Reply to How Good is A Score of 31 on the ACT?

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[quote=Anonymous][quote=Anonymous]From Harvard's financial aid page. See the word "loan".  You haven't done the FAFSA, the CSS or the IDOC yet, have you?  I have. It's not as simple as you think. YOu have to report info on your house (date of purchase, current value), your cars, all your assets, bank savings, income from any other source, etc.  It's not as simply as saying HHI of $170 = $20K obligation.  And most of the people on this board make more than $150 so the whole issue becomes moot.

"A variety of options

In addition to need–based scholarships, [b]we also offer financing options such as a parent monthly payment plan, various loan programs, and the opportunity to pre-pay tuition for four years at your freshman year rate.
[/b]
We will also help you find alternative sources of financial assistance, like research grants and student employment in our libraries, dining halls, museums, and academic departments."[/quote]

New PP who does not have a student at Harvard but does know something (apparently more than you do) about college admissions and financial aid. Any student can borrow money under the Stafford loan program. Harvard does not include ANY loans in its financial aid packages. If it determines that the family contribution is $20k, it will grant the student $40k+, all grants no loans (although perhaps assuming that the student will have a job that contributes a small amount.) But loans are available under the Stafford program no matter what Harvard (or any school) deems as need or itemizes in the aid package. So the family can choose to borrow some money to help them meet that $20k family contribution, or to take the place of the student having a job if for some reason the student doesn't want to or can't work.

Please note that if Harvard--one of the most generous schools in the country--deems a family contribution to be $20k, that is likely to be the lowest family contribution estimate the student gets from any school. So, e.g., UVA might deem that same family's contribution to be $25k and then offer a financial aid package that is just a Stafford loan of ~$4k per year to make up the difference between UVA's price and the $25k family contribution. (Note that of course, that's not really financial aid at all, or any kind of "gift" from UVA, since every student, regardless of family need, is eligible to borrow that amount under the Stafford loan program.) So for this family, it would absolutely be cheaper to go to Harvard than to UVA. Would it be even cheaper to go to community college and transfer to UVA? Maybe, but perhaps not as much of a difference as you might expect. Consider the cost of tuition at community college, food & housing (which would be included in Harvard's $20k), transportation (does the student need a car to get to community college?), etc., plus the $25k at UVA for each of two years plus the Stafford loan amount needed at UVA.[/quote]

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