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[quote=Anonymous][quote=Anonymous]Is that the total cost of college or cost per year?[/quote]

The family described by OP would get $43K per year in financial aid. It essentially means that the hypothetical family would NOT pay tuition at Harvard. But, they would have to cover living expenses -  room, board, books, transportation home, etc. It is possible for students to be really frugally and spend much less than estimated by the college.

The simple fact is that most of the Ivies, Stanford, MIT, Caltech are so wealthy that their financial aid programs are much more generous than other colleges. Despite many people's perceptions of these schools as only for the rich, 70% of Harvard students receive financial aid and they aren't required to take loans. In contrast, just 35% of the students at UVa get financial aid and loans are the first piece of the aid package.  In almost all cases, a truly middle income family earning &lt;$100K with &lt;$200k assets (not including home equity) will find the elite schools less expensive than other colleges.

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