Reply to UVA vs Cornell, Georgetown, etc. for in-state

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The recent HYP financial aid posts are so ill-informed as to seem intentionally wrong. They are FREE for people with HHI of under $65k and capped at 10% of HHI up to $150k. T[b]hen there’s a sliding scale of aid all the way up to about $250k b[/quote][/b]

No, it stops for all intents at purposes for SOME Aid (a pittance, like $3K) once you go over $150K.  Trust me.  File with FAFSA and say you make 300K and they will mail you back a laugh track.  Full ride for those under 65K as stated above - peanuts above until $150K.  Even with the peanuts UVA is a MUCH better financial and sound decision.  Strange how all of those universities have the same cut=off numbers.  Might be time for another antitrust suit aimed at the Ivies.  What frustrates me is that the recruiters won't tell the students the cut offs so they get all wound up thinking mommy and daddy can afford 80K to go to NYU, "But the counselor said they meet ALL NEEDS".  Well, that's "NEEDS" as determined by the federal government in the form of FAFSA.[/quote]

Do you have significant assets in addition to salaried income?  [/quote]

Isn't there also a Net worth cut off?  What if someone makes $150K HHI but has a net worth of $2M?  Will they get any aid or zero? [/quote]

Found the answer.  Harvard's Net price calc shows an estimated scholarship of Zero for an income of $150K (all sources) and a net worth of $2M for 1 or 2 kids in college (family of 5).   Same profile, 3 kids in college shows $11,350 in aid (cost of $58,600 per child).

It appears that the best course of action is liquidate all assets and buy a McMansion I really don't need for $2M.  Quit my job and take a 65K/yr job so college is free.  Otherwise, tough luck.

Someone with the level of income similar to the PP (the $300K income person) should have substantially more than $2M outside of their retirement account and Primary residence and therefore not qualify for much aid.[/quote]

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