Is any financial aid possible for high income families? Both of my parents work and together they make about $400k. I know that is a lot of money, so is financial aid even possible? Should I even consider applying for it?
You will not get grants or financial aid based on need that is for sure. What you can get is merit aid based on your gpa, test scores and other attractive features. This means you have to select colleges that give that kind of award for your stats.
You can get an unsubsidized $5500 loan for your freshman year if you file the FAFSA.
How about applying to,schools,where you would get merit aid? That is not dependent on family finances.
Are your parents unable or unwilling to pay for your college costs?
You are talking in other threads about applying to Penn. if you are a competitive applicant for Penn, you would garner merit aid at a number of other places. Read the links in the thread I’m putting here, particularly the one about guaranteed full rid and full tuition scholarships.
you wil not get need-based aid at any school, not even the most generous.
Are your parents expecting you to get aid? or are they prepared to pay the $65k-70k per year at the top schools on your list, like UPenn?
If you don’t know, ASK your parents. There was another student who posted a few days ago whose parents have the same income, but they wouldn’t pay that much.
If your parents have been vague, then protect yourself by applying to 2-3 schools where your stats will get HUGE merit. You don’t want to be one of those kids who post in the spring complaining that their parents now realize how much they’ll have to pay and say, “no”.
Edit…I see that you’re from Calif. Are your parents expecting you to go to a UC for $30k per year?
As a Californian, if your parents can’t/won’t pay for school your best path is via your local CC. They are virtually free and generally pretty good. For most of us, there’s at lest one CSU within a commutable distance. They cost $7K/yr for tuition. 2 yrs @ a CC and 2 @ a CSU will cost a total of $15k. You could make that kind of money working 10 hours a week at Starbucks.
Since need based aid is off the table, you definitely want to have the money conversation BEFORE YOU APPLY.
How much do they plan to spend? - any answer is OK because you’ll know how to chart your path.
If this student has ivy stats, and his parents won’t pay much, then he doesn’t need to start at a CC. He can use his stats to get huge merit at a variety of schools…a few in Calif, and some outside of Calif.