fbpx

Financial Aid for Ivy League Schools

Table of Contents

Share This Post

The Ivy League is incredibly prestigious, and they and a few Ivy+ schools (Stanford, MIT, Caltech, UChicago) are considered the elite among top colleges. With this prestige comes a hefty price tag, however. Tuition alone at these schools surpasses $50,000 a year, and that’s before considering the cost of housing, food, books, and other needed supplies. Four years of school can set families back $250,000 or more.

These schools realize that this is more than many students and families can handle, and many have generous financial aid packages. Unlike most colleges, however, the majority or entirety of the financial aid they offer is need-based. In this article, we’ll go through the financial aid offerings of these schools, who qualifies, and how to apply. 

CSS Profile, FAFSA, and IDOC

To apply for financial aid at any of these schools, you will need to complete the CSS Profile and the Free Application for Federal Student Aid (FAFSA). You can learn more about completing these in our article on financial aid. The College Board runs a secure document transfer service that many colleges use as well. This is called the Institutional Document Service (IDOC) and allows you to securely send tax returns to schools. These are required by many institutions.

If you are receiving scholarships from an outside source, these also need to be reported to the school. These can impact how much aid you are awarded by schools.

Harvard

Harvard only offers need-based aid, but they are very generous with it; the average family contribution after aid is only $12,000, with 20% of families paying nothing at all. Families who earn less than $65,000 per year pay nothing, while families earning less than $150,000 pay 0-10% of the listed tuition cost; those earning more pay more proportionally. This covers both tuition and other expenses associated with the school.

The school also takes into account any special circumstances your family has, such as changes in the financial situation from year to year, other children in college, or loss of income. 

To apply for financial aid, you must complete the CSS Profile and FAFSA, as well as directly submit copies of your tax returns to Harvard. This is explained on their website. All students are considered for aid, and financial need does not impact admissions decisions. The deadline for submitting these forms depends on when you apply.

Yale

Yale only offers need-based scholarships; they do not grant financial aid based on merit. Families who earn less than $65,000 per year pay nothing, and 64% of all students receive some amount of financial aid. Families earning up to $250,000 per year can qualify for need-based aid. Loans are not included or considered in financial aid awards, and 84% of students graduate entirely debt free.

Financial aid covers not just tuition, but other expenses, including housing, meals, and books. You are required to submit signed copies of your tax returns to the school in addition to completing the CSS Profile and FAFSA. Deadlines depend on when you apply to the school.

Columbia

Columbia only offers need-based aid and does not award scholarships for merit. They are need-blind for domestic students and cover full demonstrated financial need. Families earning under $60,000 per year pay nothing, and families earning up to $100,000 automatically qualify for some aid. There are no hard income cutoffs when considering financial aid awards for students. Financial aid only comes in the form of grants or work-study; loans are not included or considered in awards.

To apply for financial aid, you need to submit the CSS Profile, FAFSA, and copies of your tax returns. The deadlines for financial aid applications depend on when you applied to the school.

Cornell

Cornell only offers awards based on need, not on merit. The school has pledged to meet the financial need of all New York residents, with the expected family contribution based on income. Families earning below $60,000 per year pay nothing and are not expected to take out loans. Families earning more than this do have loans included in financial aid calculations. Students from around the country also have all financial needs met, though financial aid for international students is limited based on availability. The total cost of education also varies based on which undergraduate school you are attending, though aid is all handled centrally.

To apply for aid, you must complete the CSS Profile, FAFSA, and submit tax returns to Cornell. Deadlines vary based on when you apply.

Dartmouth

Dartmouth offers need-based financial aid to all students but does not offer any merit aid. They have pledged to meet the full financial need of all students. Families earning less than $65,000 will pay nothing, families earning $125,000 or less will have at least the cost of tuition covered in full, though not necessarily other costs associated with attending. There is no hard cap on aid based on income; each family’s circumstances are weighed when determining aid awards. Loans are only included in financial aid awards for families earning more than $65,000 per year.

To apply for aid, you must complete the CSS Profile, FAFSA, and submit tax returns to Dartmouth. Deadlines vary based on when you applied.

