<p>I realize that there are numerous threads asking about Brown’s financial aid. My parents’ only problem with me applying to top colleges is our inability to pay. I don’t want to let that stop me from applying (and maybe even attending) those universities. </p>
<p>I live in Missouri, so I’m pretty sure that the income bracket is different. I know that I probably qualify for a decent amount of financial aid, but could someone please let me know of any catches about Brown’s financial aid packages? </p>
<p>Any advice on their financial aid, in general, is very much appreciated!</p>
<p>There are no catches, really. It is quite straightforward. You fill out the required CSS and the FAFSA and you wait for them to run the numbers through their formula. Depending on your and your family’s assets and income you are offered a package which may or may not include grant money and loans. It is solely dependent on need and not on merit. Also admission is need blind. All of this is readily available on Brown’s financial aid page.</p>
<p>Thanks so much! I guess I already knew that, but my parents think that I’m going to be in a massive amount of debt because of all the loans I’ll have to take out. </p>
<p>I know that Brown is pretty expensive, but it’s possible to make it somewhat affordable, right?</p>
<p>Your family needs to fill out the financial aid calculators on the sites for the schools you would like to attend. Most Ivies will meet a percentage of need (as THEY calculate it). In order to have a clear picture you need to know how much your family can/ will pay and how much the schools which you would like to attend will cost for your family.</p>
<p>Also, as of a couple of years ago, Brown, and many other schools eliminated loans for families of a certain income bracket and lower. You can check the schools’ websites for details. They replaced the amount of money that you would need to be loaned with an increase in grants. Some of those numbers have fluctuated with the shaky economy, so even if you think you know what the facts were a while ago, they might have changed. Brown has been very good to us. The FA increased for my daughter as she got older (she is currently a senior), and we only had to take out a small loan her first year. We have been very grateful.</p>
<p>While KatMIT gives good advice, I don’t think Brown has its own financial aid calculator on its website. But you absolutely should have your parents do an online financial aid calculator – both the federal and institutional ones. This will give your parents an estimate of what they will be expected to pay. </p>
<p>In terms of “catches,” – there are some situations where it is hard to predict financial aid, or where the amount may be less than expected. One such situation is if your parents are self-employed, own a business, or a farm/ranch. Another example is if you own a second, vacation home, especially one that was inherited or that you share with other relatives and so is hard or impossible to sell. </p>
<p>What you need to explain to your parents is that in many cases, you can graduate from a school like Brown with fewer loans than other schools – that’s because Brown promises to meet 100% of demonstrated need. Many colleges in this country don’t meet 100% of need, and so students take out loans to meet the gap between the aid and what they can pay.</p>
<p>Brown expects some contribution from parents and students. Like almost all colleges, it expects that students pay for college out of current income, past income (savings) and future income (debt). It is really important to fill out those online calculators BEFORE you make up your college list, and have a frank discussion with your parents about how much they are willing to spend. </p>
<p>Every family situation is different. There are some situations where students are not happy with the aid Brown offers, and either take out loans to fill the gap or decide to go elsewhere. Franglish gives an example where Brown was affordable for her family – and there are many students at Brown where financial aid has made this expensive education affordable.</p>
<p>Of course, I don’t expect to not have to pay for my education. I just can’t pay almost 55,000 dollars a year. I’m sure most people can’t. </p>
<p>My parents think that I’m going to be in hundreds of thousands of dollars in debt, but it can’t be that much because I know we qualify for quite a bit of aid.</p>