<p>'need' is defined however private schools want to define it.....a top high schooler out here received a $10k "need" grant to one of the HYP's, even tho daddy was a doctor, momma is a lawyer, and they own a home in one of the wealtiest zip codes in SoCal. </p>
<p>They could be working off a bankruptcy.....right, mini?</p>
<p>"and the good thing is that it is available at the best schools"</p>
<p>Of course you are assuming the sticker price bears some relationship to reality an assumption that would be difficult to prove.</p>
<p>I tell you what. I am going to let you buy my used 1989 Yugo for $30K. I know you are a litle strapped for money so I am going to make it affordable for you. First I am going to give you a $23,000 scholar... discount off the sticker price. Then I am going to help you get a $2,700 federally guaranteed loan that you can take ten years to pay off. Then I am going to get you a federally subsidized job raking my leaves 10 hours a week this Fall that will earn you $2,000. That plus the $2,000 you earn over the Summer will leave you with just a $300 out of pocket expense for my used Yugo which just happens to match your EFC and may be roughly what the thing is worth.</p>
<p>The multi-tiered pricing scam that the colleges run is designed in part to extract as much federally funded or subsidized money as possible and to obscure both the real costs of higher education and how that money is spent.</p>
<p>Anyway conrats to Harvard on their 80% yield. 350 years at the top of the heap is no mean accomplishment.</p>
<p>"'need' is defined however private schools want to define it.....a top high schooler out here received a $10k "need" grant to one of the HYP's, even tho daddy was a doctor, momma is a lawyer, and they own a home in one of the wealtiest zip codes in SoCal. </p>
<p>They could be working off a bankruptcy.....right, mini?"</p>
<p>Well, maybe they had trouble finding "qualified candidates" with more need than that. ;)</p>
<p>Hey, make of the numbers what you like.</p>
<p>On another random comparative note regarding the other end of the spectrum:</p>
<p>290 qualify for HFAI, so approximately 5% (290/6500) of Harvard's students are under 40k a year or less.</p>
<p>22% of the 50% receiving fin aid at Swarthmore are 40k a year or less, so about 154 students or 10% (154/1450) are 40k a year or less.</p>
<p>Numbers confuse me. ^_^</p>
<p>
[quote]
This is not necessarily all need based. At my son's college, if a student receives, say, $500 from the local Elks Club for a scholarship contest, that counts as "receiving financial aid".
[/quote]
</p>
<p>But I don't think the same would apply to Harvard, which, as part of the Ivy League, can't offer "merit scholarships." (Yes, Harvard allows admittees to receive outside awards, but that just reduces their institutional aid.) I think when Harvard says "scholarships" it ALWAYS means means-tested financial aid--can the Harvard families here confirm that?</p>
<p>"Addition, all of Harvard's financial aid is awarded on the basis of demonstrated financial need - there are no academic, athletic or merit-based awards. Harvard meets the full need of every student, including international students, for all four years. In 2004-2005 the average financial aid package, including a combination of grant, loan, and campus job, is expected to total more than $28,000 and the average debt of a graduating senior in the class of 2004 was $8,830. " <a href="http://www.admissions.college.harvard.edu/prospective/financial_aid/%5B/url%5D">http://www.admissions.college.harvard.edu/prospective/financial_aid/</a></p>
<p>"Beginning in 2004, parents in families with incomes of less than $40,000 will no longer be expected to contribute to the cost of attending Harvard for their children including room and board. In addition, Harvard will reduce the contributions expected of families with incomes between $40,000 and $60,000." <a href="http://www.admissions.college.harvard.edu/hfai/%5B/url%5D">http://www.admissions.college.harvard.edu/hfai/</a></p>
<p>When students get outside scholarships, Harvard subtracts those first from the self-help portion of the student's financial aid package. "Self help" refers to loans, work-study and summer earnings.</p>
<p>In addition to need-based scholarships that Harvard awards, students bring in about $11 million in scholarships $ from outside sources. I do not believe that money is what is reported when Harvard reports the percentage of students getting financial aid.</p>
<p>gphoenix,</p>
<p>The article refers to 290 or more students qualifying for HFAI just in the class of 2009. So that's about 18% of the class. And HFAI covers families with incomes under $60,000, not just those under $40,000 (families under $40,000 are subject to no parental contribution, while families between $40,000 and $60,000 are subject to a "greatly reduced" parental contribution). Hope that helps clear up your confusion over the numbers.</p>
<p>When you say income of $150,000, is that before or after taxes?</p>
<p>I'm guessing that these income figures are the "adjusted gross income" that appears on the bottom of the first page of the parents' federal income tax forms--is that right?</p>
<p>Look, guys, when they say "generous" you have to take it with a grain of salt. Single parent here, offered $2K a year grant. Can't even feed a meat chicken on that, not even a pullet.</p>
<p>"In addition to need-based scholarships that Harvard awards, students bring in about $11 million in scholarships $ from outside sources. I do not believe that money is what is reported when Harvard reports the percentage of students getting financial aid."</p>
<p>Actually, if you go to their website, they do count it (and those who receive it. That's why 48% of students get need-based aid, but 71% get "scholarship assistance". (See post #2: yes, it's misleading; they did the same thing with the Pell Grant percentages, when they added in the Extension School students. )</p>