Now that college acceptances have rolled in for many high school seniors, students will have to select schools based on fit, program quality, and financial aid.
While comfort level and college prestige are quite subjective, financial aid packages are an objective measure that students can assess if they are having a difficult time picking their top choice.
Financial aid decisions are, of course, determined exclusively by each respective financial aid office, and students and families should take note that free tuition and “no contribution toward the cost of education” are two separate things. When free tuition cutoffs are highlighted on school websites, that typically means that room and board costs are still fees that families must pay.
Below are the financial aid offerings that the eight Ivy League schools and Stanford – with newly updated financial aid guidelines – provide to students according to their financial aid websites.
Families with total parental earnings lower than $US60,000 are not required to make a parental contribution toward the cost of education.
For students coming from families with calculated total incomes of less than $US60,000 annually, parents are not expected to contribute to the cost of attendance. For students coming from families with calculated total incomes between $US60,000 and $US100,000 annually, Columbia offers a reduced parent contribution.
Families with total parent earnings less than $US60,000 are not required to make a parental contribution toward the cost of education.
Free tuition for students coming from families making less than $US100,000.
Students from families with incomes below $US65,000, will generally pay nothing toward the cost of attending Harvard College. Families with incomes between $US65,000 and $US150,000 will contribute from 0 to 10 per cent of income, depending on individual circumstances.
Students from families with incomes below $US40,000 will generally pay nothing toward the cost of attending UPenn. Some type of financial aid is available for families making $US180,000 or less.
Students from families with incomes below $US60,000, will generally pay nothing toward the cost of attending Princeton. Families who make $US120,000 or less will have free tuition.
Under its new policy, Stanford will expect no parental contribution toward tuition from parents with annual incomes below $US125,000 — previously $US100,000 — and typical assets. And there will be zero parental contribution toward tuition, room or board for parents with annual incomes below $US65,000 — previously $US60,000 — and typical assets.
Families with income less than $US65,000 are not expected to make any financial contribution towards their child’s education. Families earning between $US65,000 and $US200,000 will contribute a percentage of their yearly income, on a sliding scale that begins at 1% just above $US65,000 and moves toward 20% at the $US200,000 level.
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