<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 is ranked #1 in the world for his sport and has set numerous state and school records. 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 Yale?</p>
<p>Doubtful. The FA will be based upon what you make this year (2011). So if your income is that high this year, I would see any chance for FA unless there are other issues. Also, There have been many that have been disappointed when they “should” be accepted. I hope he is but have other options open, including applying at schools that may give merit aid.</p>
<p>250K with not a lot of assets may still qualify you for something. Do you have other college age kids?</p>
<p>At least know that student jobs are plentiful and well paying and many non-FA kids take them because it’s easy money.</p>
<p>Regardless, if your son is that coveted, you can always compare FA offers from other schools. If Yale truly wants him, they’ll find a way to at least approach your best offers from legitimate schools. They may not be able to match some full athletic scholarship that your son could obtain but they’ll try to do something.</p>
<p>Apply and see what happens in April. I know you’ve posted this question on other Ivy fora as well. The advice I offer would pertain to them too. Apply to all the schools your son could envision himself enjoying and see what happens. Good luck to you and your family.</p>
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what a kid</p>
<p>I thought 200k was about the max income level for FA. Since income is a bigger factor in FA calculations than assets, my guess is that you’d qualify to little, if any, FA. </p>
<p>Please note for the future, there is a FA & Scholarship forum here on CC, a better place for posting a single thread than posting duplicates on multiple individual college subforums.</p>
<p>While there aren’t merit awards for athletes at Y, don’t they get preferential treatment for FA??</p>
<p>Also, with is credentials, he would be in the running for many large merit scholarships at top schools.</p>
<p>Great advice, thanks. We plan on diversifying the application pool. He has already been told by several non-Ivies that he’s their # recruit for his sport. Even without the athletic piece he seems to be a super strong candidate for the Ivies: perfect scores on Chem and Bio SAT’s, 99th percentile on PSAT’s, 4.6GPA, Chamber Orchestra, 3 years of continuos community service, Math and National Honor societies and other organizations. Of course, this is the profile of most kids in the Ivies.</p>
<p>I agree that FA is probably unlikely this year assuming your 2011 income remains at your current level, but please keep in mind that schools like Yale generally commit firmly to the students they admit–they want to see them graduate in spite of financial contingencies. Should your income fluctuate downward in future years so as to make FA necessary by their standards it is very likely your family will be extended FA. Even mid-year appeals and re-assessments are possible if your financial situation changes suddenly during a school year. For these reasons I would suggest you apply for FA even with dim prospects of receiving immediate assistance so that the FA offices have some baseline to compare with should future circumstances compel re-consideration.</p>
<p>He’s a great kid, and has endured a lot without so much as a complaint. So, whatever, we need to do, we’ll do to make his dream happen.</p>
<p>Somehow I feel a hint of super strict parenting coming through from op’s posts…just a feeling.</p>
<p>Well, much like all the posters here, my wife and I know the value of a solid education. We also know that if you inculcate educational and work ethics very early in a kid’s life and let them make decisions themselves based on those values then your work later on in their lives becomes less difficult. They become self motivated and you don’t have to push them, as they push themselves to achieve. So, strict is less accurate than strategic 
We are lucky enough that this worked for us. Now if wee could only get them to make their beds life would be golden.</p>