<p>What do you think about the financial aid for families with 100-150K income at MIT? Do they get a good deal?</p>
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<p>I do not believe MIT has the same “generous” financial aid policies as say…Stanford or Harvard. If you took your EFC from FAFSA as a guide (keeping in mind that MIT also uses the Profile) here are my GUESSES as to your family contribution.</p>
<p>If your income is $100K, your family contribution would be between $25K and $33K.</p>
<p>If your income is $150K, your family contribution would be $37K and $49K.</p>
<p>NOW keep in mind that this is a guess…but my guess is it will be close. Because the Profile also is used, it could be higher or at least at the high end of my guesses. My guesses are 25%-33% of the gross income (in case you are wondering). </p>
<p>I would suggest you use an online financial aid calculator using the institutional methodology.</p>
<p>Only YOU can determine if this is “weak” need based aid. The only places where you would get “more” generous aid is places like Stanford and Harvard where family incomes up to $150,000 with TYPICAL ASSETS would get more aid. You don’t mention your assets (home equity, savings, etc) but these would factor into your aid even at these more generous schools.</p>
<p>Just curious…what kind of aid were you hoping for with an income that might be as high as $150,000?</p>
<p>Really $100,000 - 150,000 is alot of money what “aid” was expected??? A good “deal” is going to any college that your family can afford with minimal loans.</p>
<p>Here in Long Island, NY $100k-150k is not “alot” of income.</p>
<p>When an EFC is calculated is it adjusted for cost of living?</p>
<p>It’s true, 100-200k for a family is not as much in the NY Metro area than it is in other parts of the nation when adjusted to taxes, prices, etc. Do colleges or the FAFSA take area into account?</p>
<p>Momofthreeboys “Really $100,000 - 150,000 is alot of money what “aid” was expected??? A good “deal” is going to any college that your family can afford with minimal loans.”</p>
<p>I think I’ve heard this discussion before about financial aid for people earning decent incomes. While 100-150k is a lot, keep in mind that costs differ quite a bit accross the country. In my area, that income will allow you to purchase a middle class home of around $650,000 (about 50 years old, needs significant renovation, and is less than 2,000 square feet). Interest, property taxes, insurance and utilities will eat up as much as $41,000/yr. The maintenance costs of a 50 yo house are also significant. With fed/state income taxes and all the other expenses that they have I’ll bet that it’s difficult to find an extra $55,000 for little Johnny to go the MIT. If you are paying full freight at any of these mid 50k schools it’s hard to understand how the education is really worth it.</p>
<p>The only thing that is used to adjust the FAFSA regarding regional differences is that there is an allowance for state income taxes paid that varies by state. Beyond that there is no adjustment for cost of living. </p>
<p>Colleges using Profile can do whatever they like, since it’s their money they are allocating.</p>