Penn

Penn only awards need-based financial aid and does not give grants for merit. They are committed to meeting all demonstrated financial needs. Families earning less than $65,000 per year have all costs covered, and families earning less than $140,000 per year have at least tuition expenses covered. Penn does expect students to contribute to their own education, with the money they earn during the summer. Loans are sometimes included in financial aid awards.

Students who are of exceptional high financial need gain access to additional resources. Families earning less than $65,000 per year, or who have expected contributions of $4,500 per year or less may take advantage of these resources.

Students must apply for financial aid by submitting the CSS Profile and FAFSA, and by submitting tax forms. Penn has its own document submission form for tax returns and does not use IDOC.

Caltech

Caltech only offers need-based aid and does not grant scholarships based on merit. They are committed to meeting all demonstrated needs; each family’s situation is evaluated individually to determine what contribution (if any) they are expected to make. Students are also expected to contribute to their educational funding, with earnings from work over the summer or during the school year. Loans are part of financial aid award packages.

To apply for aid, you must complete the CSS Profile, FAFSA, and submit tax returns to Caltech. Deadlines vary based on when you apply.

MIT

MIT only offers need-based aid and does not grant financial aid based on merit. MIT meets all demonstrated financial need and admits students without considering their ability to pay. Each family’s expected contribution is determined, and grant aid is used to make up the difference. Loans are used to subsidize other financial aid offered.

To apply for aid, you must complete the CSS Profile, FAFSA, and submit tax returns to MIT using IDOC. Deadlines vary based on when you applied.

Stanford

Stanford only offers need-based aid and does not grant aid based on merit. Stanford is committed to meeting all demonstrated financial needs. Families earning less than $75,000 per year are not expected to contribute anything, and families earning less than $150,000 have their full cost of tuition covered. Families with an income above this may still qualify for aid, especially if they have multiple children attending college. Students are expected to contribute to their own educational funding, both through summer earnings and through work-study programs on campus. Loans are not a normal part of aid awards but may be taken out if students do not want to participate in work-study programs.

To apply for aid, you must submit the CSS Profile and FAFSA. You must also submit tax returns, though Stanford has their own portal for doing so, and does not use IDOC.

UChicago

UChicago awards both need-based and merit-based aid. They are committed to covering all demonstrated financial needs from students. Families earning less than $60,000 per year have all expenses covered, and those earning less than $125,000 per year have tuition fully covered. Families earning more than this may still qualify for need-based aid. Families earning less than $125,000 per year do not need to take out loans as part of their financial aid package. Work-study is sometimes included as part of an aid award.

All students who apply to UChicago are automatically considered for merit-based aid, with no additional documents necessary. To apply for need-based aid, you need to submit the CSS Profile and FAFSA. You must submit tax forms as well, using UChicago’s own portal, rather than IDOC.

Final Thoughts

All of these schools are very expensive, but all also offer a great deal of financial aid. We recommend applying for financial aid at the same time as you submit your college applications. This way, you can compare financial aid offers when deciding which school you should attend. While we have only described a few elite schools here, you can find this same information on the website of any college you apply to; both who is eligible for financial aid, and the documents you need to qualify.

If you want help choosing the best schools to maximize your chances of financial aid, or want advice on some other aspect of admissions, schedule a free consultation with us. We advise students on every facet of college admissions and are eager to help you achieve your educational dreams.

Need help with college admissions?

Download our "Guide to Everything," a 90-page PDF that covers everything you need to know about the college admission process.

More To Explore

Pencil and eraser on answer sheets or Standardized test form with answers bubbled. multiple choice answer sheet
Uncategorized

What’s on the Math Section of the SAT?

Math is a very important subject, and many different fields rely upon math to function, directly or indirectly. This doesn’t necessarily make math a popular

5/5
Wendy Y.
Parent
Below is my son's review. He was accepted to his dream Ivy League school!

From an admitted student's perspective, I am incredibly grateful to have met Sasha - he has been instrumental in helping me achieve my educational dreams (Ivy League), all while being an absolute joy (he's a walking encyclopedia, only funnier!) to work with.

Many people are dissuaded from seeking a college counselor because they think they can get into their desired college(s) either way. Honestly, going that route is a bit short-sighted and can jeopardize your odds of acceptances after years of hard work. The sad truth is, the American education system (even if you attend a fancy private school and ESPECIALLY if you go to a public school) doesn't really tell students how to write a compelling and authentic application. Going into the admissions process alone, without speaking with an advisor, is like going to court without a lawyer - you put yourself at a significant disadvantage because you don't have all the facts in front of you, or the help you need to negotiate the system.

