How does Ivy League schoolsu2024 need-based financial aid policy work? Do they offer aid to everybody who can not afford costs?
The eight colleges that play sports together in the Ivy athletic league (Ivy League ) and many of the other elite Private universities like MIT, Duke, Stanford, Caltech, etc. offer Up To full financial aid to any student who Requested financial aid during the application process. (see below about Need-blind and need-aware).Most of those universities are Need-Blind for US citizens, permanent residents and legal refugees. However, most of those universities are Need-Aware in the admissions process for international applicants. Most need-aware colleges will Never prfinancial aid to an undergraduate student if they did Not request financial aid during the initial application process (freshman application or transfer application). Whereas a Need-Blind university will prfinancial aid whenever a student applies for the aid.However, the application can be a tedious process since the applicant and All of her/his parents must fill out a daunting amount of forms which must be verified by an independent agency in the applicantu2019s country (for the USA, the colleges rely upon the Federal IRS. Twice I had to wait for IRS verification when my son was requesting financial aid from Villanova in 2024 and 2013). You all fill out the FAFSA forms (US only) and the PROFILE forms (everyone else) and there may be another set of forms that are used.FAFSA - Free Application for Federal Student AidApply for College Financial Aid (PROFILE)I know families that:The college demanded complete bank statements for all of the siblings (under the age of 16) of the applicant to make certain that the family was not hiding money in the siblingsu2024 namesThe college demanded a huge amount of additional paperwork for families that owned a small business. Many colleges look at small businesses as places to hide moneyThe Plus side is that some applicants get full financial aid. For example recently MIT stated that 35% of the MIT undergraduates received financial aid in excess of the cost of tuition (i.e. MIT was also assisting with the cost of room and board and books/supplies)NOTE: All of the colleges look to the Family and the Applicant to determine an Expected Family Contribution (EFC). The colleges all expect that the student will contribute to that EFC. Therefore, do Not think that each Summer you will be lying on the beach somewhere for the entire Summer. The student is Expected to get a Summer Job each and every Summer prior to being an undergraduate at college and Earn several Thousand dollars (US) from that and Contribute that money to their education. Or, Borrow from the Federal Government (Direct Loans). Indeed, roughly 30% of the 2024 MIT graduating students with bachelors degrees owed an average of $20,000 in student loans. And this is at a college that guarantees up to full student aid. Every student has u201cskin in the gameu201d.I did Not borrow money to attend MIT as an undergraduate (1969 - 1973) and I worked an average of 10 hours per week as an intramural sport referee/umpire to make spending money. I graduated with no loans, but times were different back then.Need-Blind admission process, then you can apply for financial aid at Any time as an undergraduate.Need-Aware admission process, then you must apply for financial aid when you apply to the college or you may Never apply for financial aid from the college.FAFSA and PROFILE forms. Go online and read. Also use the net-price calculators that US universities are Mandated by the Federal Government to provide.Enjoy the financial aid application process (and for the males that includes registering with the Selective Service for the draftu2026) it is part of your overall education.