The vast majority take out loans, so there's no reason wealthier families should be exempt from this "requirement". Stanford does the same for undergrad -- free for students with HHI <$250k/yr. It's perfectly reasonable.
Stanford does the same for undergrad -- free for students with HHI <$250k/yr. It's perfectly reasonable.
Lots of highly ranked schools and Ivy's have similar policies. It's often cheaper for a middle class family to have their kid go to an Ivy for essentially free than it is to deal with tuition for a state school, even with grants and scholarships and such.
There's an argument to be made you're encouraging people to just reduce their own income up front.
I'd have to look at their financial aid calculator, but I suspect a high income earning family could just reduce their income a bit and qualify for vastly more aid.
It's really rare that this would be an issue, but the way to fix it would be to do what the tax system does and say it's free up to $235,000 and give $1 or 50¢ less for every dollar earned over that. The downside is that the administrative burden added by that probably costs similarly to any high earners intentionally taking a pay cut to mooch off them.
Yes along with the risk you take in reducing your income... you quit a job (leaving a hole in your resume), or you ask for a pay decrease (hurting your future earning potential)?
Well let's flip it around. Your Mom gets laid before you enroll.
Do you just find 65k even though your family had a massive reduction in income.
I don't like the financial aid system in general, it's really bad for young adults with rough backgrounds. Not everyone has a good relationship with their parents.
I don't like the financial aid system in general, it's really bad for young adults with rough backgrounds. Not everyone has a good relationship with their parents.
Having gone through the community college and state university system, it wasn't that uncommon to hear students say "my parents make too much for me to get aid, but they don't contribute to my schooling" when discussing financial stuff.
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The vast majority take out loans, so there's no reason wealthier families should be exempt from this "requirement". Stanford does the same for undergrad -- free for students with HHI <$250k/yr. It's perfectly reasonable.
Lots of highly ranked schools and Ivy's have similar policies. It's often cheaper for a middle class family to have their kid go to an Ivy for essentially free than it is to deal with tuition for a state school, even with grants and scholarships and such.
There's an argument to be made you're encouraging people to just reduce their own income up front.
I'd have to look at their financial aid calculator, but I suspect a high income earning family could just reduce their income a bit and qualify for vastly more aid.
It's really rare that this would be an issue, but the way to fix it would be to do what the tax system does and say it's free up to $235,000 and give $1 or 50¢ less for every dollar earned over that. The downside is that the administrative burden added by that probably costs similarly to any high earners intentionally taking a pay cut to mooch off them.
This seems like an edge case though. Unless this is the actual-norm, why optimize for something happening infrequently?
There is no 100.000% perfect solution, but a 99.9995% one isn't terrible.
Yes along with the risk you take in reducing your income... you quit a job (leaving a hole in your resume), or you ask for a pay decrease (hurting your future earning potential)?
It’s assessed to show income is less than Y over X number of years. So reducing income right before going to Johns Hopkins would not normally qualify.
Well let's flip it around. Your Mom gets laid before you enroll.
Do you just find 65k even though your family had a massive reduction in income.
I don't like the financial aid system in general, it's really bad for young adults with rough backgrounds. Not everyone has a good relationship with their parents.
Having gone through the community college and state university system, it wasn't that uncommon to hear students say "my parents make too much for me to get aid, but they don't contribute to my schooling" when discussing financial stuff.
Dr Freud would be proud.