<p>Okay, EA is over :D It's really the time to consider FinAid application :(</p>
<p>Can any one suggest an appropriate formula that MIT may use to calculate Family Contribution? I cannot use the CollegeBoard one, because I am in another country.</p>
<p>on a related note~~ is it too late to apply for MIT financial aid if i didn't mark it on my EA app? and if not... does anyone know the approximate maximum-income cutoff for need-based financial aid at MIT? thanks!</p>
<p>I'm currently a freshman at MIT. From what I've learned during my employment at the Financial Aid Office, expect approximatley 1/3 of your parents' income to be put toward your education, and roughly 1/2 of your own income. MIT also takes into account your parents' assets as well; if you've recently bought a house or car, it's probably going to hurt you financially as well.</p>
<p>If you'd like to discuss this further, please visit my MIT Blog at <a href="http://blogs.mit.edu/cappaert/%5B/url%5D">http://blogs.mit.edu/cappaert/</a> and contact me through there. I'm open to questions about anything, from admissions to fraternities to homework to financial aid (remeber, I work in the office... I have plenty of info)</p>
<p>Thanks!</p>
<p>Also, in response to "doubleespresso":</p>
<p>No, it is NOT too late to apply for financial aid regardless of what you marked on your EA application. All incoming freshmen applications are due by MARCH 1, 2005, including your FAFSA, CSS Profile, and income tax documents. In fact, your admission status is totally separate from your financial aid file.</p>
<p>So informative reply ;) Thanks a lot :)</p>
<p>Having a mortgage payment HURTS your financial aid package?</p>
<p>:( We just bought the first house I've ever lived in about three (?) years ago...</p>