<p>I've been wondering how Australian salaries compare to American salaries for financial aid.
In my case, my parents earn about $150K per year before tax, but we are certainly not considered upper-class citizens in Australia, whereas in America it seems that we would be (correct me if I'm wrong).
Does anyone know how salaries compare internationally and how American colleges take this into consideration?</p>
<p>In 2008 the median annual household income was about $50,000 in the US and $66,000 in Australia (in USD). Your family income appears to be more than twice the median family income in Australia. Your family will probably be expected to make significant contributions to your education, whether or not the purchasing power of your money is taken into account.</p>
<p>Financial aid offices compute financial need in different ways and it’s not easy to make generalizations. For what it’s worth, few colleges seem to consider cost-of-living differences within the US (e.g. New York City vs rural Kansas) and I wouldn’t rely on them making an extra effort for international applicants.</p>
<p>US colleges tend to expect a much higher contribution from families than universities in other parts of the world. Many American families have to borrow money to meet their contribution, and others start saving for college from the day that their child is born. You might consider applying for merit-based scholarships if you are concerned about your need-based financial aid status.</p>
<p>OK, thanks for the information. 
I actually tried looking for the median annual household income on the net and couldn’t find it - seems that you’re a better searcher than I am.
Just some rough calculations here: 50/66 * 150 = 115. That might be more representative of my “real” income compared to America.</p>
<p>I think my parents thought they had got through paying for my education in High School…woops! Well, this probably isn’t going to make them more enthused about me leaving to go to America…</p>
<p>Ah well, if I can get in, Future-Me can deal with financial aid and my parents, I guess :)</p>
<p>If you seriously think that your parents can afford your 4-year education, then by all means don’t apply for financial aid. It will greatly improve your chances.</p>
<p>Nah, there is no way my parents can afford full fees, unfortunately. 
They can probably only afford up to about $20K per year.</p>
<p>An example of the difference in living expenses:
BMW 335i Sedan @ $45,000 in the USA, $123,000 in Australia - That’s pretty amazing!</p>
<p>I’ll try and see if I can find a counselor in my area, but it could be difficult… does anyone know of any online resources for calculating needs-based financial aid?</p>
<p>Good luck convincing a financial aid counselor of your need by quoting the price of a luxury car…</p>
<p>It depends on each college, but I would think that a contribution of $20k is just about right for your level of income. The contribution might be even less if you are accepted to Harvard or Yale. Obviously, your family’s assets and savings could have a significant effect on your aid.</p>