<p>I've come across a couple of threads here where students expressed concern over the cost of any Ivy League education. Moreover, some of you guys are actually precluding APPLYING to Ivies under the impression that they are absolutely unaffordable. ----YOU COULD NOT BE MORE WRONG----</p>
<p>Though getting into an Ivy League school certainly is one matter... the cost of attending should not preclude you to attend. The Eight Ivy League schools boast essentially the very best "financial aid" packages in the country.</p>
<p>For example, at Harvard, families making less than $80,000 (almost two times the national median) pay NOTHING. Families making up to $180,000 are MAX expected to contribute 10% of that towards education. </p>
<p>-Yale has a similar policy
-Columbia and Dartmouth recently reformed financial aid policies as well (at Columbia, families making under $60,000 pay NOTHING including room and board, books, food, and price is substantially reduced for those making up to $100,000 per year)</p>
<p>If you guys look at USNEWs' least debt, most of the Ivies are in the top 15, with Princeton at #1 with only on average of $4000 of debt and Harvard at #3. </p>
<p>The point is, don't let $$$ be an issue of whether you apply or not. The bottom line is, if you can get in, the Ivies will make SURE you have absolutely enough money to go. On the other hand... if your family is making $200,000 a year and simply does NOT want to pay that much for education... then that's different.</p>
<p>I know several of my friends in NJ who had to pay less at their respective Ivies than they had to at Rutgers (NJ state university)~</p>
<p>Top privates as well, like Stanford, have announced similar plans.</p>
<p>It is truly a great deal. </p>
<p>However, a potential problem I see developing, is that the universities will develop a two class system...one for poorer students who are getting a free ride and one for weathier students who have to bare the full cost, subsidizing the poorer/free tier.</p>
<p>To clarify, Dartmouth eliminated tuition for families with incomes lower than $75,000, replaced loans with scholarships, added need-blind admissions for international students, and removed earnings expectations for a leave term. Many of top schools have done a lot recently to reform financial policy.</p>
<p>I greatly admire the effort of these schools to make school more affordable. It is a noble effort on the part of the administrations. It will surely help make a college education much more affordable for many people. Though it won't benefit others in the slightest:</p>
<p>Cost for me to attend state school (4 years): $8
Cost for me to attend Harvard (4 years): apprx. $200,000</p>
<p>Ironically, I think I would be an idiot to go to Harvard.</p>
<p>But of course not everyone faces a similar situation. Bravo to these schools for reaching out and expanding financial aid options.</p>
<p>How much do you guys make to have EFC's in the 40k range? My parents made a little over 100k and our EFC was only $10,000. Consequently, we only paid $10,000 per year and I took out $8000 in loans and Cornell footed the rest. It was almost cheaper than attending Berkeley in-state. </p>
<p>Cornell's new FA policy has eliminated loans for families making under 75k and loans are capped at $3000/yr for those making under 100k.</p>
<p>
[quote]
How much do you guys make to have EFC's in the 40k range? My parents made a little over 100k and our EFC was only $10,000. Consequently, we only paid $10,000 per year and I took out $8000 in loans and Cornell footed the rest. It was almost cheaper than attending Berkeley in-state. </p>
<p>Cornell's new FA policy has eliminated loans for families making under 75k and loans are capped at $3000/yr for those making under 100k.
<p>For example, at Harvard, families making less than $80,000 (almost two times the national median) pay NOTHING. Families making up to $180,000 are MAX expected to contribute 10% of that towards education.</p>
<p>Does that include room and board? Or are they covering the cost of tuition only while the student/family is still responsible for room and board charges?</p>
<p>Yeah, I used to think the same thing last year about all private colleges. When, in reality, for the majority of us (middle class), it is actually cheaper at these top notch schools. Once I found that out, I decided that I would apply to private schools. It was the best decision I ever made in my life. </p>
<p>Although parents are not expected to contribute if they make under $60K, there is still a student contribution (approx $2K summer earnings/savings and $2500 work study)</p>
<p>Yes, I know. I already have like $1,500 saved since my birthday, so whatever I make from my job will be extra. And yes, work study is gonna be tight. I think I am gonna be a tour guide, or maybe a librarian. Most bad*** librarian ever. lol.</p>
YOU ARE RIGHT! We’ve got to get people to understand what a waste it is to apply to Ivies – the fee you pay only lines their already gold-plated pockets. 40,000 people apply – 2/3’s aren’t real contenders. Those kids are buying into the marketing. They aren’t being realistic about their chances of getting in. It’s crystal clear from this website and others the exact set of characteristics an applicant needs to be an actual contender. For everyone else, the ONLY part of YOU that gets into Princeton/Harvard/Yale/etc is you $75 fee.
It is unacceptable that Ivies with multi-millions in endowments advertise/market to underage kids the illusion of “everyone gets a chance” then Ivies take your fee and issue a standard denial. These are working-class kids! $75 is a lot of money, especially when you multiply that by several attempts at different colleges. I know some kids get a fee-waiver, but vast majority don’t.
Hey Applicants, it’s great to have dreams, but have realistic dreams, NOT delusions. Living in reality is SO MUCH BETTER and more satisfying than failing over and over at goals that were unrealistic to begin with.
The ivies are known for fantastic aid, and it’s true that they are generous with typical, low income accepted students. But the income limits is a very simplified view of the real story. Student assets count, for example. So your parents make $80k, but your child has a college fund with $100k. They will still be expected to use about 25% of their savings. Similar for any savings that you have, except for retirement accounts. So, for some families “in the middle” the offer is more complicated.
But, totally agree with the sentiment that financials shouldn’t keep you from applying if you think you have a chance.