financial aid?

Colleges and Universities A-Z Yale University
1

<p>according to the FAFSA, my EFC is around $34,000.... I got my Yale financial aid package, and the family contribution is $46,000. just for a comparison, I have to pay $30,000 for Princeton. so did Yale calculate wrong or is this all I'm getting?</p>

<p>appreciate help! I really want to go to Yale! thanks.</p>

2

<p>I’m pretty sure there is no mistake. Princeton is known for its good financial aid.</p>

3

<p>janeite: Contact Yale’s financial aid office tomorrow and explain the situation and that Yale is your top choice. They will probably ask you to fax them Princeton’s offer. Princeton and Yale typically match one another’s financial aid offers. Neither wants to lose a student to the other. Same goes for Harvard.</p>

4

<p>Ha @aznjunior.</p>

<p>HYSP are all known for their financial aid.</p>

5

<p>Relevant thread:</p>

<p><a href=“http://talk.collegeconfidential.com/yale-university/896603-financial-aid-problem-not-100-need-promised.html[/url]”>http://talk.collegeconfidential.com/yale-university/896603-financial-aid-problem-not-100-need-promised.html&lt;/a&gt;&lt;/p&gt;

6

<p>I know they all have great financial aid, but from my experience, Princeton has been better than Yale… just look at the stats of average debt of graduating students</p>

7

<p>I have a question about Yale and “Yale-type” income-range based financial aid. I have read many posts and many books and articles. My son is a jr in high school.</p>

<p>Yale’s website shows “limits” based on income, plus $200k assets not included in calculations. For these types of aid (Cornell also), do these actual income+asset caps count towards the EFC ONLY, or to the entire cost of attendance total?</p>

<p>So if according to the website, they say 10%m is that 10% of the EFC or the COA?</p>

<p>[Yale</a> Cuts Costs for Families and Students | Financial Aid | Freshmen | Office of Undergraduate Admissions](<a href=“Home | Yale College Undergraduate Admissions”>Home | Yale College Undergraduate Admissions)</p>

8

<p>Sorry, I’m not sure if I understand your question fully, if this is what you’re referring to:</p>

<p>

</p>

<p>Then the answer is neither EFC or COA, but rather 10% of your income (plus some calculation based on assets). Also, this only applies to Y, I’m not familiar with Cornell’s FA policies, but I’d assume that they are not as generous as Y.</p>

9

<p>I think that maybe I was a bit unclear. Using the quote from the Yale website in the above post, is that 10% applied towards the Need-based amount or towards the COA? </p>

<p>For example, family makes $100k, school costs $50k
EFC is 20K
Need-based is $30k</p>

<p>Does the 10% of income mentioned on their site apply as the limit towards the Needs Based portion or towards the entire cost of attendance?</p>

<p>1) Would it cost $10k/yr to attend (10% of income)
or
2) EFC would be $20k + the need-based would be capped at $10k loans&grants (instead of $30K in loans&grants) = $30k</p>

10

<p>If family income is 100k/yr, then Y would typically expect you to pay 1k-10k/yr total.</p>

<p>However, remember, there are many other things that also go into the calculation of what you will be expected to pay. For instance: there are assets (which includes home equity); income is not just what is shown on your taxes, you need to add back in any untaxed income such as pretax dollars put into retirement vehicles that year; there is a student income and a student asset contribution, I don’t think this is included in the 1-10% that the family is expected to pay.</p>

<p>A couple of comments on your last post:</p>

<p>Your title is “need vs merit”, Y only gives need based FA.</p>

<p>You mention loans & grants, Y only gives grants and work study in their FA packages.</p>

<p>Y gives a pretty good description of their FA package here:</p>

<p>[Yale</a> University Financial Aid > How Need-Based Financial Aid Works](<a href=“Welcome | Student Financial and Administrative Services”>Welcome | Student Financial and Administrative Services)</p>