I’m currently a junior at UChicago and my brother got in EA and wants to major in chemistry with a minor in biomolecular engineering. If he gets into Princeton, he’ll probably attend there. He’s indifferent between UPenn and UChicago. He also got into UT Austin with a full scholarship and would be happy to attend there if Princeton doesn’t work out.
My family has made ~400k +/- 20k for the past 16 years or so. I know that we wouldn’t get any financial aid under normal circumstances, but do we have a shot in hell of getting any aid since there might be 2 of us now attending expensive universities?
I’ve heard that HYP is pretty good with financial aid even for those whose families make good money. What would be the situation for each of UChicago, Upenn and Princeton?
Also, he wants to go into management consulting (like at Mckinsey), pre-med, or maybe be a chemical engineer. Which school would be the best for this type of placement?
In my opinion there is no chance of financial aid with that income.
Doubtful. Run the Net Price Calculators at the schools and see.
Usually making “good money” refers to something around $150k, not $400. Barring extraordinary circumstances, families with that kind of annual income are expected to fund college, even with multiple kids attending,through savings over the years and from current income.
Ask your parents to run the Net Price Calculator at several schools to see if there is any aid.
With “+/- 20k for the past 16 years or so” you’d think people earning 400k/yr could have put aside a little money to afford college w/o FA.
^^ The student never said they didn’t put money away, nor that they can’t afford college without financial aid.
OP, I would be very surprised if your family qualified for financial aid beyond loans, even with a couple kids in college.
No. If money is somehow a problem, he should go to UT Austin. Fantastic school, especially for STEM.
I’m just impressed with the full scholarship to UT! Is he a 40 Acres finalist?
McKinsey - Princeton or Penn (Wharton). Although I think they hire more MBAs.
Chem E - not UChicago, there is no engineering major there except a very new molecular major
Pre-med - good grades are important. I’d say UT Austin, honestly.
99% of Yale families in the 150-200k income range in 2014-15 had FA; I didn’t check the other schools. It’s unlikely, but if your savings are unusually low for your income it might be worth running an NPC, since there will be 2 students in college.
The family DID receive FA-at UTAustin. So to answer the question, you did.
Did your parents tell him they couldn’t afford it without aid? Or is this needless worrying on your part?
You may get nothing but you have a chance of something small each but it depends on the specifics which your family needs to determine. Run the calculator for each school. Make sure you have their most recent tax returns as there are specific questions. I ran Chicago since you attend. If your parents have less than 100,000 in assets you may get something but it depends on their deductions, adjustments and what they contribute to retirement.
Chicago also offers merit aid, you may want to suggest he approach them.
Sorry. If parents work hard and make a good living then they have to suffer and pay huge tuitions if their kids are hard working like them and get into good schools. Financial aid is to support kids whose parents didn’t or couldn’t do well. Merit scholarships to state schools are the only options for kids of upper middle class kids if their parents can’t or won’t pay huge cost of attendance to elite schools. Being a smart kid of a bum is the only sure way to get into top colleges rather easily and to do it for free. Upper middle class parents are just doomed to keep working hard and make sacrifices or make their kids sacrifice dreams of top colleges. Why do you think top colleges are so expensive for middle class and free for others, because you are funding their bills as well. Only other choice is to be born in real wealthy families where money is never an issue.
@twoinanddone Sounds like the aid at UT-Austin is merit, though.
worryHurry- easy solution. Quit your stressful job, give away your assets, and you too can benefit from need based aid.
Is UT known for giving a lot of merit like this? It seems unusual for a state school. Is he OOS for UT?
@twoinanddone the UT award was merit.
@choirsandstages No. But they give some to highly competitive applicants. I assume OP’s brother has super high stats given his acceptance/application list.
Yes, merit. Still part of FA as defined at most schools, part of the package. If you receive merit, you cut down on the need for other funds. Does it matter which office the money comes from or how it is labled?