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Harvard Reduces Undergrad Price Tag by One-Third to One-Half
It's really nice to see Harvard putting it's $35 billion endowment to good use. This is a huge move:
Harvard University sweetened its financial aid for middle class and upper middle-class families, responding to criticism that elite colleges have become unaffordable for ordinary Americans.
The Ivy League school said undergraduates whose families earn up to $180,000 would be asked to pay 10% or less of their incomes annually for the cost of Harvard, which this year totals $45,456. The university said the initiative would reduce the cost of attending the college by one-third to one-half, making the price comparable to in-state tuition and fees at top public universities.
For example, the university said a family making $120,000 will be asked to pay about $12,000 for a child to attend Harvard College, compared with more than $19,000 under current student-aid policies. A family making $180,000 would pay $18,000, down from $30,000.
At lower income levels, families would pay a smaller percentage of income, declining to zero at $60,000 a year. Harvard said it would eliminate loans from all financial-aid packages and no longer consider home equity in calculating eligibility.
"We want all students who might dream of a Harvard education to know that it is a realistic and affordable option," said Harvard President Drew Faust.
If other schools who are traditionally one step behind Harvard in admissions and financial aid policies, like Yale, follow suit, we could have a higher education revolution on our hands. Bravo.
As a current college student in Virginia struggling to make my payments this is wonderful news. Education should be a right not a privilege. Hats off to Harvard.
Couldn't resist the dig at Yale, could you.
Except that the vast majority of students who get accepted are still the rich, who have been going to private schools since they were born.
Karin, do you have any proof of those assertions? I suspect that you're wrong on both counts, but will listen to your evidence.
http://www.admissionsconsultants.com/college/yale.asp
Tuition and fees (2006-2007): $33,030
Room and board (2006-2007): $10,020
Books and personal expenses (est.): $2,520
Yale has a need-blind admissions policy and is committed to meeting 100 per cent of admitted students' demonstrated financial need. In 2005-2006, over 41 per cent of Yale undergraduates received financial aid from the University, including Yale Scholarships that averaged $23,475.
D0ug1efresh:
Last time I checked there was no "right" to an education. Clearly your civics education has been deficient if you think there is such a right. Besides, who (obviously not you)is supposed to pay for your "right" to an education?