Do I Make Too Much Money To Get Financial Aid?

In Blog by Suzanne Duncombe

One of the many concerns often cited is that someone makes too much money to get financial aid.

The only area this affects is the need based aid category. Students can qualify for Merit based scholarships regardless of parents income. For the California State schools, need based aid only comes in the form of state and federal grants for incomes less than $60,000. As the schools are already subsidized, need based aid typically is not awarded, while Merit Scholarships are. For private schools, need based aid comes into play. A $100,000 income is expected to pay about $20,000 toward their education, but for schools that cost as much as 50 and 60 thousand, the school awards the rest on need and merit grounds. The elite schools (the Harvards, Yales, and Stanfords), merit is not a factor as all students who attend are worthy of merit in some way. But if you get in, those schools make sure you can afford it in the form of scholarships from endowments and smaller Federal loans, that make up the difference. Contact a licensed financial professional to see where you stand with the schools you are considering, and see what you can do to increase your financial aid.