<p>The title says it all: Does MIT offer more than the EFC as calculated by the Institutional and/or Federal methodology? If so, by what percentage (or by even a significant amount)?</p>
<p>Thanks guys!</p>
<p>Agreed. We just got our EFC and it's going to be almost impossible to pay that much (probably about 30000 dollars in loans per year= more than 100,000 dollars in debt). A lot of it is because we have a second home, but it is a family home and will never be sold. So I'm currently praying that places will take that into account (and that my parents are in their upper 50s).</p>
<p>Anybody? My MIT education literally hangs in the balance depending on if I'll get anything from them. Any input will quell the fears of an anxious 17 year old boy. Please help me and FantomBassoon (which btw, is an amazing instrument. I commend you).</p>
<p>You'd have to ask the Financial Aid Office to get a reliable answer to this question.
You'll receive the financial aid offer when regular decisions are released. In the meantime, start talking seriously with your parents about what's really affordable, and what's out of reach. If you are admitted to MIT, you'll have other great options as well, some far less expensive.</p>
<p>Haha, yeah, I love my bassoon. So very very much.
Anyways: I really don't know if I can deal with this. I had almost ignored MIT (it was actually my number 5-6 at the beginning of the year) until I got in. It was so unexpected that I hadn't even thought about it. I have gotten in places that I can afford easily (full-rides or amounts that my college fund easily pays for), but I've realized that I do want to at least have the option of going to MIT. I really don't know; we'll see what MIT comes through with, but my expectations are currently low.</p>
<p>Thanks CalAlum. This makes me ansy and depressed that I possibly can't attend my dream school because of money, and I'll end up at the state school...</p>
<p>@Millerl1te,
You do realize that there are dozens of students reading these threads who would give anything to be in your shoes? To have the opportunity to make such a decision? you're depressed because you have to wait a few months for the financial aid package? How do you think all the deferred students feel? Hey, I don't feel sorry for you (can you tell?)</p>
<p>It's a wonderful problem to have, and you'll have enough information to be able to make the best possible choice when the RA decisions and financial aid award packages come out. </p>
<p>In the meantime, start talking with your parents. For our family, these months presented the first opportunity to really begin to communicate meaningfully (and in a highly relevant way) about finances with our daughter. Start applying for scholarships. Worry about the stuff you can control, and let the rest go.</p>
<p>No CalAlum, I already filled out my FAFSA and Profile, and there's no way I'm getting anything. I was just wondering if MIT was maybe even half as generous as Harvard, for only then would I get aid. Sorry for coming off as trying to appeal for sympathy. Just expressing my sentiments and worries :)</p>
<p>We certainly got a much better package from MIT for our D than the EFC. It was also better than any of the Ivies she was admitted to. We found the financial aid office very willing to consider special circumstances, especially in these uncertain economic times. I seriously doubt you would see much of a difference with Harvard with whom MIT competes aggressively (and very successfully) for admits.</p>
<p>That's what I was hoping for cellardweller. Thank you.</p>
<p>Cedardwellar. Do you mind sharing more information. The calculator shows that I would get $0 aide. MIT on the phone said not to bother applying for aid. ( no special circumstance that we can think of)</p>
<p>Millerl1te. what have you read that makes you think Harvard would give aid if the calculator shows $0 aide? Also if I remember right you are in or applied to Caltech. Did you get the e-mail saying they were going to use their Meritbased aid budget to cover more need based financial aid? At least at Caltech we had a chance of getting something covered but not anymore.</p>
<p>@ cellardweller
"I seriously doubt you would see much of a difference with Harvard"</p>
<p>How long ago was your daughter accepted to MIT? Because with Harvard's boosted financial aid package, I highly doubt MIT can even get close to being competitive to Harvard in terms of financial aid.</p>
<p>MIT, Ivies, and other top [read: rich] schools generally give out more financial aid than the EFC estimates. That said, most people would also qualify for at least same aid through the EFC, so I really can't say anything about you if you're getting $0 from them...</p>
<p>As for whether MIT's fin aid is as generous as Harvard's--it probably isn't as generous for richer admits but is around the same for the poorer portion. Someone who qualifies for a full ride from Harvard would probably also get a full ride from MIT, someone who qualifies for a lot of aid from Harvard would probably also get a lot of aid from MIT...
Bonus points for MIT's fin aid: for some people, they'll replace your work-study component with scholarship so you literally have to pay $0 whereas Harvard will still have the student contribution =D</p>
<p>chanfest:</p>
<p>MIT also boosted its program last year, with significantly more aid for middle income and upper middle income students. No loans, reduced work study, no home equity in the computation, very flexible in how they treat business income and assets... Her grant this year from MIT increased substantially and is nearly identical to what she would have received from Harvard under their current program. In addition, it is much easier to get well paid research positions at MIT through its UROP program than Harvard. I interview a lot of students for MIT and a number also get admitted to Harvard. I have yet to hear of one turning down MIT for Harvard over financial aid.</p>
<p>^^</p>
<p>Thanks for the response. This is very comforting to hear.</p>
<p>Really? I really don't have too much factual information to go on for MIT's fin aid program. Harvard, on their site, gives an estimate for how much aid they will give to an applicant based on income and "typical assets." Thats how I calculated my efc. On the other hand, I've gotten fairly negative opinions for MIT fin aid for middle class and upper class applicants. I posted this thread because MIT doesnt offer statistics to give the applicant an estimate of what his/her package would entail. I did the calculator on MIT's website by the Institutional Methodology and got $0 aid. But according to Harvard's chart, I would get more than half the COA. That's the big difference I was wondering about...</p>
<p>Bluebird, i was deferred by Caltech. I wanted to go to MIT anyway, so im happy. MIT ftw.</p>
<p>MIT, as well as lots of other schools, was recently forced to reveal a lot of information about its financial aid process. There was a link posted somewhere on the admissions blogs that had a PDF with MIT's financial aid data. I was surprised to find out how generous MIT is to many applicants. If you find it, post it here; it's an interesting document but I'm too tired to look for it at the moment.</p>
<p>That calculator is not an MIT specific tool, just an estimator. Our final package was substantially better than what the calculator showed. Note that the financial office will also review all types of special circumstances that affect a family's ability to pay. At CPW MIT schedules metings with parents to discuss issues regarding the financial aid award and will often make adjustments. In our case the award was increased by over 20% and that was before the 2008 improvements which added another 20% in aid.</p>
<p>MIT has some of the highest financial aid per enrolled student, significantly more than Harvard. This year they will award more than $74 million in grants alone, up from $68 million last year and $60 million the year before that. For 2007-208 numbers see the CDS at:
MIT</a> Office of the Provost, Institutional Research</p>
<p>Thanks everybody for your input!</p>
<p>cellardwellar: Institutional funds spent on finaid for FY 2007-08 (which I believe is prior to the full implementation of Harvard's new financial aid initiative and MIT's): </p>
<p>Harvard $92 million
MIT $60 million</p>
<p><a href="http://www.provost.harvard.edu/institutional_research/FACTBOOK_2007-08_FULL.pdf%5B/url%5D">http://www.provost.harvard.edu/institutional_research/FACTBOOK_2007-08_FULL.pdf</a>
MIT</a> Office of the Provost, Institutional Research</p>