Financial Aid for the Middle (High-Middle?) Class
Posted 29 Oct, 2007
For a long time now, lower-income students have been offered need-based federal and
school aid to help them attend college. Meanwhile, many middle-class families have struggled to meet the cost of college without the same benefits of aid. The tide seems to be turning in the elite colleges.
Some of the most prestigious U.S. colleges say they are going to offer a significant amount of financial aid to middle class families. The schools, which include Harvard, Duke, Georgetown, University of Pennsylvania and Stanford, define “middle class” as families who make more than $100,000 per year.
Need-based financial aid for families making over $100,000?
These elite colleges say yes. According to a recent article from The Boston Globe, Harvard grants families earning over $100,000 an average of $21,693, and Stanford offers about $30,000. That cuts the colleges’ $50,000 price tags down significantly.
But don’t take these promises to the bank quite yet. You won’t know exactly how much financial aid a college will award you until you are holding the final financial aid award letter in your hands, which can be as late as a couple of weeks before the deadline your child needs to let the school know whether or not he or she will be attending. Also, remember that even if your family is awarded $20,000 to $30,000 in free aid, you still would need to come up with $20,000 to $30,000 per year out of your own pocket.
The bottom line is that you shouldn’t let the “sticker price” of a school deter your student from applying. Elite schools are making more and more of an effort to make attendance affordable for families of all income levels, so if your child is believes one of those schools will be a good fit, you should give it a shot!
And don’t miss my next post & latest news!
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All the best,
Deborah Fox
Deborah Fox is the founder of Fox College Funding, a nationwide company that helps families find creative ways to reduce their college costs.
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Related Posts
For a long time now, lower-income students have been offered need-based federal and school aid to help them attend college. Meanwhile, many middle-class families have struggled to meet the cost of college without the same benefits of aid. The tide seems to be turning in the elite colleges.
Some of the most prestigious U.S. colleges say they are going to offer a significant amount of financial aid to middle class families. The schools, which include Harvard, Duke, Georgetown, University of Pennsylvania and Stanford, define “middle class” as families who make more than $100,000 per year.
Need-based financial aid for families making over $100,000?
These elite colleges say yes. According to a recent article from The Boston Globe, Harvard grants families earning over $100,000 an average of $21,693, and Stanford offers about $30,000. That cuts the colleges’ $50,000 price tags down significantly.
But don’t take these promises to the bank quite yet. You won’t know exactly how much financial aid a college will award you until you are holding the final financial aid award letter in your hands, which can be as late as a couple of weeks before the deadline your child needs to let the school know whether or not he or she will be attending. Also, remember that even if your family is awarded $20,000 to $30,000 in free aid, you still would need to come up with $20,000 to $30,000 per year out of your own pocket.
The bottom line is that you shouldn’t let the “sticker price” of a school deter your student from applying. Elite schools are making more and more of an effort to make attendance affordable for families of all income levels, so if your child is believes one of those schools will be a good fit, you should give it a shot!
And don’t miss my next post & latest news!
- Get updates via email
- RSS feed
- Subscribe to my FREE newsletter at Fox College Funding
All the best,
Deborah Fox
Deborah Fox is the founder of Fox College Funding, a nationwide company that helps families find creative ways to reduce their college costs.
Subscribe in a reader
Subscribe by Email
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