Financial Aid in the Top Universities

Part of my American Dream is to give my daughter a better life than I had growing up. By giving her access to this part of society, she will have opportunities that I didn’t have. The underlying assumption underneath this aid, and the education it brings is that education opens doors within society and gives access. Without those associations and “pedigree,” certain doors won’t open.

The trend is for upper tier universities to expand financial aid so those from low, middle and upper middle income families will be able to afford the cost of attending such prestigious institutions. As the school leader of a secondary school who’s mission is to connect all students with college success, cost of attending college is a major concern for many of students. They may be able to achieve academically, but cost impedes their application and admission. Now cost is not a concern at the following institutions.

Hopefully these radical changes in financial aid structure will remove the barriers to a high quality education that lower income families face. I just wish this happened about 15 years earlier. Maybe I would have had an Ivy League Bachelors. I’m determined though to push myself to get the PhD from an Ivy institution.

Stanford Set to Raise Aid for Students in Middle:

• If your family makes less than $100K/year= no tuition
• If your family makes less than $60K/year= no room & board fees
• Tuition in 2008-2009 is $36,030. Room and board will add $11,182.

Yale Plans Sharp Increase in Student Aid

• If your family makes less than $60K/year= no contribution to cost of education
• If your family makes between $60K-120K/year= contribute between 1-10% of the total family income
• If your family makes over $120K/year= average contribution will be 10% of income
• Yale is also working to reduce the need for student loans.
• This information was found here.

Harvard’s Aid to Middle Class Pressures Rivals

Never Having to Say ‘Too Expensive’

• If your family makes between $120-180K/year= costs at Harvard will be limited to about 10%, or a maximum of $18K.
• If your family makes less than $60K/year= you can attend Harvard virtually free of charge

University of California, Berkeley

Robert J. Birgeneau, chancellor of the University of California, Berkeley, where total costs are roughly $25,000, said, “My intention, frankly, is to use the Harvard announcement to try to exert pressure on the government of California to increase resources for financial aid.” (quote found here)

Princeton University

• If your family makes less than $53,500/year: Combined grants and student earnings cover costs. Parents’ contributions may range from $500 to $3,000, if families can afford it. Average grant in this range is $43,900
• If your family makes between $53,500 and $75,000/year: Families are expected to contribute more than listed above, and 100% of families qualify for financial aid. The average grant in this range is $38,300
• If your family makes between $75-150K/year, more than 90% of students in this category qualify for aid. The average grant in this range is $27,300.
• If your family makes over $150K/year, the expectation is that families can afford to pay more money for an education. With that said,

more than 80 percent of aid applicants from families with incomes between $150,000 and $200,000 received awards with grants averaging $17,100. Even among families with incomes above $200,000, one third of those who applied for aid received packages averaging $12,800. In most cases, these families have more than one child in college or other special circumstances that affect their eligibility for aid.