Financial Aid | Merit
Published: July 17, 2012 88 Comments
MIDDLE-INCOME parents are being squeezed more than ever these days — higher property taxes and cost of living, lower home equity, frozen salaries. Many no longer have enough savings and borrowing power to keep up with rising education costs.
Consider this run-through of the federal financial-aid form: a family making $75,000 a year might have to pay about $10,000 a year toward the cost of college before qualifying for need-based aid. With income of $150,000, the expected family contribution is $35,000 to $40,000. Student loans loom.
“We certainly have found that with the recession in recent years, many middle-income families and even some higher-income families are looking for more aid,” says Earl D. Retif, vice president for enrollment management at Tulane University in New Orleans.
Read more… Article provided by Cruz Rochez