The BEST Schools for Financial Aid. Period.

Paying for College
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<p>~Sticky~
As college costs continue to rise, some exceptional institutions are ramping up their financial aid in order to not only keep up, but entirely eclipse the costs of attendance, with emphasis on lower- and middle-income students and their families.</p>

<p>Many schools claim to cover 100% of demonstrated need for admitted students. I want to list those that do so literally- with "Zero Loans" & "Capped Loans".</p>

<p>Zero Loans:
Princeton
Stanford
Davidson</p>

<p>Capped Loans:
University of Virginia* (@ 1/4 of annual in-state COA over 4 years)
Emory* (no more than $15,000 total if annual income is <$100K)</p>

<p><em>If a school gives NO loans to lower income students, but uses capped loans for middle income students, this school technically fits into both categories. Since the majority of students at this school will have some loans, though, put it in the "Loans Capped" category, with a star (</em>) next to it. </p>

<p>Please copy & paste just the lists, and then make your addition or correction. The latest post should then be the most up-to-date list.</p>

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<p>Not sure what you're talking about. All colleges include loans in their financial aid packges.</p>

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<p>sblake7, wrong.</p>

<p>Princeton does not include loans in its financial aid packages for low income students.</p>

<p>Doesn't Harvard have the Harvard Financial Aid Initiative (HFAI) and Yale have something similar? Northwestern and University of Chicago (the latter because of a recent $100 million donation) have excellent financial aid.</p>

4

<p>I stand corrected. Looks like Amherst, Penn, and a few others have no-loan policies for low income students, and Princeton has a no-loan policy for all students receiving need-based aid. Here's an article that's on point (second half of the article):</p>

<p><a href="http://www.dailypennsylvanian.com/home/index.cfm?event=displayArticlePrinterFriendly&uStory_id=7015d35b-a479-4a1e-b37c-cf59d8c0dea5%5B/url%5D"&gt;http://www.dailypennsylvanian.com/home/index.cfm?event=displayArticlePrinterFriendly&uStory_id=7015d35b-a479-4a1e-b37c-cf59d8c0dea5&lt;/a&gt;&lt;/p>

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<p>Cal-tech's Fin. Aid is really good.</p>

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<p>Stanford is not "0" loans.</p>

<p>GUIDING PRINCIPLES FOR LOW-INCOME UNDERGRADUATES</p>

<p>
[quote]
</p>

<p>Q. What exactly is the new policy?</p>

<p>A. Beginning in academic year 2006-2007, parents of undergraduate financial aid applicants whose total annual income is less than $45,000 will not be expected to pay for their children’s educational costs at Stanford. Parents with income between $45,000 and $60,000 can expect a pro-rated reduction in their expected parent contribution</p>

<p>Q. Does the new policy affect my student contribution or self-help expectation?</p>

<p>A. No. Students are still expected to contribute from their prior-year earnings (50% of after-tax income, minimum $1,700 for freshmen, $2,100 for all others) and from their own assets (35% of the current total value). Students are also expected to cover a self-help (student loan and/or work-study job) expectation of $5,500. Some students from lower-income families will have a lower self-help expectation.</p>

<p>

[/quote]
</p>

<p><a href="http://www.stanford.edu/dept/finaid/newpolicy.html%5B/url%5D"&gt;http://www.stanford.edu/dept/finaid/newpolicy.html&lt;/a&gt;&lt;/p>

<p>They have updated their policy to include middle income students and lowered loans but they have not been eliminated.</p>

<p>NEW POLICIES FOR STUDENTS
FROM MIDDLE-INCOME FAMILIES</p>

<p>
[quote]
Q. What exactly is the new policy?</p>

<p>A. Thanks to a significant increase in the total budget for need-based scholarship for academic year 2007-08, Stanford is able to make the following improvements to the financial aid program.</p>

<p>Student self-help (student loan and job earnings) expectation will be reduced from $5,500 for most students to $4,000. Under the new policy the loan expectation will be reduced from $3,500 to $2,000. Students still have the option to use outside merit awards to replace the self-help expectation.</p>

<p>Q. Why did the University do this?</p>

<p>A. Last year we implemented a new financial aid policy aimed at helping students from lower-income families (annual incomes under $60,000). But we realize that middle-income families also face a tremendous challenge in paying for a Stanford education. The new initiatives for the upcoming academic year will have the most impact on students from families with annual incomes between $60,000 and $135,000. </p>

<p>

[/quote]
</p>

<p><a href="http://www.stanford.edu/dept/finaid/newmidpolicy.html%5B/url%5D"&gt;http://www.stanford.edu/dept/finaid/newmidpolicy.html&lt;/a&gt;&lt;/p>

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<p>Actually Harvard's FA initiative states the following"</p>

<p>
[quote]
The Harvard Financial Aid Initiative (HFAI), announced by university President Lawrence Summers in March 2004, aims to reduce economic barriers to attending Harvard College by significantly expanding financial aid benefits to low and moderate income families. Students have long been admitted to Harvard regardless of their family's financial circumstances. They are chosen on the basis of their outstanding academics extracurricular, and personal qualities, with the hope that they will bring to Harvard the widest possible diversity of life experiences and intellectual perspectives.</p>

<p>Beginning in 2006, parents in families with incomes of less than $60,000 will no longer be expected to contribute to the cost of attending Harvard for their children including room and board. In addition, Harvard will reduce the contributions expected of families with incomes between $60,000 and $80,000

