<p>My daughter is a Junior at a public school in Florida. She scored a 2240 on the SAT; she is in the running for a National Merit Scholar based on her PSAT score; she has scored 5's on her APUSH, AP Art History and AP Bio exams; she is currently taking AP Chem, AP ENG COMPO; AP Latin Vergil; AP Calc AB; and AP US History. She has been on the Cross-Country team for three years and is currently the Captain. She is a member of the math and latin clubs. She has a 4.0 unweighted GPA and I think a 4.5+ unweighted GPA. </p>
<p>My question is, given her scores and stats, how much money, if any, should she hope to expect to receive in scholarships to defray the current, unaffordable amount associated with attending Yale?</p>
<p>She will get absolutely no money “given her scores and stats”. Yale (as do all the Ivy’s) only gives financial aid based on demonstrated need. You can go to Yale’s financial aid website and put in your current income/assets/family demographics to get an estimate of aid you might receive. For those with financial need Yale is considered amongst the most generous in the nation. For top tier stats and no financial need, you can certainly find a lower tier school that will offer your daughter a merit scholarship.</p>
<p>Right.
The ivies don’t offer and aid incentives for merit nor sport. So need only.</p>
<p>Yale is generous - though several families I know were offerred nicer fin aid from both H and P. One family got 9x more from P than Y offerred. Another family pays 2x more at Y than what it would have been because of what H offerred their student. The first student took P over Y because of the $. The other student is at Y instead of H…regardless of the $ issues.</p>
<p>For fin aid apps, you will need to do both FAFSA and PROFILE. Yale uses a document service–and you will be required to send copies of all tax documents, all SEP/IRA etc tax statements etc. If you own a business or are self employed you will be required to submit business forms/taxes as well. Be advised that although the IRS allows certain deductions–Yale will add them back in as “available income”.
Also in all aid packages there is a student contribution portion (they expect your student to help fund their education- whether thats through their savings or a summer job etc) and an on-campus job number. Meaning as part of the aid they offer–it is not grant money–Your student will have the opportunity to work on campus. That on campus job # is part of their offer to your student.</p>
<p>Our student is a varsity athlete and a STEM major. There isn’t time to handle an on campus job --so unfortunately that part of the “aid” package hasn’t been useful. Its the freshman year–so we will see how things go next year and whether an on campus job can be found that works for a scholar-athlete. However, iven how much “skin in the game” our student has committed–nice grades, sleep and balance are more important.</p>
<p>A high stat student can find many good financial aid options at many fine schools. Schools want those high stat kids and so when comparing acceptances, and COA etc, your student may find great aid in several places.</p>
<p>Just want to clarify the definition of FA and reemphasize what YGD said. When the term FA is used, it generally refers need based FA, as determined by the FAFSA and Profile. If a student does not qualify for need based FA, high stat students can look at schools that offer generous MERIT aid/scholarships. These are based on their academic and often EC record, not need (although there are some merit scholarships that include a need factor).</p>
<p>Jut to clarify something fogdog said regarding student contribution, it is the same for ALL students, except for any income the student may already have (i.e. saving acct, etc). Yale assumes the student to contribute a percentage of that income toward their contribution. The difference is what the parent contribution is. </p>
<p>Also, if a student does not wish to work then they are welcome to take out a loan to meet their obligation. That also may not be needed as the COA is the starting point for calculating need. Many times the travel and student expenses (books, toiletries, etc) are estimated higher than what is actually needed. In our example, my son did not have to pay anything toward tuition or room and board and only had to pay for the personal expenses. </p>
<p>I will also say the pay rate of the on campus jobs is very generous compared to other schools. In addition, the employers are more than willing to work around the students schedule and that classes and academic obligations take priority. My son works about 10 hours a week and he can work it in any combination of days and hours between 8 AM-5 PM.</p>
<p>In our student’s situation–having practices 2x a day, plus Sat…the only “blocks” of time were Fri 11-2, Sat afternoons after practices/games, and Sundays.
So we have been concerned about buring the candle at both ends…
IE, when does a kids do laundry, P sets, etc.
As a scholar-athlete–our student uses Sat afternoons for laundry, P sets (or nap). And does sleep in Sunday ams, does P sets and such for the week. As a STEM major, the P sets have to be done for Thursdays (I think) so …
We have worried about finding 10 hrs a week for a job–sure there were 3 on Fridays…the rest had to be Sat afternoons or Sundays. Fiding the right job that doesn’t mean a m-f slot might be more of a challenge.
We will be readdressing this in the fall…as after 2 semesters and settling in–will probably ask our kiddo to look for those blocks of time and put them to better use. ;)</p>
<p>fogfog, I can understand the challenges. My son is a Bio major although he is not involved in sports. It’s not just the classes themselves, it’s the discussion sections they have to account for as well. My son has 6 classes (two of them labs) this term and only one doesn’t have a discussion section. I’m sure my son would prefer not to work but he does like having the money to buy some new clothes or see a show when he does actually have free time. He also does a good job finding books at a discount (usually from other students) as the science books can get pretty expensive.</p>
<p>One other note, not all jobs require a 10 hour commitment and there are some as low as 1-5 hours a week. I don’t know how many of those have weekend hours but there are some (museum, theater, etc) and there are always more jobs than students to fill them.</p>
<p>^ Wow, I didn’t reallize that some had low hr commitments. Hmmm.
Yes those books are pricey. Our student just bought a math book–holey moley was it pricey. After it was on the way–I saw a paperback int’l copy for a lot less–though the time to arrive was porbably a lot longer.
The downside to shopping–p sets are due and books are often enroute–
You are correct that labs take alot of time–really a whole afternoon. The coach asks the team to try and scedule labs on the same day.</p>
<p>On the financial side–Beyond books, our student has spent very very little. The occassional late night snack from Gourmet Heavan…or a haircut… A ticket to the Halloween show…No clothes shopping and no real eating out. :)</p>
<p>fogfog, make sure your son checks with Yale Station for books as many current students have theirs for sale and they are usually in good condition. My son bought four books for the cost of what one would be new.</p>
<p>This may sound like a stupid question, but what determines “need”? My son has a way to go before he applies to hopefully a high tier school like Yale. We are a middle class family that I am afraid will not qualify for financial aid when the time comes. I am not in bad shape, but it will not be possible for me to shell out $60,000 per year. Do schools like Yale offer “discounts” or something along those lines for people like me? Sorry to deter this thread from the original poster, but since we are talking finances, I thought I’d ask here.</p>
<p>Page 18 lists colleges sponsoring National Merit Scholarships. While it is possible to receive a National Merit Scholarship award from a corporate sponsor, and have that outside award go to an Ivy League College, none of the Ivy’s sponsor National Merit Scholarship Awards as they are “merit based”, which goes counter to the Ivy League Conference Rules. See: [The</a> Ivy League](<a href=“http://www.ivyleaguesports.com/information/psa/index]The”>http://www.ivyleaguesports.com/information/psa/index)</p>