I was accepted at Yale SCEA and recently received “Likely Letters” from two other Ivy League schools. Additionally, I am a finalist for two merit-based scholarships (one full-ride, another full tuition plus a research grant) at two “Public Ivy” institutions. Research has led me to believe that Yale and the other Ivies consider them to be peer schools.
I am ineligible for financial aid at Yale (due mainly to home equity), and my family does not have the resources to pay 63k each year. Our income is approximately 170k, but we also live in an area where the cost of living is 40% above the median. I have one sibling in high school.
Contingent on whether or not I am fortunate enough to receive these scholarship offers, might I be able to negotiate a more favorable financial aid package from Yale (or the other Ivies)? Am I able to leverage offers? Even a reduction of 10k would be helpful, as I am applying for other scholarships.
If it makes a difference, I am a URM female.
Any advice would be greatly appreciated. I feel extremely grateful for all of the opportunities that I have been granted, but I am still hoping for a way to attend my dream school.
My understanding is that Ivy League schools don’t really do merit aid per se but they do have generous need-based aid even for higher-income families. I would definitely reach out to Yale and possibly the other two schools once you are more certain about them. They might be able to work with you especially if you can give them a realistic ballpark number of what you need to attend. The way I see it is… it can’t hurt, right? The absolute worst case scenario is that they say “no” and you go to some other equally good school that you can afford. It’s not much of a downside, so asking would make sense.
Realistically, this is what I expected. I suppose the most I can do is hope for the best, but I certainly won’t hold my breath. In the meantime, I’ll refocus my energy onto other more affordable options which I am very excited about.
Yes. We received the official statement back from Yale that they were unable to offer me any financial aid. As for the other two schools, the NPC shows the same results (or lack thereof). This being said, we have not spoken with the financial aid office personally, though it seems unlikely that it will make a difference. I definitely plan to call in once I receive all of my admissions results.
So you are being refused aid from Yale with a gross income of 170K? Are there significant other financial investment like second properties etc in the mix?
Home equity in the house they live in, or another house? Equity or EQUITY LOL? Sharing the salary makes such a decision seem so arbitrary, but if the equity is so very significant, sympathy might be less forthcoming.
@alfonsia: The former. My parents have been responsible in paying their mortgage (though our house is by no means paid off), and our home has also appreciated in value over the past 15 years we have lived in the area.
@mom2collegekids: Yes, it is our primary home and my parents do not own any other properties. My parents had planned on spending ~30k per year on my education, as we assumed that I would attend an in-state public university. They would be willing to pay 40-45k per year considering the situation, but it would be a stretch for them.
@Alfonsia: Yes, they are still paying off their mortgage, and they have also been very honest and open with me regarding our financial situation. Ivy League schools were never a serious consideration for us until this past year, and even then we didn’t bother to run NPC until this fall. Considering that 99% of families in our income bracket get aid, the result came as quite a shock.
It is OK for you to communicate with the financial aid offices, and ask them to talk you through the formula that they use. This will help you determine whether there are any points where the information may not be accurate, which would allow for a reconsideration of your package.
A year or two ago one father of a heavily recruited athlete did report here that he was able to negotiate for a significantly better aid package at one of the need-only Ivys. But there were several other big offers on the table, and a bunch of coaches that really wanted that athlete.
And it’s also possible they simply miscalculated the value of your home. In my experience, they do not rely on your assessment of the value of the home - they calculate the value themselves, using standard parameters for that neighborhood, square footage, etc. And it’s possible they got it wrong. So, yes, talk to them about how they calculated your ability to pay, and ask if any additional documentation from your family would support reconsideration.
OP, this must be rather stressful – the way you are handling it sounds like you are taking it with both grace and maturity.
Our S is also an early admit. Congratulations to you! Wherever you end up, you will succeed. Many many intelligent and talented kids apply and would do well there. You must be both brilliant and lucky
We, too, learned that Yale takes home equity into account. I think I read that they have an “allowance” (for lack of a better word) of assets up to 200,000? Did you use your home’s assessment or market value? For market value, we looked up our home on Zillow. You seem to think that you have had final word from Yale. Are you saying that you already had a review? Did you print out the review request form, and make any revisions on the CSS/P?
Okay my last point. If you have rec’d “likely letters” from two other Ivy League schools, be aware that Yale is unlike others because of the home equity. In other words, if home equity really is the issue, there is a chance that you may do better under another school’s formula which does not factor it in.
Are either of your parents self employed or own their own businesses?
While you have a home with a lot of equity, is it a one family home or a two family home where rent is collected?
Are your parents placing a lot of money in a 401k or other retirement fund?
You can ask for a financial review if there is something in your financial situation that you think that Yale missed. Are there un reimbursed medical expenses? Are your parents caring for their elderly parents?
Unfortunately, the only way to get FA from any school is to show you have FA from another peer school and their calculations might be little lopsided. Unfortunately Yale seems to consider home equity.
