<p>Harvard recently followed in the footsteps of a few other Ivy league schools when it adopted reduced tuition programs for those with incomes of under ~$180k. Basically, tuition would only be around 10% for the range of families earning $120k-180k, which is a very reasonable price compared to Hopkins' estimated $52k per year amount (for those who do not qualify for need based aid under the Hopkins system). I've heard that other schools, such as UPenn and Duke, plan to follow suit with similar programs of their own. </p>
<p>My question is, is there any chance that JHU will offer such a program in the near future? I've already been admitted ED to BME, but seeing the enormous difference in tuition costs is a bit daunting since JHU doesn't offer anything similar at the moment.</p>
<p>I was very excited when I got accepted to the prestigious BME program at Hopkins, since I’ve wanted to study at JHU ever since I was in middle school. Seeing my estimated financial aid package was quite a shock, however…not one cent in need-based scholarships (my parents only make about 100k per year after taxes, not exactly what you’d call super-rich) led to a tuition/room and board total of some $53,000 per year. Since JHU only gives out about 25 merit-based scholarships a year to non-Baltimore residents, I feel that my chances of getting one of these immensely competitive scholarships is quite small. So…right now I’m feeling a bit of regret at being bound to such a large tuition sum (over 200k over 4 years of undergrad study) when it seems that many other elite colleges (Duke, UPenn, Tufts, Amherst, not to mention HYP…see article here: [Link](<a href=“http://money.cnn.com/2007/12/26/pf/college/harvard/index.htm?postversion=2007122613]Link[/url]”>http://money.cnn.com/2007/12/26/pf/college/harvard/index.htm?postversion=2007122613)</a>) are offering programs to significantly reduce the tuition load for middle-class students entering college. </p>
<p>Any information on programs that Hopkins might adopt in this area would be more than greatly appreciated… :)</p>
<p>tanman above explained [via AdmissionsDaniel] what the current situation is at JHU.
However, if you filled up the CSS/Profile correctly, you should at least received some student loans in the package. Also, work-study is available.
Did you try to talk to your assigned fin aid counselor? Did you filled in the “special circumstances” section in the Profile?</p>
<p>While an income of 100K might seem high in certain parts of the country, living expenses could be also higher, leaving a small amount of disposable money for college costs. From my info, the fin aid packages are awarded based upon your family’s capability to pay in “long term”, not on an annual basis. JHU, as probably other colleges, expects your family to borrow money [if needed to cover your EFC] to cover annual costs and have monthly loan payments that are affordable for the term of the loan.</p>
<p>In other words, if your EFC is 30K, and you don’t have these money, you’ll have to borrow [many types of loans, including PLUS, or HELOC]. If you borrow using a PLUS loan with a term of 10 years, that will result in monthly payments of around $350. Or, in annual terms, about $4,200.
But, if you’ll need to borrow the same amount each of the 4 years, these monthly payments will add up and could easily reach over $1,000/month in the senior year and for the remainder of the loan term [or at least another 6 years, in the case of the PLUS loan taken in the first year].
