<p>Just recently I've begun noticing statements like "if your family makes less than 60,000 and you get accepted to a school like MIT/Stanford/Harvard you basically get in for free"</p>
<p>How true is this?</p>
<p>Very I know for a fact Harvard does it idk about the others. You know this is why they have college websites though…</p>
<p>
</p>
<p>Quite true. The top schools have enough money in their endowment funds to meet all demonstrated need. And most of these schools have determined that families making about $60,000 (or less) a year shouldn’t be asked to contribute anything, so the school picks up the tab.</p>
<p>Yep. However before you worry about it you should get accepted first.</p>
<p>Yea, it’s true. But you should check with each school first, before you start applying aimlessly thinking you’ll get a full ride to every school. Usually, the ones that are able to make such a statement are the ones that are the hardest to get into (like you mentioned, MIT/Harvard/Stanford). This is because they have high endowments, which = more financial aid money. </p>
<p>The income “cut-off” varies from school to school, so check with the office of admissions first.</p>
<p>The endowments of Ivies and other prestigous schools get huge donations by rich alumni. If you get accepted from a poor family, the school applauds your achievement.</p>
<p>“HYPSM” and co. are some of the most financially generous schools in the country.</p>