<p>I don't know if this should be in the FA board, but I thought people really familiar w/Princeton might know best.</p>
<p>My family income is about $200k, but my parents will definitely not be willing to pay full cost of tuition at an ivy-leauge school if we get no aid (which is a fairly likely). My family's EFC estimate from the collegeboard.com calculator was $70,000 per year, but princeton's handbook says that its <strong>average grant to families with income over $200k is about $13,000</strong>. How is this possible?</p>
<p>Do students with family incomes of $200,000+ really get financial aid at princeton?</p>
<p>From my family's experience, financial aid at Princeton is terrible.
At a family income below $150,000, one of my siblings received a ridiculous financial aid package around $4,000 with a summer job already factored in.
Considering how loaded Princeton is, this is almost funny. </p>
<p>So no, I would not trust Princeton's financial aid if I were you.</p>
<p>Hundreds of students at Princeton would beg to differ. Middle-class families in general suffer in terms of financial aid--NOT just at Princeton. If Princeton's financial aid is so bad, how exactly do you explain the miniscule amount of debt that the average student graduates with, the huge average grant for financial aid recipients, and the overall satisfaction of the student body?</p>
<p>I don't mean to attack you in any way, but I think the OP should be given honest answers. In all fairness, you have posted once, that once to complain about financial aid at an institution with arguably the best financial aid in the nation. I'm just not inclined to believe everything you say, especially when many of my friends and I are at Princeton solely because of the financial aid packages we received.</p>
<p>To the OP: GR Elton already provided the most helpful information available. With an income of 200K a year, however, it seems unlikely that you'll get significant need-based aid anywhere else. Unless you're planning on looking at merit scholarships somewhere else, you'll probably want to discuss the financial situation with your parents...with such a substantial income, Princeton might be worth the investment for you.</p>
<p>Note that AFTER full list price for Princeton, a family with a family income of $200,000 would still have more to spend out of pocket than the majority of American families. So if financial aid eligibility ceases somewhere around that level of income, that wouldn't shock me, and would illustrate that Princeton is aiming its funds at the people who need them most.</p>
<p>OP: Unless there are unusual circumstances or multiple kids in college, you will not receive any grants from Princeton. But you can get work-study and they are more generous than most comparable schools. This has been our experience, at least, and their own estimation calculator was pretty much dead-on with their actual packages.</p>
<p>Thanks for the info you guys! The calculator (with my estimates) indicates that I would receive about $4000 in aid per year - this may not be enough. While $200,000 is a very good income, my parents will not want to pay over $170,000 for my undergrad education.</p>
<p>What do people in my situation do (<em>IF</em> I get accepted at an ivy league school, stanford, etc)? My younger brother is in 11th grade, and he'll being going to college the year after me - my parents can't afford to put both of us through private college if we are not getting any aid. Does this simply mean that these top 10 schools, even though I may be a qualified applicant, are out of reach for me?</p>
<p>For you, it comes down on what Princeton judges is a "reasonable" contribution by your parents. Considering its no-debt graduation policy, they should fill all of it.</p>
<p>That being said, work on admission first; worry about money when the letters come in ;).</p>
<p>Keep in mind that your financial aid status will change if and when your younger brother starts college. We have one in his last semester of private college - I've never added up the total amount we've paid in tuition - it would seem too daunting, yet we've done it with just a little bit of aid each year. (This was accomplished in two ways: education is our top priority, and I could squeeze lemonade from a stone.) If your family can justify why it can't make estimated contributions because of illnesses, job loss, or other extraordinary events, schools will listen - although not all schools guarantee to meet demonstrated need. You need to immerse yourself in the language of financial aid - need blind, guarantee to meet demonstrated need, merit aid, and how various forms of financial aid are retained in subsequent years. </p>
<p>It's important to include financial safeties in your mix of schools, and many students, as tokenadult points out, look to their state universities to fill that need.</p>
<p>When my younger brother enters college, I will be entering my sophomore year of college. Can I expect a significant change in my financial aid package?</p>
<p>Run the calculator with your brother not attending college, and then run the figures again with him attending college.</p>
<p>You'll get 2 different answers, and then you'll know the effect.</p>
<p>BTW - it isn't only the "top 10 schools" that are expensive.... private schools are expensive. As are many state schools for out-of-state residents. </p>
<p>Ways to limit the costs:<br>
- public schools within your state
- schools that will 'want' you and give you merit aid</p>
<p>You need to sit down and review the terms with your parents...</p>