That’s where this “model” based upon long term capability of paying comes short, IMO at least.</p>
<p>Now, from the comment about the current situation with the fin aid Director at JHU, I understand that there is hope! A revision of their implementation of financial aid, should be in students’ favor [can’t imagine otherwise having this current trend at other colleges]. At the same time, JHU is not even close in funding to Harvard or the other major Ivies. And as such, I’m pretty sure they have to keep some sort of a balance in easing these costs for some families, and at the same time not to impact negatively their enrollment and education quality.</p>
<p>In the same boat with NJ_Mother on this. S accepted ED. There is a bit of “buyers remorse” due to the rapidly evolving FA landscape. “What if ?..” </p>
<p>JHU was and remains S’s #1 choice, and is an excellent fit. However, a basic premise of applying ED to Hopkins was that there would be little or no need-based FA at any college. Now seeing that other top schools that S could realistically have been admitted to might offer significant FA for a family in our financial circumstances, that premise seems to not be true, it really “takes the bloom of the rose”. Unless JHU changes its FA policies, I’m looking at paying a lot more in after tax income for college expenses than if all options had been kept open. </p>
<p>All that can be done is to hope JHU makes some changes in FA policy, and that great fit and quality of education will off-set extra costs. This is another case where you really can’t predict the consequenses of decisions in advance, and then you just deal with it and hope for the best. “No good deed goes unpunished”. </p>
<p>I don’t regret one bit that my S will be attending Hopklins; in fact I’m thrilled by it. But I do regret that I’m most likely going to be paying more for the privilege than would have been the case at some other top colleges S could have well been admitted to. </p>
<p>Any other parents out there besides me and NJ_Mother having a little heartburn? AdmissionsDaniel, please pass my whining along as appropriate!</p>
<p>Sorry but I have nothing to add besides what I wrote on the Hopkins Forums. I very rarely comment about financial aid issues because:</p>
<p>(1) I work in Admissions, not Financial Aid.
(2) I understand what a delicate issue it can be.
(3) I do not want my personal opinions being taken as the policies of Hopkins.</p>
<p>28.9 Harvard
18.0 Yale
14.1 Stanford
13.0 Princeton
8.4 MIT
5.9 Columbia
5.3 Penn
5.1 Northwestern
4.9 Emory
4.9 Chicago
4.7 WUSTL
4.5 Duke
4.4 Notre Dame
4.3 Cornell
4.0 Rice
3.1 Dartmouth
3.1 USC
2.9 Vanderbilt 2.4 JHU
2.2 Brown</p>
<p>JHU is arguably an “overachiever”; its academic reputation is much stronger than might be expected, given its relatively low endowment. This is a noteworthy accomplishment, but realistically it means that JHU may not be able to match some of the financial steps taken by wealthier counterparts.</p>
<p>[q]
Quote:
JHU is not even close in funding to Harvard or the other major Ivies.
JHU competes favorably with the Ivies and other top private universities in terms of academic reputation. But this doesn’t necessarily mean that JHU is competitive in terms of finances. Compare 2006 endowments (in billions of $) as per NACUBO for JHU vs. other top private universities:</p>
<p>28.9 Harvard
18.0 Yale
14.1 Stanford
13.0 Princeton
8.4 MIT
5.9 Columbia
5.3 Penn
5.1 Northwestern
4.9 Emory
4.9 Chicago
4.7 WUSTL
4.5 Duke
4.4 Notre Dame
4.3 Cornell
4.0 Rice
3.1 Dartmouth
3.1 USC
2.9 Vanderbilt
2.4 JHU
2.2 Brown[/q]</p>
<p>Thanks for posting the statistics, Corbett. I understand that JHU might not be able to compete financially with some of the other schools on the list, but I am not necessarily looking for a sudden 50+% drop in tuition (a la Harvard’s new program). I’m simply looking for ways to minimize the financial load on my parents in any way possible, since neither of them are particularly wealthy and have things like retirement savings to worry about.</p>
<p>You should look at endowment vs student enrollment though. JHU is small compared to a lot of the other schools on that list.</p>
<p>BTW, this parent is thrilled that D is going to JHU. we’re just trying to get our heads around the best way to amortize the education without leaving D and us with onerous loans. Some loans, OK. Just not another mortgage.</p>
<p>Bargain with the financial office. Take a competing school’s financial offer and try to bargain with them.</p>
<p>My family makes well in excess of 100k+ after taxes too but I pay like $36K total a year. I received the Bloomberg scholarship, need based scholarship.</p>
