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Financial Aid at the Ivies

bkkbkk Registered User Posts: 41 Junior Member
This year several of the Ivies announced that families with income less than $60,000 (the exact number will vary with the college) will not have to pay tuition. My question is how much would the de-facto tuition be for a student whose family earns $70,000. Would he pay pro-rated or based on only the additional $10,000 similar to how Income Tax works? Seems unfair that if a student's family earns an income above the cutoff he or she will have to pay fulll tuition. Thanks for any replies in advance.
Post edited by bkk on

Replies to: Financial Aid at the Ivies

  • bandit_TXbandit_TX Registered User Posts: 2,373 Senior Member
    You won't pay full tuition and you won't pay the $10K either. There are a number of FA calculators on the web that you can run for your family situation. I like the one on the Princeton website.
  • sybbie719sybbie719 Super Moderator Posts: 22,193 Super Moderator
    This year several of the Ivies announced that families with income less than $60,000 (the exact number will vary with the college) will not have to pay tuition.

    None of the ivies make this claim. A minimum they state that there will be a reduced EFC for the parents. Princeton has a no loan policy which is the closest thing to free tuition but it also has a 9% admit rate which means it will reject 91% of its applicants.

    Most schools that give need based financial aid do not give out "full rides" because there is an expectation that the student is gong to be an active participant in the financing of his/her education. This means there will be a student contribution from summer earnings and self help once the student is on campus in the forms or work-study and/or subsidized loans.

    At Stanford:

    Does the new policy affect my student contribution or self-help expectation?

    A. No. Students are still expected to contribute from their prior-year earnings (50% of after-tax income, minimum $1,700 for freshmen, $2,100 for all others) and from their own assets (35% of the current total value). Students are also expected to cover a self-help (student loan and/or work-study job) expectation of $5,500 for 2006-07. Some students from lower-income families will have a lower self-help expectation.



    While Princeton has eliminated student loand, the student will still have a self help component in the form of a job and will still have an EFC where they will have to contribute from summer earnings.

    Under Princeton’s financial aid policy student loans are not included in the initial financial aid award. However, student loans are available to help cover expenses beyond the standard student budget, or to replace a shortfall in expected summer or term earnings for aid recipients. Non-aid students may also consider taking a loan to assume responsibility for a portion of their expenses. In addition, parents can borrow to help cover their share of Princeton’s costs.


    Keep in mind that there will be other miscellaneous cost associated with attending college. These include: travel, books, computers, etc. which are not covered by the school.


    Reinforcing its commitment to opportunity and excellence across the economic spectrum, Harvard today (March 30) announced a significant expansion of its 2004 financial aid initiative for low- and middle-income families. Beginning with the class admitted this week, parents in families with incomes of less than $60,000 will no longer be expected to contribute to the cost of their children attending Harvard. In addition, Harvard will reduce the contributions of families with incomes between $60,000 and $80,000.

    keep in mind that they too will reject approximately 91% of all of their applicants.

    They also state:

    You will also have non-billed (out-of-pocket)nexpenses for books, personal and travel expenses — costs which will vary depending on your own
    style and habits. For purposes of determining your eligibility for financial aid, we are using a combined book and personal expense allowance
    of $2,795.

    Student Contribution

    We normally expect that incoming students willnearn money for college expenses by working during the summer. We believe a reasonable goal for
    this summer in most cases is $1,500, or approximately $150 per week during the summer vacation period. (Summer expectations for upperclass
    students are higher due to a longer summer working period.)

    If you are not able to save enough from your summer earnings
    to meet part or all of the expectation, it may be possible for you to borrow an additional amount.

  • bkkbkk Registered User Posts: 41 Junior Member
    Thanks for the great responses.
This discussion has been closed.