<p>Has anyone here gotten a large amount of aid (that covers a large amount or all tuition) to a school like Harvard or Yale, or other Ivy leagues? Is it very likely? I heard somewhere that they don't give full rides, but is it possible for a lower income person to go to one of these schools and not be in debt for years?</p>
<p>Harvard does not give out merit-based scholarships. They only give out scholarships based on financial need (determined by the FAFSA). Under their new financial aid intiative, families with an income of less than $60,000 a year can attend Harvard for free basically. Families with and income of $60,000-$80,000 can go to the school for a greatly reduced tuition rate. I'm not sure if students in these situations are still forced to take out the stafford loan (about $2500), so there may be a minimal price.</p>
<p>So yes, it is possible for someone with a lower income to go to Harvard and not be in debt for years.</p>
<p>Free basically? That sounds too good to be true</p>
<p>it is true at Harvard at least. i'm not sure about the other ivies. Just google Harvard Financial Aid Initiative (HFAI). i'm sure some more exact info will come up.</p>
<p>Has there been real accounts of this? I'm just really curious. I'm sure someone would have to atleast contribute something... (1,500 or something like that that they require).</p>
<p>the initiative is new (i think it is a year old). so, i'm not sure. like i said above, you may be required to take out the stafford loan. it is like $2500 a year or something. if this is the case, you'd have about $12000 worth of debt when you graduate. this is not ideal, but it is a whole lot better than the almost $200000 worth of debt you'd have if you had to pay full tuition</p>
<p>I can confirm that this true, as my D will be starting at Harvard in the fall. She is expected to contribute about $1500 - $2000 from summer earnings and if she works 10 hours a week her loan will be approximately $1600 a year for a total debt of around $6000 to $7000! This is a great deal at one of the best colleges on the planet. </p>
<p>As they say the hard part is getting in!!!!</p>
<p>to the OPs ... the IVYies and many of the other top schools provide aid to meet 100% of student's financial needs as defined by the EFCs. This aid may well include loans. Their financial packages tend to be among the best out there. That said these schools do not give either merit or athletic scholarships ... so while their financial aid tends to be strong other schools may be a lower cost alternative if the student can get a merit scholarship at the alternative school.</p>
<p>Boojum is right-- the hard part is getting in. The other hard part -- accepting that your idea of "low-income" and their idea may be different and that what they expect you to pay may be more than what your family thinks they can pay.</p>
<p>hotpiece is incorrect, Harvard does not rely on the FAFSA for financial aid determination (except for federal grants and loans) rather it uses the profile, which takes a look at the bigger picture in regards to assets and income.</p>
<p>If you are truly lower income, they will pay for everything that the parents would normally be expected to pay -- the students are still expected to do work-study, possibly take out a small loan and work over the summer to contribute.</p>
<p>Don't let finances be an issue if you are considering ivies -- but I do recommend you use the financial aid calculators to get a general idea of what your parents will be expected to pay -- use the institutional method and input accurate amounts (have your parents do it). <a href="http://www.finaid.org/calculators/finaidestimate.phtml%5B/url%5D">http://www.finaid.org/calculators/finaidestimate.phtml</a></p>
<p>I'm talking like 26,000 a year low income....</p>
<p>with an annual income of $26,000 you will definitely qualify for low-income initiatives. </p>
<p>I just know that sometimes students are surprised at what their EFC is -- especially if their parents own a house. What some would consider low income ($50,000 plus owning a house with some equity) they might end up with an EFC of $8,000 -- which is a ton of money if you are making $50,000.</p>
<p>judging by that number alone, i would say you qualify for full financial aid under HFAI. </p>
<p>if you want more info, i'm sure anyone in harvard's financial aid office can help you.</p>
<p>i know a guy who's going to yale everything covered except 500 a year...urm</p>
<p>I am a urm (hispanic). Will this help at all with the financial aid amount received? I know it does with getting in...
Oh Deltaroyale what were his circumstances?</p>
<p>hsmomstef you are helpful.
What's an EFC? heh :P</p>
<p>Ethnicity or race has very little (if anything ) to do with FA.
EFC is Expected family contribution which is based on the income + assets of the parents in addition to the income + assets of the students.</p>
<p>to piggy back on Stef's post # 11, the school is not only going to look at your $26000 income. There have been students who were "low income" and the family owned their own business, a farm or have a great amount of $$ in home equity , savings, stocks, bonds, annunities, etc. </p>
<p>This type of situation would present a different financial picture from a family that has an income of 26k purely in income and no other assets.</p>
<p>Does anyone know what my EFC would be if 26,000 was all the income and nothing else?
Where can I calculate my EFC?</p>
<p>i'm not sure what your efc would be if based on income and nothing else. my guess is that it would be pretty low. but, the way to calculate your official efc is through the fafsa, but that takes into account more than just income. </p>
<p>if you want a rough estimate, maybe you could check hsmomstef's post on the first page. maybe those fin aid calculators can give you some help. but yeah, i don't really know.</p>
<p>Don't harvard and princeton give full rides for incomes under 60000.</p>
<p>no they do not give full rides. No school gives a full ride because:</p>
<ol>
<li>they all have a self help component with means you will earn between 1500 and 3000 (the amount goes up this year) from summer earnings to help pay for your education. If you do not make the money the school does not increase your aid, they will offer you a loan.</li>
</ol>
<p>Harvards low income initiative only refers to the parent EFC. there is still a studnet loan component.</p>
<p>Even though princeton has a "no loan policy" there may still be a need to take out loans (misc. expenses).</p>
<p>As others have stated the hardest part is getting admitted as both schools deny admissions to more than 90% of the candidates who apply.</p>