Does this mean tuition is free but the student and family still might be on the hook for room and board?
Yes.
Thank you for the quick response. So, family income of less than $100,000, tuition free for families at that level, college meets 100% of demonstrated need, does not necessarily equal free ride. Correct?
It depends on the school.
I would suggest you run the net price calculator for the school using your figures. See what you get.
I’m asking because I have a friend who is, I fear, operating on the assumption that “tuition free” means “free.” Based on the first FA offer her daughter has received, I think the remaining schools she gets into will be similarly generous, but not to the point of the family paying zero dollars over four years.
Your friend should run the net price calculators. If she is divorced, self employed, owns a business, or owns property other than her primary residence, the NPC might not be accurate.
Thanks, Thumper!
Definitely check with your particular school for their rules. I looked at some in the past and it might be ‘family pays no tuition’, but the student still has a ‘self-help portion’ which would be the student loan and work study amounts. And yes, room and board are separate. Also, they might say ‘family income under $100,000’, but there might also be an asset limit in the fine print. For example,they mght say ‘typical assets’. Stanford actually spells out their numbers online here http://financialaid.stanford.edu/undergrad/how/parent.html . To summarize, it says typical assets would be a net worth of less than $250,000 which includes business net worth and home equity (but capped at 1.2 times annual income).
In any case, use the net price calculator for each school.