Hi! I was hoping for some advice on how to approach asking for more aid from MIT. As I said in another thread, I have a full (merit) ride to UMD, and got a better fin aid package from Yale (a few thousand less a year but certainly makes Yale more affordable), and my dad is making less money now due to COVID19 since he no longer works overtime but I’m not sure how to prove that. I’m wondering how to go about this or if I should include Yale’s fin aid package in my email to fin aid counselor. Thanks!
Yes you say MIT is your top choice but your net cost at Yale is better. See if they will reconsider.
IIRC, Yale has more generous need based aid for even higher earners…but you can still ask.
Your merit award at UMD won’t matter to MIT or Yale at all.
Are MIT and Yale affordable? That full ride to UMD is a very nice deal!
Yale is affordable, MIT is pushing it I think but not totally sure
Unfortunately, you’re not in a position to negotiate. I’m usually a big believer in full ride scholarships. If you can afford Yale, than that’s good too. A full ride will completely solve the problem, and that’s my advice.
I’d get in touch with the FA counselor and let her know you’d prefer MIT but parental income has dropped due to Covid19. You can mention that the Yale FA makes it a bit more affordable but I wouldn’t expect MIT to match the way an Ivy would (different policies). You should be able to provide pay stubs to show parental loss of income. I’d ask how realistic the student earnings expectation is, especially with potentially ongoing work at home directives, and what the loan options are. (Point out that you likely won’t have earnings this summer).
Then I’d sit down with parents and get a straight answer about what they can afford and how they will do it. You mention in the other thread that your family contribution is around 20k. My guess is that you’re going to find you can make a big dent in that with your earnings and a small student loan. Or maybe your parents have a plan to cover their portion with a home equity loan. Honestly, most MIT students will be able to cover this entire amount the last few years with summer internship earnings, and any loans you do take will seem small compared to your starting salary.
But if you like Yale or UMD better, go to one of those.