<p>So Harvard mentioned that students with a family income of less than $20,000 is no longer expected to pay for college right and will get a full financial aid package if they get in. Is this financial aid package mostly loans or scholarships?</p>
<p>Actually, the number is 40,000 not 20,000. Usually, if a family makes less than 40,000 a year, then the amount of loans are generally smaller</p>
<p>I think Harvard's marketing has made their policy a bit misunderstood.</p>
<p>Students with 40k- income will have a realllllly good fin aid package. The basic idea is not a lie. But, while a huge chunk of your package is scholarship, you still hafta pay the self-help section of it, which Harvard calculates to be about 3,500. I'm not going to Harvard, so I don't know how that 3.5k breaks down, but typically it's a summer contribution (job during summer), work study, maybe a small loan. Now, getting a 40k scholarship is freaking nice, but for a family making less than 40k, I can tell you now that the 3.5k student contribution can be hard, given that there are usually some other factors into why your family is making less than 40k. It's a small detail, but it's a detail that always annoys me.</p>
<p>Some reading material:
<a href="http://www.admissions.college.harvard.edu/hfai/%5B/url%5D">http://www.admissions.college.harvard.edu/hfai/</a>
<a href="http://www.admissions.college.harvard.edu/hfai/fa_fact_sheet.pdf%5B/url%5D">http://www.admissions.college.harvard.edu/hfai/fa_fact_sheet.pdf</a> (this pdf file gives a scenario where the family EFC is 0)</p>
<p>Harvard gives out loans???</p>
<p>Harvard, and Yale, started to waive all the tuitions and fees for the families with annual income of 45,000 or less, and significantly reduce the college expenses for the families with income between 45,000 and 60,000. Are these figures refere to total gross income, adjusted gross income, or taxable income? Thanks!</p>
<p>Also note that assumes your family has no assets.</p>
<p>the number is gross income</p>
<p>What if you parents income is 14000 dollars?
Must I (if accepted) contribute anything?</p>
<p>its possible to make the 3.5k completely during the summer. 3.5k is reasonable.</p>
<p>If a parent is making $14,000- which is less than minimum wage in some states- it is probable that the students income is needed to help the family.
If that is the case- I wouldn't expect the student to have to contribute as much to tuition.
Work study and loans as well as grants but not summer income.
Its best to apply to a range of schools including some that are financial safeties or have a backup plane to be able to compare packages</p>
<p>yeah, I work to finance my education now, I do not live in US.
My parents are no where in range to pay for school</p>
<p>
[quote]
its possible to make the 3.5k completely during the summer. 3.5k is reasonable.
[/quote]
</p>
<p>That is true, to some extent. But think about other aspects. Similar to emeraldkitty's point, some kids might hafta help pay bills, food, clothing, etc. Or you may need to help care for younger kids, disabled family members, and that will limit how much time you can work/money you can earn. The money you earn during the summer might also need to be spent on transportation, books, furniture/hygiene materials to prepare for the upcoming school year. Similarly, you need spending money while you are there, too. Even if you have work student, you will need money to spend when you first get there. It is very possible for 3.5k in the summer to quickly become unreasonable.</p>