Typical Yale or Harvard Financial Aid package?
Posted: Sun May 22, 2011 1:17 am
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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.