<p>My child will be applying to Ivy League schools next year and should be accepted at most He has the grades, the scores, and the "other" credentials that these schools seek. In addition, he is African American. My wife and I currently make around 250,000, but such income level was only attained 5 months ago. For the prior 7 years, there were bouts of unemployment where we had to empty all our savings accounts, deplete our retirement accounts and even declare bankruptcy. What is the likelihood of financial assistance from Harvard?</p>
<p>If your son applies to Harvard by January 2012 for a start in Fall 2012, Harvard will use your 2011 tax information to generate an aid statement. So, your income in 2011 will be relevant. Furthermore, you reapply for aid every year so if your income changes drastically, your aid could change as well. </p>
<p>I don’t know for certain the extent to which Harvard considers prior financial situations but I would assume that if you are making 250k per year, Harvard will not see your son as needing very much financial assistance to attend. I wouldn’t plan on anything.</p>
<p>Harvard, and the rest of the Ivy League, awards financial aid based upon demonstrated need, which is calculated using the previous year’s income. See [Financial</a> Aid: How It Works](<a href=“College Board - SAT, AP, College Search and Admission Tools”>How Does Financial Aid Work? – BigFuture | College Board)</p>
<p>Some colleges (Wesleyan, Pomona, Vanderbilt) calculate need based upon the previous two years of income. You will need to investigate the FA websites of various colleges that your son is interested in to determine if they require one or two years of back tax returns.</p>
<p>That being said, given that your 2011 income will be $250K, unless you have more than one child in college, or extremely high medical bills, your son will most likely be considered a full-fare applicant, as your income exceeds the maximum threshold for financial aid.</p>
<p>With your sons’s stats though, you should consider colleges that award merit scholarships regardless of financial need. See: [Best</a> Colleges - Education - US News](<a href=“http://colleges.usnews.rankingsandreviews.com/best-colleges/most-merit-aid]Best”>http://colleges.usnews.rankingsandreviews.com/best-colleges/most-merit-aid)</p>
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<p>Even for a URM with strong stats, this is a broad statement.</p>
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<p>Eh, they really don’t. Coming from a similar situation, I don’t really think Harvard took into account my family’s previous financial status when awarding aid. However, if the materials they require do not fully explain your situation, then you can certainly appeal, though they might not give you more aid.</p>
<p>Also, I believe that the FAFSA or the CSS PROFILE requires that you state the amount of money in your savings account, and there’s a page that you can affix to your 1040 that shows capital losses and the like. I’d take every opportunity to show the school where you’re losing money (if you are, that is) and your lack of savings.</p>