Harvard Reduces Undergrad Price Tag by One-Third to One-Half


dunster.jpg 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.

DOES IT FEEL LIKE POLITICS IS AT A BREAKING POINT?

Headshot of Editor in Chief of Mother Jones, Clara Jeffery

It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

We kept coming back to one word: corruption. Democracy and the rule of law being undermined by those with wealth and power for their own gain. So we're launching an ambitious Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption, and asking the MoJo community to help crowdfund it.

We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

Thanks for reading—whether or not you can pitch in today, or ever, I'm glad you're with us.

Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate