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Old 01-23-2012, 05:12 PM
 
Location: Foot of the Rockies
85,056 posts, read 99,087,775 times
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There is nothing in Yale's financial aid policies about income-based tuition. In fact, they supply a tuition and fees amount of $40,500; room fee of $6700, and board fee of $5500. They do say they meet 100% of need, but that is determined by them, not the parents with the usual FAFSAs, etc. They have an expected student (in addition to family) contribution of $1500 for freshmen and $2750 for upperclassmen. Summer earnings are also expected.

Yale University Financial Aid
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Old 01-23-2012, 05:43 PM
 
20,793 posts, read 52,527,702 times
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Quote:
Originally Posted by Katiana View Post
There is nothing in Yale's financial aid policies about income-based tuition. In fact, they supply a tuition and fees amount of $40,500; room fee of $6700, and board fee of $5500. They do say they meet 100% of need, but that is determined by them, not the parents with the usual FAFSAs, etc. They have an expected student (in addition to family) contribution of $1500 for freshmen and $2750 for upperclassmen. Summer earnings are also expected.

Yale University Financial Aid
From the Yale Website:

The Financial Aid Package
A financial aid award typically includes a need-based Yale Scholarship and a student contribution (which consists of a term time job and student income). Students are not expected to take out loans. Yale financial aid covers 100% of demonstrated financial need for all undergraduates.

Good News on Cost of Yale
Financial aid is based on the total cost of attendance: $55,850 for academic year 2011-2012, which includes tuition, room and board, books and personal expenses. Families whose total gross income is less than $65,000 are not expected to make a contribution towards their child’s Yale education. Roughly 57% of Yale students receive some need-based financial aid. FAQs
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Old 01-23-2012, 05:52 PM
 
Location: Foot of the Rockies
85,056 posts, read 99,087,775 times
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Quote:
Originally Posted by golfgal View Post
From the Yale Website:

The Financial Aid Package
A financial aid award typically includes a need-based Yale Scholarship and a student contribution (which consists of a term time job and student income). Students are not expected to take out loans. Yale financial aid covers 100% of demonstrated financial need for all undergraduates.

Good News on Cost of Yale
Financial aid is based on the total cost of attendance: $55,850 for academic year 2011-2012, which includes tuition, room and board, books and personal expenses. Families whose total gross income is less than $65,000 are not expected to make a contribution towards their child’s Yale education. Roughly 57% of Yale students receive some need-based financial aid. FAQs
Do you have a link for the bold? Because I'm not seeing it.

ETA: Never mind, I found it, but not on the fin. aid website! But in this day and age, $65K gross income is not much!
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Old 01-23-2012, 07:22 PM
 
15,807 posts, read 13,245,149 times
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Quote:
Originally Posted by Katiana View Post
Do you have a link for the bold? Because I'm not seeing it.

ETA: Never mind, I found it, but not on the fin. aid website! But in this day and age, $65K gross income is not much!
That is true for most of the IL now.
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Old 01-23-2012, 07:23 PM
 
15,807 posts, read 13,245,149 times
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Quote:
Originally Posted by golfgal View Post
My DH is a very gainfully employed economics major with no graduate school as are a lot of his co-workers. Economics majors are very much in demand.

Maybe Cornell specifically hasn't jumped on the income based tuition bandwagon but the rest of the Ivy's have.
No they have. One of my students went free ride last year there because her mom was below the income requirements.
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Old 01-24-2012, 11:27 AM
 
Location: here
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Quote:
Originally Posted by Mightyqueen801 View Post
My daughter's class valedictorian was accepted into Columbia, but Columbia didn't offer any money. Her parents had to tell her no. They just couldn't afford it. She went to the state university instead (Rutgers). In that case, the parents remained firm and their daughter went along with her parents.

OTOH, I am getting into debt for my daughter's education. (So is she, and so is her father.) That was my choice.
I guess I don't see how the parent can flat out say "no" if the student is willing to take out loans for it.

Quote:
Originally Posted by gentlearts View Post
I have not read the entire thread, but as the parent of grown children, I can tell you how this works.
Your kid should apply to his ideal schools. He either will, or will not, qualify for financial aid and scholarships. He should also apply to state schools as back up.
If your kid is dumb and mediocre, he will get in to some schools but you will have to pay for it.
wow. You couldn't think of a better way to phrase that?
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Old 01-24-2012, 11:29 AM
 
Location: Philadelphia, PA
3,388 posts, read 3,233,658 times
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Quote:
Originally Posted by Kibbiekat View Post
I guess I don't see how the parent can flat out say "no" if the student is willing to take out loans for it.
I may be wrong on this, but isn't there a cap on loan amounts (i.e., even if the max loans are taken, still having expenses left over)?
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Old 01-24-2012, 11:30 AM
 
Location: here
24,483 posts, read 28,837,213 times
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Quote:
Originally Posted by eastwesteastagain View Post
I may be wrong on this, but isn't there a cap on loan amounts (i.e., even if the max loans are taken, still having expenses left over)?
I don't know. ??
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Old 01-24-2012, 11:33 AM
 
Location: Philadelphia, PA
3,388 posts, read 3,233,658 times
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Quote:
Originally Posted by Kibbiekat View Post
I don't know. ??
These are the aggregate max amounts for Stafford loans (31K max for undergrad aggregate). I suppose one could do private loans, in addition???

Student Aid on the Web
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Old 01-26-2012, 05:42 PM
 
Location: Montgomery County, MD
3,241 posts, read 3,159,405 times
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I remember because I was one of the top people in my class, had high SATs, tons of extracurriculars and am Latino, I got offered full or near full scholarships to several decent schools. My mother would actively intercept my mail before I got home from school, which was usually not at the regular school dismissal time because I was in clubs and went over friends houses and such. Only by the grace of god did I meet with the lady from my school's career center; she pulled me out of class and said she was concerned that I wasn't applying to all these schools that were offering me scholarships (being in the Career Center, she had recommended me for these). I told her I had no idea what she was talking about and that I hadn't gotten letters from any of these places. I became suspicious and a few days later i saw this letter from a college shredded up in the trash offering me a scholarship. I confronted my mom about it and she admitted she didn't want me leaving town to go to one of those colleges and tore up every out of state letter I got!

Don't be like that parent, if your kid wants to leave just let them or they will resent you the rest of their life. I did eventually get a full scholarship out of state but I missed some amazing opportunities due to missing out on filing deadlines.
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