...).

tokenadult · 02-26-2005, 09:53 PM

MIT is smart. Now the financial aid people are making their role at MIT more transparent. This is making MIT more and more appealing to me as a parent of a math-avid boy (possibly high school class of 2010, unless he skips a grade).

mit_hopefulgirl · 02-27-2005, 05:00 AM

Thanks Mr Barkowitz! Are internationals are given equal priority for finaid as US citizens/PRs?

*barkowitz* · 02-27-2005, 06:38 AM

Absolutely! Internationals are considered at the same level of priority. We complete a full analysis of contribution and need for international students and provide a full complement of financial aid programs.

plushenko · 02-27-2005, 07:52 AM

But why does MIT have quotas, if not for financial aid.. ?

h88 · 02-27-2005, 08:00 AM

Because they cannot support more than 100 students, and they don't let a student's financial situation get through the admission process, so they select the best 100 out of a pool of about 2500. Supporting more will be a huge burden on MIT, and that's why the cap is on 100 currently.

*barkowitz* · 02-27-2005, 08:02 AM

I can't comment on quotas, since we don't have any in the financial aid process. If you are admitted and you are eligible, we aid you. Period. End of story.

Maybe Ben can advise on the admissions process for internationals and whether there are quotas there, but that is not my area of expertise.

Swetko · 03-02-2005, 04:20 PM

What does it mean that the deadline for financial aid documents is march 1.
Do we had to send them by March 1 or they were supposed to have arrived by March 1. I sent mine on February 28 by DHL (i suppose thwy will arrive on March 2,or 3). Is it OK or am I late, am what does it mean if I am late.

*barkowitz* · 03-02-2005, 07:14 PM

Don't sweat being late Swetko! The March 1 date is simply a priority deadline. You can still apply after March 1 and we will consider you for aid, but you may not have your answer from us by April 1 (in time to make an informed decision for attendance).

The issue is that we need some time to review your application files, so anyone who completes after March 1 will be reviewed in the order in which they are received, so if you complete much after March 1 you may run the risk of only getting your award after the May 1 Candidates Reply date.

timrades · 03-02-2005, 10:01 PM

I found out while filling out financial aid info than my mom made $3500 last year...

and yes i did say 35 Hundred dollars... Does this demonstrate significant financial need?

*barkowitz* · 03-02-2005, 10:15 PM

Oh yes, timrades! I would like to know something about your mom's nontaxable income. But we should take that conversation offline.