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Harvard Ups the Ante on Financial Aid

Filed in archive Financial Aid by Mark on March 31, 2006

Harvard Ups the Ante on Financial Aid
The Ivies and other elite universities are engaged in a bidding war for low-income students. Or at least they're engaged in a war to see who can capture better headlines. Harvard just revealed it will increase the minimum threshold for what it considers "low income" to $60,000. This follows recent announcements by Stanford, Princeton, Penn and Yale, which have pledged to eliminate loans for low-income students. Harvard's move raises the bar from its previous perch of $40,000.

This comes from the Boston Globe:

Parents from familieslinks with annual incomes of less than $60,000 will not have to contribute to the cost of their child's education at Harvard University, a 50 percent increase over the previous income threshold.

Harvard on Thursday also expanded its financial aid program for low- and middle-income families by announcing reduced parental contributions for families with incomes between $60,000 and $80,000.

Harvard announced a program two years ago to waive fees for students from families with an income of less than $40,000.

"There is no more important mission for Harvard and higher education than promoting equality of opportunity for all," President Lawrence H. Summers said in a statement. "These increases ... send a clear signal to middle-class families who have all too often felt that Harvard and other leading universities are out of reach."

Two-thirds of Harvard students receive financial aid, and the average grant award for the next academic year is expected to be more than $33,000, which covers about 70 percent of costs.

It cost nearly $42,000 to attend Harvard for the current academic year.


Read the rest here.


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