My friends is in love with Yale and insists that he’s going to get a ton of financial aid. His dad is a doctor and makes a good amount of money and his mom doesn’t really do much. He swears that at Yale they judge financial aid on the assumption that each parent pays for 50% so because his dad is loaded and his mom is not they will balance out and he’ll get money from Yale. Is this true? If it is are there any other colleges that work like this?
This is a new one! I’m sure his Mom would love your characterization of her, lol. Yale will look at total family income, as reported on their tax return(I am assuming they are married since you did not say otherwise?), and a typical Drs. income alone, even if the Mom “doesn’t really do much” will be too high to get “a ton of financial aid.”
Echoing @planner03 , Yale calculates financial aid based on total family income and assets. I don’t think there is any college that works like that. Unless your friend’s dad makes on the extreme low-end of what doctors make and/or his family has many dependents, he probably won’t qualify for any financial aid at all.
I’d seriously question your friend’s admissibility to Yale.
Thanks everyone for the responses! I didn’t mean to mischaracterize his mom. It’s much nicer than the way he put it. I’m not totally sure what his family situation is honestly so maybe he will get aid. I thought it was too good to be true but it would have been nice if it wasn’t.
FAAAAAAAAAAAAAAAAAAAAAASSSSSSSSSSSSSSSEEEEEEEEEEEEEEEEEEEEEEEEEEE!!!
FALSE! FALSE! FALSE! The information you and your friend have received is FALSE. With regard to financial aid, what matters is the calculated Expected Family Contribution (EFC) and that figure is determined by OVERALL family income and assets – it doesn’t matter if the dad makes 100% of the income and the mom makes 0%, or if each family member earns equal amounts. You and your friend should re-read Yale’s website: http://finaid.yale.edu/award-letter/understanding-your-award#glossary_sfs-block_1-0
Same situation for our friend, Dad works, Mom doesn’t, decent income not a penny. We didn’t even bother to apply for FA, ran the calculator and new it was futile ahead of time.
That would be almost as good as those who believe that parents not wanting to pay should get them FA. If my not working would cut my EFC in half even though I make less than 1/2 the family income, I think I would see an early retirement in my future.
This does point out a serious issue when divorce is involved. I find it heartbreaking when divorced parents argue about how much each should pay. Conversely, it can be cruel if a divorced parent is forced to support life choices that they really don’t believe in (e.g., student loan debt).
But, I also would wish it were as OP’s friend suggests. We be getting 50% FA (I am a SAHD, Mom works).
@sidneykfla, I hope that your friend was either pulling your leg or is not intending to study economics.