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I may just not be knowing where to look, but I'm trying to get a ballpark idea of what to expect for financial aid packages. Undergraduate was great with estimated cost of attendance calculators, but I've never seen any such thing for med school so I'm assuming it doesn't exist.
Basically, I'm curious if anyone can give some guesses (even if you are making wild assumptions and pulling numbers out of almost nowhere) on what a financial aid package would look like.
E.g. assuming a cost of attendance of around $80,000 and a parent income of $50k, $100k, $150k, or $200k, what would be a reasonable amount of need based grants and need based institutional loans be? What is the approximate parent income level where schools stop giving any need based aid? How much of a factor is if the medical school is a huge endowment private school vs. a state school? Assuming the student is a traditional student who hasn't made millions trading bitcoin, is it really just the parent info that determines the award.
The only somewhat example I have seen is from Harvard:
(Anyone have any ball park guess on what financial situation the above financial aid package may be grant for?)
Harvard also mentions: "The need analysis formula assesses 25-35% of the total net value of student/spouse assets as part of the calculated student contribution each year."
They also talk about: "
For students whose total parental income earned in the U.S. or Canada (including untaxed income) is between $100,000 - $150,000 and whose assets are typical for those income levels, Harvard Medical School reduces the expected parent contribution as noted below.
Total Income Under $100k: PC waived
Total Income $100K - $110K: PC reduced 90%
Total Income $110K - $120K: PC reduced 80%
Total Income $120K - $130K: PC reduced 55%
Total Income $130K - $140K: PC reduced 40%
Total Income $140K - $150K: PC reduced 25%"
Is all of that atypical and only because Harvard has an endowment approaching Bloomberg's net worth? That still doesn't say what the Parent Contribution at those income levels is if anyone could guess that would be great.
Any comments, insight, or highly knowledgeable answers would be greatly appreciated! Or just tell me I'm bad at looking and direct me towards where I could find these answers.
EDIT: I am specifically asking about school specific institutional aid, not asking about federal loans.
Basically, I'm curious if anyone can give some guesses (even if you are making wild assumptions and pulling numbers out of almost nowhere) on what a financial aid package would look like.
E.g. assuming a cost of attendance of around $80,000 and a parent income of $50k, $100k, $150k, or $200k, what would be a reasonable amount of need based grants and need based institutional loans be? What is the approximate parent income level where schools stop giving any need based aid? How much of a factor is if the medical school is a huge endowment private school vs. a state school? Assuming the student is a traditional student who hasn't made millions trading bitcoin, is it really just the parent info that determines the award.
The only somewhat example I have seen is from Harvard:
Tuition and Mandatory Fees | $68,903 |
Cost of Living and Loan Fees | $26,152 |
Total Cost of Attendance | $95,055 |
IM EFC | $35,725 |
HMS Need-based Aid Scholarship (Tuition and Mandatory Fees - IM EFC) | $33,178 |
Combined Loans | $26,152 |
Equals Total Aid | $59,330 |
Harvard also mentions: "The need analysis formula assesses 25-35% of the total net value of student/spouse assets as part of the calculated student contribution each year."
They also talk about: "
For students whose total parental income earned in the U.S. or Canada (including untaxed income) is between $100,000 - $150,000 and whose assets are typical for those income levels, Harvard Medical School reduces the expected parent contribution as noted below.
Total Income Under $100k: PC waived
Total Income $100K - $110K: PC reduced 90%
Total Income $110K - $120K: PC reduced 80%
Total Income $120K - $130K: PC reduced 55%
Total Income $130K - $140K: PC reduced 40%
Total Income $140K - $150K: PC reduced 25%"
Is all of that atypical and only because Harvard has an endowment approaching Bloomberg's net worth? That still doesn't say what the Parent Contribution at those income levels is if anyone could guess that would be great.
Any comments, insight, or highly knowledgeable answers would be greatly appreciated! Or just tell me I'm bad at looking and direct me towards where I could find these answers.
EDIT: I am specifically asking about school specific institutional aid, not asking about federal loans.
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