My son was one of the lucky ones who was accepted early to the Harvard Class of 2023. Now that the initial excitement has worn off, the reality of trying to figure out how to pay the tuition is setting in. My son handled his application but failed to mention to me that he needed to submit his financial aid information along with it on November 1st, so I have no idea what aid, if any, he can get. We have to submit our information now.
I filled out the FAFSA and apparently I can not only afford to send my son to school, I can pay for someone else's child. Just kidding, but it doesn't look like much need based aid is coming my way. My wife and I make good salaries, but we live in the Northeast in a high cost of living area with a big mortgage and high taxes. We also have 4 kids under 18, but unfortunately only 1 will be in school at a time, so that doesn't help us. I don't have $250k sitting in my bank account, so I'm going to have to find some money somewhere.
My wife heard that if you get into more than 1 highly competitive college, especially another Ivy League, it's possible to use that as a way to get additional aid from a school. Has anyone heard that before and is there any truth to that? My son is pretty burned out and would prefer not to have to submit more applications, but if it can help get some money from Harvard, he will have to do it.
Any suggestions or advice would be greatly appreciated.