Originally Posted by deadly7
Need based basically means, "If your family assets are below some threshold set by the college, we will give you aid." For example, I think Princeton says if your family income is < 96,000 or something, you get a 100% tuition scholarship. Ivy League schools' huge endowments make this possible, because they still have a few kids in each class paying sticker, lots of name recognition, lots of incoming donations, and a strong alumni network.
Never thought of it this way. As to the Princeton example above.
So this theoretically means if your parents make about $,350,000 let's say, and you are admitted to Princeton ( without a sibling at a college ), then you would probably be responsible for the full costs or thereabouts ( basically $51,000+ annually )
I guess you could get student loans and such but they would have to be repaid, as opposed to the grants which do not have to be repaid.
So we have another irony, if a student from a lower middle class family ( making $60,000 annually or less ) gets into Princeton then it's a great financial bargain. If a student from a single chid family making about $350,000 a year gets in then it might be a big financial imposition.