<p>I’ve already gotten my parents to call the financial aid office, but the response was basically what I expected-they couldn’t really do anything more than they’ve already done (so basically no need-based money at all). I’m not sure that I can actually take a competing school’s offer to them, since I am an ED candidate and am bound to go no matter how much financial aid (need/merit) I get. I do have an offer from Case Western Reserve for their Trustee’s scholarship, which is a pretty amazing $27,500 per year. However, I had to withdraw my offer from Case as well as all of my other choices due to ED. </p>
<p>I’m wondering how Case can have enough funding to give me that much scholarship money while I get absolutely nothing in need based money from JHU.</p>
<p>BTW Phead, did you have to talk to the finaid office to get the need based money you got? I don’t think that my parents’ income is way out of the league for need based aid, since the total cost of 1 year at JHU is MORE than 50% of their annual after-tax income. And it’s not like we’re living in a mansion (our house is pretty modest) or driving around in an S-Class Mercedes. My parents have been pretty stressed out lately (which I really am sad to see) because after mortgage payments, car payments, retirement savings, etc, there really isn’t much left at all, especially with a year of my college education taking away more than half of their usable income.</p>
<p>Exactly. I thought one shouldnt apply ED unless you can afford. Besides, you could have used financial calculator to estimate how much you qualify at JHU.</p>
<p>My family is able to pay the $52k per year cost, but it would place us in a very tough situation financially. When I applied ED, I expected to get at least something, since my family makes less than Phead128’s and even he was able to get 10k+ in need based scholarships.</p>
<p>If it really turns out I can’t get any aid, that is ok. I’m still very happy to study BME at Hopkins. I was just trying my best to see what I could do about the financial situation.</p>
<p>What I see from reading CC is that some people equate ED with the ability of paying high admission fees and tuition. Is that the meaning of ED?
From our preparations for applying to colleges what we’ve learned is that ED is supposed to be a way for students who are really interested in a certain college, to apply early and get a reply early. That in theory has some advantages. But it seems to come also with a premium. </p>
<p>After receiving our FA package, we are in the category that will have to make big sacrifices in order to help our child through college. For some, ED doesn’t matter as related to cost. Good for them! But I wonder how many are in our position, where they feel that ED and FA are not what they should be?</p>
<p>If ED is about getting the best students in a certain college, than I don’t think that should come to paying more than the RD students. However, from many comments on this forum, that’s the impression that we get. Tell me I’m wrong, and tell me why ED should even exist!</p>
<p>Perhaps your family does not have any debt. I heard that some schools (per their institutional need based calculator) look at your monthly debt payment as well. Absence of any debt will make them think that your family can go for a loan to cover your tution. Unfortunately, years of fiscal responsibility can come back to haunt when it comes to qualifying for need based aid. My family is in the same boat and has very similar family income. So, I did not apply to any binding ED schools.</p>
<p>I guess I take ED for what it is: a MUCH higher chance to get into your dream school at a price of (1) not being able to change your mind about the school (it has to be your dream school); (2) being ready to pay. So it is commitment from BOTH a student and his parents.
For us money is an issue. So DD didn’t apply ED. Now her chance at JHU is somewhat lower, the year overall is MUCH more stressful. The price of not being ready to pay 50+ K. Plus, if it is a consolation, you saved at least a thousand on college application fees.</p>
<p>I didn’t look into the history of this ED concept, but I guess there’s a reason why some major schools dropped this system. All I can say is that if a student, a good one, commits to a school ED and is accepted, it should also be reflected in some sort of a mutual benefit. </p>
<p>The system itself creates a smaller pool of applicants [based upon this unofficial argument of “the applicants can afford more”, which of course is not mentioned anywhere in the process], that’s why maybe, the acceptance rate is higher. But, as I’ve seen in the current cycle, when there are more applicants, even this argument doesn’t hold: the ED acceptance rates dropped at most major schools. So, you don’t really pay for having better chances to be admitted. And if you take this argument out, what’s left?</p>
<p>Regarding the savings in application costs… depends on what state you live in. In mine, the state schools have an application deadline of Nov.1st [same with ED], or Nov.15. So, we didn’t save anything in this respect since you need to have a backup plan.</p>