That said, you need a good lawyer just like you need a good college counselor. And that's where Sasha distinguishes himself from the crowd of people claiming they'll get you into Harvard. I came to Sasha worried about and frankly dumbfounded by the college admissions process. I was unsure what to write about and how to go about drafting the essay that perfectly captured my passion, interests, and self. And I was highly skeptical that anyone could really help me. But, damn, did Sasha prove me wrong. From the beginning, Sasha amazed me with his understanding of the process, and ability to lend clarity and direction to me when I desperate needed it. After interviewing me about my background, experiences, activities, outlook, and vision, he helped me see qualities about myself I had not previously considered 'unique' or 'stand-out.' This process of understanding myself was so incredibly important in laying the groundwork for the essays I eventually wrote, and I'm certain I would've drafted boring, inauthentic essays without it.

Looking back, Sasha's talent is that he can see where your strengths lie, even when you don't see them. The truth is, although we don't always realize it, everyone has a unique story to tell. Sasha helped me see mine, and with his big-picture insight I was able to write the application that truly encapsulated my life and vision. He inspired me to dig deeper and write better, challenging me to revise and revise until my essays were the most passionate and authentic work I had ever written. As clichéd as that sounds, that's really what universities are looking for. In retrospect, it makes sense - in the real world passionate (not simply intelligent) individuals are the ones who make a difference in the world, and those are the individuals colleges would like to have associated with their brand.

In the end, I was accepted to the college of my dreams, a feat I could not have achieved without the direction Sasha lent to me. Essays (and the personal narrative you develop through your application) matter so much, and can literally make or break your application. I have seen so many of my 'qualified' friends receive rejections because they wrote contrived essays that didn't truly represent who they were; conversely, I have also seen so many friends with shorter resumes accepted because they were able to articulate their story in a genuinely passionate and authentic way - I fall into the latter category.

As a former admissions officer at Johns Hopkins, Sasha knows what types of essays jibe well with universities, an invaluable asset to have in the admissions process. He is responsive, flexible, creative, positive, and witty. For anyone who is serious about going into the college admissions process informed and prepared, I highly recommend Sasha.
5/5
Arda E.
Student
I used Ivy Scholars to mainly help me with college applications. Within weeks of using this service, Sasha was able to simplify the already complex process. When it came to writing the Common App essay, Sasha didn’t just help with grammar and syntax, he brought my essays to life. Sasha also worked tirelessly to help solidify my extracurricular activities, including research and internship opportunities. Without his help, I would have never had an impressive resume.

Sasha is not only an extremely knowledgeable tutor, but also a genuine brother figure. His guidance, throughout my last two years of high school, was everything I needed to get me an acceptance letter from my dream schools (UC Berkeley, Tufts, Emory).

When it came to testing, Ivy Scholars worked like a charm. Sasha offered a very comprehensive plan when it came to completely acing my standardized tests. Without his test taking strategies I would have never gotten straight 5s on my AP tests and a 35 on the ACT.

Working with Sasha, I didn’t just become a good student, I became a genuine scholar.
5/5
Samson S.
Parent
We worked with Ivy Scholars during my son's senior year. I was concerned that we may be too late to take advantage of college advising but the Ivy Scholars team quickly and confidently directed us through the steps to ensure no deadlines were missed. Sasha's knowledge about schools, what they looked for in candidates, and how to maneuver the application process was invaluable. Mateo and Ryan worked with my son to help him create an essay that would get noticed and I am so appreciative he had their guidance.

Prior to securing Ivy Scholars, we tried using a less-expensive online service which was a terrible experience. As a parent, Ivy Scholars brought peace of mind to an area that was frankly overwhelming. This service was invaluable in the knowledge that we gained throughout the process. He has also met with my freshman daughter to provide guidance for her high school courses, career paths, extracurricular activities, and more.

Prior to signing with Ivy Scholars, I tried a less expensive online service and was very disappointed.

As a result of our work with Ivy Scholars, I am pleased to say that my son will be attending Stern Business School at New York University this fall! I highly recommend Ivy Scholars. Highly recommend!