Interesting "formula" for Financial Aid

Linda_S
Tue, 06 Nov 2007 09:36:46 +0000

I was just reviewing the Naval Acadamy Foundation web site and found again the information about their prep program. They give the following for a basic formula for financial aid and state that it is

This method is substantially more favorable for the family than the Princeton formula provided by the Educational Testing Service.



The method is this: Adjusted gross income divided by 200,000 determines the percentage of assistance the family receives. So, this your AGI is $100,000 you would be eligible for 50% assistance. For siblings you get an additional $1000 or somthing small.

I thought it was interesting that they said it was “substantially more favorable” than the Princeton formula since at a quick pass for us it didn’t appear to be, especially with the lack of a real sibling consideration.

Anyway, I thought I would post it as maybe some could use it as a general guide when “guessing” what you might be eligible for.