[/quote]
</p>

<p>they have not eliminated loans
<a href="http://www.admissions.college.harvard.edu/prospective/financial_aid/hfai/index.html%5B/url%5D"&gt;http://www.admissions.college.harvard.edu/prospective/financial_aid/hfai/index.html&lt;/a&gt;&lt;/p>

<p>there is still a self help portion of $3750 that will be met through a combination of work and/loans</p>

<p><a href="http://www.fao.fas.harvard.edu/fact_sheet.htm%5B/url%5D"&gt;http://www.fao.fas.harvard.edu/fact_sheet.htm&lt;/a&gt;&lt;/p>

<p><a href="http://www.fao.fas.harvard.edu/types_of_aid.htm%5B/url%5D"&gt;http://www.fao.fas.harvard.edu/types_of_aid.htm&lt;/a&gt;&lt;/p>

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<p>The following ivies also have low income initiatives including no loans for low income students (*income levels may be different at each school)</p>

<p>Brown
Columbia
Dartmouth</p>

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<p>OP: what is the "best" is rather subjective. Perhaps you should compare your story to those students that 1) got admitted to these schools, 2) got financial aid, 3)got the "Best" financial aid. 4) and finally matriculated to that school.</p>

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<p>First of all most schools that meet 100% of demonstrated need giving large amounts of grant and and low on loans are some of the most competive schools to gain admission to as HYP has single digit admissions rates. the rest of the ivies, elite lacs will have admissions rates of less than 20%. </p>

<p>Op should also keep in mind that wht s/he describes as best only pertains to the school meeting demonstrated need. Most of the elites do a really good job as far as the demonstrated need part is concerned and crafting a pretty decent package.</p>

<p>The real rub of the equation for many families is meeting the EFC, how much the school feels that family can afford to pay/borrow. There is often a big disconnect between what the college believes a family can afford to pay and what the family thinks they can afford to pay. Even then the "best" is a relative term as what your family may feel is a good deal, my family may feel that we would be living in the poor house. Each family and their financial situation is different. </p>

<p>So while Stanford may cap loans 2000 per year and UVA may cap loans at no more than 15%, for families making ~100k if you have a 20-25,000 EFC and you can write a check, are not in the postion to borrow the EFC (or parents flat out refuse to pay out this much), these are still not feaasible financial options for your family.</p>

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<p>Northwestern has the The Patrick G. and Shirley W. Ryan Family Scholarships:</p>

<p>"Northwestern will no longer require top students from low-income families to take out loans, but will replace the loan component of their financial aid packages with grants from Northwestern."</p>

<p>“It's important for Northwestern to play a leading role in ensuring access to higher education for students from all economic backgrounds” according to Northwestern President Henry Bienen. “By eliminating student loans for students from least well-off families, we will continue our mission of meeting the financial needs of all students who attend Northwestern. For these students we can eliminate the burden of paying off student loans that many students face upon graduation.”</p>

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<p>Vanderbilt has great needbased aid. They do include loans & FWS, but they package differently than most. If you pull out just the costs that other schools use in their award notification (tuition/room/board/fees) and take out the loans/FWS, the final cost ends up lower than many other less expensive schools.</p>

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<p>y would a low income person take a loan??? they would be more in debt!!!! y they might not give loans, they probably give scholarships and grants</p>

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<p>Low income students can take out loans against future earning power. The idea is that they will be able to get a decent job if they have a good education. Most students are theoretically low income, except those with nice trust funds in their names, because they don't actually earn enough money to pay for school. Students are the ones taking out the loans, not their parents. I realize it's more of a gamble for low income students to borrow, since mom & dad won't be able to pay the loan off for them if need be ... but I am not low income, and I also won't be able to pay off my kids' loans (I'll be old & retired by then) ... that is their responsibility. With that in mind, they ... just like low income kids ... need to borrow responsibly (that is, not too much!). </p>

<p>The problem for low income kids is if they go to a school that gaps their aid. If they have loans in the aid package AND they need to take out loans to meet EFC, then there are big problems. So it's not that low income kids shouldn't take out loans ... it's just that they need to be careful how much they borrow ... the same advice I would give any kid.</p>

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<p>Rice caps student loans to max of $14,625 for higher income, and less or no student loans for lower income people. They have good financial aid and merit aid. Outside scholarships reduce student loans and workstudy first.</p>

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<p>What is the loan policy for the UC schools for out-of-staters? Does a student who's family makes less than $40,000 a year have to pay anything for college?</p>

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<p>kansan, I don't know what the UC loan policy for OOS is, but from my experience and what I have heard from others, I'd expect it to be poor. Here is a page giving examples of FA packages for INstate:</p>

<p><a href="http://www.universityofcalifornia.edu/admissions/payingforuc/fin_aid.html%5B/url%5D"&gt;http://www.universityofcalifornia.edu/admissions/payingforuc/fin_aid.html&lt;/a&gt;&lt;/p>

<p>Look at the bottom of the page at the hypothetical person with a family income of 40k. Caveats: First, this is only an example, your fiancial specifics may vary the amount greatly, either up or down. Second, as an OOS student, COA will be 45k/yr, rather than the 23k that an instater pays. Personally, I doubt that they are going to make up the 22k/yr difference even if you are low income.</p>

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<p>See lists of "best buy" college. Off the top-of-my-head the first three are: Rice, Williams, and Grinnell. Of all the schools my S and D received FA offers from, Williams was the best (followed by UChicago, Mt. Holyoke and Barnard.)</p>

<p>Worst Package: Vassar.</p>

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<p>At what income level / asset level does the issue of receiving any financial aid become pretty much moot ?</p>

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<p>what determines if you are a low income student??</p>