Low-income hurts chances?

Applying to College
1

<p>Hey,</p>

<p>I just have a general question that I am curious about. Does being low income and in need of financial aid hurt your chances at top colleges like Harvard or Columbia, etc? For example, if you are under poverty line, and I guess you can add URM into the equation. How does this factor into admissions? Does it hurt or help your chances? I've just been wondering this question, and throughout the forum I think I've noticed mixed messages in regards to this issue.</p>

<p>EDIT: I should also mention the fact that Harvard gives free tuition to those families who make less then 40k right? So how does this information factor in?</p>

2

<p>Not at schools that gurentee to meet need, and have programs like Harvard, UPenn, etc...have.</p>

<p>Harvard does not give loans to families that make less than $60,000 a year.</p>

3

<p>What are some schools that give a free-ride if their parents make <$60K?</p>

4

<p>IsleBoy, can you clarify your reply... I am unsure what question you are answering...</p>

<p>Also, Harvard does NOT give loads to families that make less than $60 k a year? So what does this mean:
<a href="http://talk.collegeconfidential.com/showthread.php?t=164941%5B/url%5D"&gt;http://talk.collegeconfidential.com/showthread.php?t=164941&lt;/a> ??</p>

5

<p>Most schools that give need based financial aid do not give out "full rides" because there is an expectation that the student is gong to be an active participant in the financing of his/her education. This means there will be a student contribution from summer earnings and self help once the student is on campus in the forms or work-study and/or subsidized loans.</p>

<p>At Stanford:</p>

<p>Does the new policy affect my student contribution or self-help expectation?</p>

<p>A. No. Students are still expected to contribute from their prior-year earnings (50% of after-tax income, minimum $1,700 for freshmen, $2,100 for all others) and from their own assets (35% of the current total value). Students are also expected to cover a self-help (student loan and/or work-study job) expectation of $5,500 for 2006-07. Some students from lower-income families will have a lower self-help expectation.</p>

<p><a href="http://www.stanford.edu/dept/finaid/newpolicy.html%5B/url%5D"&gt;http://www.stanford.edu/dept/finaid/newpolicy.html&lt;/a&gt;&lt;/p>

<p>Princeton;</p>

<p>While Princeton has eliminated student loand, the student will still have a self help component in the form of a job and will still have an EFC where they will have to contribute from summer earnings.</p>

<p>Under Princeton’s financial aid policy student loans are not included in the initial financial aid award. However, student loans are available to help cover expenses beyond the standard student budget, or to replace a shortfall in expected summer or term earnings for aid recipients. Non-aid students may also consider taking a loan to assume responsibility for a portion of their expenses. In addition, parents can borrow to help cover their share of Princeton’s costs.</p>

<p><a href="http://www.princeton.edu/pr/aid/05/loans/%5B/url%5D"&gt;http://www.princeton.edu/pr/aid/05/loans/&lt;/a&gt;&lt;/p>

<p>Keep in mind that there will be other miscellaneous cost associated with attending college. These include: travel, books, computers, etc. which are not covered by the school.</p>

<p>Harvard states:</p>

<p>You will also have non-billed (out-of-pocket)nexpenses for books, personal and travel expenses — costs which will vary depending on your own
style and habits. For purposes of determining your eligibility for financial aid, we are using a combined book and personal expense allowance
of $2,795.</p>

<p>Student Contribution</p>

<p>***We normally expect that incoming students willnearn money for college expenses by working during the summer. We believe a reasonable goal for
this summer in most cases is $1,500, or approximately $150 per week during the summer vacation period. (Summer expectations for upperclass
students are higher due to a longer summer working period.)</p>

<p>If you are not able to save enough from your summer earnings
to meet part or all of the expectation, it may be possible for you to borrow an additional amount.***</p>

<p><a href="http://www.fao.fas.harvard.edu/downloads/understanding_your_award.pdf%5B/url%5D"&gt;http://www.fao.fas.harvard.edu/downloads/understanding_your_award.pdf&lt;/a&gt;&lt;/p>

6

<p>hey, so how does this factor in admissions? Are lower income students less likely to be accepted since the school will have to spend money? Is more expected from lower income students? Or is lower income given extra advantages, like if you are a URM?</p>

7

<p>Both schools you have mentioned are need blind in admissions which means your ability to pay will not be a factor in the admissions decision.</p>