Typical Yale or Harvard Financial Aid package?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
needfinaid
Posts: 12
Joined: Sat May 21, 2011 9:50 pm

Typical Yale or Harvard Financial Aid package?

Postby needfinaid » Sun May 22, 2011 1:17 am

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Last edited by needfinaid on Sun Dec 25, 2011 9:53 pm, edited 1 time in total.

Shloime
Posts: 110
Joined: Sat Dec 11, 2010 8:19 pm

Re: Typical Yale or Harvard Financial Aid package?

Postby Shloime » Sun May 22, 2011 1:59 am

Assuming you are single, your total COA is around $72,000. They will subtract from that your parents' "expected" contribution, which, based on my experience, I'm guessing will be under $5,000 in your case. Then they will subtract your own "expected contribution from assets," which will be 90% of your assets (cash, stocks, bonds, etc.) minus (I think) $2,500 allowed as "emergency funds." Then they will subtract $2,500 that they expect you can make during your 0L summer. Then they will subtract around $40,000 in mandatory loans that you must take in order to qualify for a grant. The balance will be your grant. So, in your case, assuming you have minimal assets, your grant would be around $20,000-$25,000. I may be leaving something out, but this is pretty much the equation.

Oh, and they don't care whether or not you actually work in your 0L summer, or how much your parents actually contribute, or how you spend your loans. They calculate "expected contributions" to determine your grant eligibility.

The above is all for Harvard, although I think Yale is very similar.




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