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I don't know about Harvard (EDIT: now I do, it's the same), but Yale's policy on this is that they do not expect students to take loans, and that the university

I don't know about Harvard (EDIT: now I do, it's the same), but Yale's policy on this is that they do not expect students to take loans, and that the university will provide 100% of the demonstrated financial aid need for an admit. https://admissions.yale.edu/affordability-details https://admissions.yale.edu/affordability-details

bombcar 4y ago
Yep, things like this is why I would counsel students to either aim very high or affordable. The middle-ground is where you can get eaten alive.
- vineyardmike 4y ago
  +1, I attended a relatively endowment-rich private “top school” (not Harvard) and every other student I knew said “it was by far the cheapest school i was accepted to!” Everyone I knew from high school that attended private schools, or “good schools” out of state paid out the nose (or their family did). I grew up in a relatively affluent area, so most people didn’t get much aid. My family could afford to pay for my schooling too, but I had one of the lowest bill of anyone, excluding some in-state public schools, because private schools with big endowments heavily subsidize almost all students that aren’t rich foreigners, 1%er kids, GI bill/someone-else-pays attendants. TLDR: Schools know who can write a blank check, and they set the sticker price based on those students. Everyone else is subsidized.
mcguire 4y ago
How much weight is the word "demonstrated" carrying?
- bombcar 4y ago
  Usually the hard part is the "expected FAFSA parent contribution". If you have children that may consider college, spending some time now to structure things can help (the FAFSA ignores some assets and counts others): https://www2.montgomeryschoolsmd.org/siteassets/schools/high-schools/r-w/sherwoodhs/uploadedfiles/student20aid20secrets20minimize20the20impact20of20assets.pdf https://www2.montgomeryschoolsmd.org/siteassets/schools/high... So it can be strangely worthwhile to sell all your non-retirement investments and buy the biggest house you can find.
  - NovemberWhiskey 4y ago
    For Yale: https://admissions.yale.edu/affordability-details https://admissions.yale.edu/affordability-details So for example: for incomes in the $65-100k range, the median net cost is $5,701 with 99% receiving aid.
chrisBob 4y ago
Princeton does the same thing. Ivy League schools are cheeper than state schools for some students. I think this is the correct route. I don't see anything wrong with wealthy families paying a high sticker price as long as admissions is mostly need-blind, and students with less resources get a break.

bombcar 4y ago

Yep, things like this is why I would counsel students to either aim very high or affordable. The middle-ground is where you can get eaten alive.

vineyardmike 4y ago
+1, I attended a relatively endowment-rich private “top school” (not Harvard) and every other student I knew said “it was by far the cheapest school i was accepted to!” Everyone I knew from high school that attended private schools, or “good schools” out of state paid out the nose (or their family did). I grew up in a relatively affluent area, so most people didn’t get much aid. My family could afford to pay for my schooling too, but I had one of the lowest bill of anyone, excluding some in-state public schools, because private schools with big endowments heavily subsidize almost all students that aren’t rich foreigners, 1%er kids, GI bill/someone-else-pays attendants. TLDR: Schools know who can write a blank check, and they set the sticker price based on those students. Everyone else is subsidized.

mcguire 4y ago

How much weight is the word "demonstrated" carrying?

bombcar 4y ago
Usually the hard part is the "expected FAFSA parent contribution". If you have children that may consider college, spending some time now to structure things can help (the FAFSA ignores some assets and counts others): https://www2.montgomeryschoolsmd.org/siteassets/schools/high-schools/r-w/sherwoodhs/uploadedfiles/student20aid20secrets20minimize20the20impact20of20assets.pdf https://www2.montgomeryschoolsmd.org/siteassets/schools/high... So it can be strangely worthwhile to sell all your non-retirement investments and buy the biggest house you can find.
- NovemberWhiskey 4y ago
  For Yale: https://admissions.yale.edu/affordability-details https://admissions.yale.edu/affordability-details So for example: for incomes in the $65-100k range, the median net cost is $5,701 with 99% receiving aid.

chrisBob 4y ago

Princeton does the same thing. Ivy League schools are cheeper than state schools for some students. I think this is the correct route. I don't see anything wrong with wealthy families paying a high sticker price as long as admissions is mostly need-blind, and students with less resources get a break.