Posts tagged ‘Princeton’

May 7, 2013

‘Rich’ families get a sweet financial aid deal at the most selective universities

by Grace

For students who win the college admissions lottery and get in to the most selective universities, high income may not be a barrier to receiving financial aid.  Here are some examples.

HARVARD

2011-12 School Year:  About 240 families earning $180,000-200,00 received financial aid.

Beginning with the Class of 2016, families with incomes between $65,000 and $150,000 will contribute from zero to ten percent of income, and those with incomes above $150,000 will be asked to pay proportionately more than 10%, based on their individual circumstances. Families at all income levels who have significant assets will continue to pay more than those in less fortunate circumstances.

PRINCETON

2011-12 School Year:  99% of families earning $180,000-200,000 who applied for financial aid received grants that averaged $23,600.

Applicants receive aid based on their families’ financial need. We do not use income cutoffs when determining whether to award aid.  Any student whose family feels unable to afford the full cost of attendance is encouraged to apply for aid.

YALE

2011-12 School Year:  99% of families earning $150-200,00 who applied for financial aid were approved.  Grants for those 505 families averaged $26,500 each.

  • Families whose total gross income is less than $65,000 are not expected to make any financial contribution towards their child’s Yale education. 100% of the student’s total cost of attendance will be financed with a Yale Financial Aid Award.
  • Families earning between $65,000 and $200,000 (with typical assets) annually contribute a percentage of their yearly income towards their child’s Yale education, on a sliding scale that begins at 1% just above $65,000 and moves toward 20% at the $200,000 level.
  • There is no strict income cutoff for financial aid awards. Many families with over $200,000 in annual income receive need-based aid from Yale.

UNIVERSITY OF CHICAGO

2012-13 School Year:  59% of families with incomes above $120,000 who applied received financial aid.

The average University of Chicago aid applicant receives $37,500 in scholarships each year.

$160,000 income puts you in the top 10% of families in the United States.

Related:

Advertisements
November 30, 2011

Questbridge College Match – highly competitive but big payoff

by Grace

SELECTION PROCESS FOR QUESTBRIDGE COLLEGE MATCH

The QuestBridge National College Match helps outstanding low-income high school seniors gain admission and full four-year scholarships to some of the nation’s most selective colleges.

It is a highly competitive process that last year matched 310 students to top-ranked colleges such as Princeton, MIT and Wellesley.  Selection criteria include:

    • Academic achievements
    • Financial need
    • Additional criteria, such as parent’s level of education and extracurricular activities

The College Match application process is time-consuming and the odds of winning are less than 5%, but the payoff can be big.  Here is a profile of the 2010 award recipients.

Of the 310 National College Match award recipients:

• 77% were among the first generation in their family to attend college.
• 22% were 1st in their class.
• 80% were in the top 5% of their class.

SAT Score (CR + M)
• 9% scored above 1500.
• 29% scored above 1400.
• 61% scored above 1300.
• 89% scored above 1200.

Income
• 33% had family income less than $20,000.
• 79% had family income less than $40,000.
• 97% had family income less than $60,000.

Ethnicity/Heritage
• 32% Black/African American
• 32% Latino
• 17% Asian
• 16% White
• 3% Native American/Alaskan Native


Educators are encouraged to refer qualifying students to Questbridge.

Successful QuestBridge applicants are academically high-achieving students who have experienced challenges due to economic circumstances.

%d bloggers like this: