Financial Aid at Top Universities
This blog covers financial aid opportunities and attendance costs at six of the world’s top universities. The following text refers solely to costs related to the undergraduate programs offered by each university.
Studying in the United States:
Yale University:
Like the rest of the US universities featured in this article, Yale follows a need-blind admission scheme, meaning that your financial status does not have an impact on your application.
Domestic students should fill out a Free Application for Federal Student Aid (FAFSA) form before applying for financial aid. For international students, the College Scholarship Service (CSS) determines how much you are capable of paying by taking into account income statements and tax returns. The CSS has an operating fee, but it may be waived if you cannot afford it.
To estimate your tuition per annum at Yale University, check out these cost-estimate tools.
The tuition cost is broken down into two elements: the Parent Share and the Student Share. For those awarded scholarships, the Student share is reduced to cover solely the cost of textbooks and personal expenses (see below). For low-income families, the Parent share may be reduced to US$0.
Harvard University:
Because the school has a need-blind admission process, all Harvard University scholarships are need-based. No scholarships are awarded based on merit. This is so that the money goes to those who require it the most. While some specific scholarships for international students in the US are available, for most scholarships, domestic and international students are considered equally.
Employment status, any external awards, and the ability to pay, are all factors in determining the magnitude of a grant.
The contribution of the student’s family is determined on a case-by-case basis, often ranging from 0-10% of their family’s income. Students and families have the option of paying on a monthly basis. Tuition costs can be estimated here.
Princeton University:
Again, the need-blind admission process at Princeton means that scholarships are awarded based on demonstrated financial need, rather than merit.
Domestic applicants should complete a FAFSA profile as part of the aid application. Both domestic and international students then upload their tax return information through the Princeton Financial Aid Application portal.
Various payment options are available to students; they may choose to make one payment each semester (a total of two installments), or make ten total installments, once every month from August through May. The Princeton Parent Loan may be granted based on credit score and ability to repay it, to go toward attendance costs at a fixed or variable rate. A federal loan, called the Direct PLUS loan, is accessible by parents/guardians to borrow the balance of attendance costs after financial aid has been applied.
Follow this link to view a helpful chart in determining aid based on parental income brackets.
Table with approximate attendance costs at Yale University, Harvard University, and Princeton University in the US. All costs are reflected in US dollars, and are only relevant to undergraduate programs.
Studying in the United Kingdom:
London School of Economics (LSE):
LSE scholarships are first awarded based on demonstrated financial need. Then academic merit is taken into consideration.
Students must first fill out a form that determines their fee status - whether they pay the domestic or international rate. The table below outlines tuition fees for the 2021-22 academic year, however, tuition rates are often subject to change, so make sure to locate your specific program in this fee table.
Some bursaries are based on parental income and some are based on the student’s financial needs, but the total award granted to domestic students does not exceed £4 000. Bursaries to go toward one’s accommodation are considered separately from this total, and are meant for low-income students who cannot afford dorm costs.
The LSE Undergraduate Support Scheme is a targeted scholarship for international students in the UK who cannot cover the cost of their education, and the awarded sum typically ranges from £6 000 to £15 000. LSE Access for Education scholarships are available to refugees, asylum seekers, and anyone else under humanitarian protection to cover the cost of tuition and personal expenses including accommodation.
Oxford University:
To determine the tuition rate for your specific program at Oxford, follow this link.
Some University of Oxford scholarships are available based on academic merit, however, domestic students are encouraged to first apply for government funding. Use this tool to search for any funding opportunities you may be eligible for.
Students from low-income families may be considered for a Crankstart scholarship or an Oxford Bursary. They provide between £200 and £5 000 toward living costs, depending on the year of entry and family income.
Other available grants are the Oxford Hardship fund, the COVID-19 Assistance Fund (for those whose finances have been affected by the pandemic), and the COVID-19 Scholarship Extension Fund (for those students who wish to extend their funding to complete their studies due to COVID-19).
University of Cambridge:
The Cambridge Bursary Scheme ensures that low-income students at Cambridge are automatically eligible for a 3 000 pound bursary. The amount provided to each student decreases as their income bracket increases.
Additional scholarships may be available, and are specific to one’s college.
Although only applicable to students pursuing postgraduate studies, the Gates Cambridge scholarship is among one of the most prestigious grants offered by the University of Cambridge, or any UK university for that matter.
Table with approximate attendance costs at the London School of Economics, University of Oxford, and University of Cambridge in the UK. All costs are reflected in British pounds, and are only relevant to undergraduate programs.
Sources:
Written by Veronica Aharon, 2nd year BSc Student at York University.
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