Parents of Connecticut Students: Top Connecticut Colleges Are Reducing Cost of Attendance
Good news Connecticut parents.Yale University has cut attendance costs in half for thousands of families needing financial aid. If you and your child have ever discussed attending an premiere Connecticut college or a Ivy League University, but you worried or even slightly discouraged your child from applying because of the cost, then now is the perfect time to push your child to reach for the stars and take advantage of this great opportunity.
The best part about the 50 percent reduction in costs in this top notch Connecticut College is that it is offered to families with annual incomes under $120,000. While $120,000 is considerably more than the average annual income of the nation the financial aid is based on need which is demonstrated using a calculation. However, it gets even better because parents earning less than $60,000 won't need to pay at all. Yale will also eliminate the first $200,000 of family assets from its assessment of need.
Connecticut colleges such as Yale and universities nationwide such as Harvard, Duke and many more high level Connecticut colleges are reducing costs for families earning sometimes as much as $180,000. The cause for this cost of attendance reduction is to make the high level colleges more accessible and affordable and ultimately to make paying for college a non-factor when prospective students choose between high level schools like Yale, Harvard or Princeton. These universities are committing to fully funding the neediest students before extending financial aid pledges up the income scale.
Yale should be a college of choice for the very best and brightest students from across America and around the world, regardless of financial circumstances. We want all of our students to make the most of Yale academically and beyond without worrying about excessive work hours or debt. Our new financial aid package makes this aspiration a reality, said Yale University President Richard C. Levin.
These cost of attendance reductions come at a time when according to the College Board, the average annual cost of attending a private four-year U.S. college rose 3.9 percent for the current year, the biggest inflation-adjusted increase since 2001. The cost of rising Connecticut college attendance costs can really be felt throughout Connecticut by parents of multiple child households.
Currently about 2,300 students which is 43 percent of Yale's undergraduates, get assistance from the school. With the cost reduction Yale expects the figure to increase to almost half of its student body over the next year.
Connecticut colleges like Yale have not only reduced attendance costs for the neediest students but have adopted a cost of attendance reduction almost all the way across the board. For example, Yale students from households with yearly incomes of $180,000 and $200,000 in assets, costs will decline to $23,050 from $38,150 according to their press release. As well as those from families earning $90,000 will have expenses lowered to $2,950 from $12,550.
The highlight of the new aid plan is that those families with incomes of $60,000 will not be required to make any financial contributions! Prior to this change, those families had paid $4,450. Cost of attendance reduction is an area that Yale has been very progressive as three years ago Yale waived family contributions from households making less than $45,000.
However, the only thing with the new changes is that students will be expected to contribute $2,500, an amount that can be covered by working on campus seven hours a week. It is important to note that even this has been reduced from $4,400.
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