<p>Hi,
My parents have a high income (~300k) but we live in a place of an extremely high cost of living. Thus, we are tight on money and aid is likely to be a factor in my choices next year. What is the chance that I get aid?</p>
<p>Very low, unless it’s merit. The financial aid system of America is messed up, and it doesn’t include things like COL.</p>
<p>That income level is EXTREMELY high - even in a high COL area, that is very good money. I don’t think there is anything “messed up” about a family making $300,000/year not receiving need based aid.</p>
<p>FA offices are not going to be sympathetic about your high cost of living. Your family could have chosen to live in a neighborhood without such a high cost of living. There are many choices made along the way and people making 300K have had ample opportunity to accumulate savings and use money from their income stream to cover college costs.</p>
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<p>Need based aid? Around 0% I would think with an income of $300k.</p>
<p>If your parents really can’t afford to pay for school with an income of $300k then concentrate on schools where your Stats are in the top of applicants in the hopes of qualifying for merit aid. You will not get need based aid.</p>
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<p>How much need based aid will you receive? Likely NONE. </p>
<p>If you are a junior, apply to places where you might receive aid based on your academic merit…but that are NOT need based as well.</p>
<p>And MOST IMPORTANT…you need to do this immediately. Sit down with your parents and discuss college and college finances. Find out how much they can and WILL contribute towards your college education each year. This information will help you make your college list.</p>
<p>Your parents taxes are going, in part, to subsidize the educations of others who do have need. If that’s any consolation.</p>
<p>You’re fortunate, since your family has options, and can no doubt find a way to fund your education, if they choose to.</p>
<p>Aren’t Stafford and PLUS loans aid? I’m pretty sure you’re eligible for them as long as you file a FAFSA! Also, the public colleges that your parents support through their tax dollars will give you a discount as an instate resident.</p>
<p>fyi the only other post from the OP was a ‘chance’ post on the harvard forum </p>
<p>Not sure how Harvard determines aid, but that might the ONLY Place who would consider ‘need’ for this student. </p>
<p>I really gotta believe, that even in high COL areas, you can find a way to squeak by on 300K. I sure would like to try!</p>
<p>I thought Harvard’s financial aid incentive was for incomes $250,000 or below. Even Harvard doesn’t think that $300,000 is low income. Plus 10% of $300,000 is $30,000 that this student would have to pay IF they fell under the Harvard financial aid policy. Oh…and this also says “with typical assets”. If the assets higher, than that would affect aid even at Harvard.</p>
<p>I thought Harvard’s financial aid incentive was for incomes $250,000 or below.</p>
<p>Dude ***. I should have applied just to see what my Fin aid would be. My income is less than $24Khaha.</p>
<p>^^ Oh no… I believe it’s under $60,000.</p>
<p>Hey, you and me are in the same financial boat, lol</p>
<p>Giftedgothic…students with family income under $60,000 pay NO tuition to Harvard. After that, students with incomes up to $250,000 pay 10% of their income for costs of attendance at Harvard.</p>
<p>Of course…this applies ONLY to the 9% of the applicants who are accepted to Harvard. If you don’t get accepted, then the financial aid the offer will do you no good at all.</p>
<p>Thumper, my bad. I never realized that. Thank you for correcting me.</p>