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.