<p>A couple of schools (maybe more, I haven’t checked) are saying that if a student’s family has an income less than $40,000 for example, they don’t have to contribute money to their child’s education. What does this actually mean?<br>
Textbooks? Room/board?</p>
<p>Read what they say again. What some schools are promising is that they will eliminate loans for families with incomes less than $40k/year. However, there are several things that go into determining financial “need.” Your parents will have to fill out information re: their income, assets, family situation. Then the school determines how much your family should be able to contribute to your education for that year (EFC). The school sets a cost of attendance (COA) that includes tuition, room, board, and fees — schools may also add in books, travel expenses, etc., depending on their policies. The COA minus the EFC is the amount the school uses as a basis for awarding financial aid. Here is where the schools you are talking about are particularly appealing: they promise to award aid that will cover that difference between EFC & COA with only grants (and probably work study, too). So, if your family makes less than $40k/year and you have a demonstrated need … the school will meet your need with funds that do not have to be paid back.</p>
<p>These schools are generally the most selective schools.</p>
<p>Now that I think about it … there might be a couple that DO pay everything for students whose families make less than $40k/year. Again, double check the details.</p>
<p>Yes, they are called “Service Academies”</p>
<p>Some very top schools will cover all expenses including books without loans, Princeton and Brown and maybe Amherst now, for families that make under $50K and have no assets.</p>
<p>I think service academies are wonderful … but there IS a price to pay … it’s not like you can get your degree & shirk your responsibility to serve.</p>
<p>I’m just also wondering about how fair it is for students who don’t qualify for that type of cost elimination but still need to work afford to stay in school, etc.?</p>
<p>If your parents make $50K and have no home, you didn’t grow up with many advantages wealthier kids have. They are trying to level the playing field.</p>
<p>I do agree it’s really hard for people who make $80-100K and live in expensive places, most of their kids can’t choose a private college.</p>
<p>Kissmekate, it may seem unfair … but the schools are committed to giving an opportunity to kids who really need that help. I won’t rehash the reasoning, because others have explained it on other threads & have given better explanations than I could. Of course, the perceived fairness/unfairness has been the subject of much debate. In a nutshell, though, some schools feel that kids whose family income is below a certain number statistically are less likely to be able to attend their schools without this type of assistance. They want to help.</p>
<p>Please realize that kids who work hard & have to work to afford to stay in school at least feel that they CAN work hard & be able to afford to stay in school. There are many students who simply don’t go to school because it is just overwhelmingly out of reach. But I do understand how you feel … it sure isn’t easy, is it?</p>
<p>Don’t take me wrong, I’m definitely not against people getting the help they need.</p>
<p>It just seemed a little too good to be true while I’ve heard that some schools have a “self-help expectation”?</p>
<p>As far as I know, all schools that give need-based financial aid have a self help expectation. This includes the schools that give grants, no loans, to very low income students.</p>
<p>The students still are expected to work during the school year and/or the summer to help pay for their education.</p>
<p>And possibly the majority of college students – whether or not they get any need-based aid – work during the summer and possibly during the school year to help pay for their education. Students who don’t do this are at a disadvantage because companies that hire graduates want them to have had some kind of work experience. Even people whom I knew who were guaranteed jobs in their family businesses still either worked at that family business or elsewhere during some summers while they were in college.</p>
<p>I don’t know if textbooks come with the deal. They aren’t a part of tuition, you have to buy them independently. But maybe they have a textbook stipend or something for low income students.</p>
<p>One typically buys textbooks through your self help portion – loans or pay you get through work study and summer jobs.</p>