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581 points gnabgib | 2 comments | | HN request time: 0.419s | source
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TheJoeMan ◴[] No.42197249[source]
This is a great step in the right direction. I can't speak directly for MIT, but there are issues with how these programs don't apply to parents with small family businesses. My parents had a small business, with my father taking home a salary of $XX,XXX. Duke University used the business assets to determine the EFC (expected family contribution) of literally 90% of the salary. Essentially saying to sell off the family business for the college fund, which was a non-starter.

Small businesses are allegedly the backbone of America, and I feel these tuition support programs overlook this segment of the middle-class.

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awb ◴[] No.42199949[source]
On the flip side, it’s possible to sell a business for 7+ figures and then have little to no income in subsequent years in which case quite wealthy families would qualify for assistance.
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1. throwaway2037 ◴[] No.42201082[source]
I find it hard to believe that total liquid assets would not be considered during the financial aid application process.
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2. awb ◴[] No.42202131[source]
How would they verify?