Harvard Increases Aid for Middle Class Families

This is a HUGE deal and a very significant increase:

“In a sweeping new financial aid initiative announced today, Harvard said it would significantly reduce the expected contributions from middle- and upper-class families and eliminate loans for all students.

Undergraduates whose families make between $120,000 and $180,000 per year will be asked to pay 10 percent of their yearly income in tuition, the University said in a statement.

The program expands on the Harvard Financial Aid Initiative, which in 2004 eliminated tuition costs for families making less than $60,000 a year.

In a conference call with reporters this afternoon, University President Drew G. Faust said that the program, which will increase College’s financial aid grant budget by $22 million—more than 20 percent—will be paid for using a variety of sources, including Faust’s discretionary fund and funds from the Faculty of Arts and Sciences… ” — The Harvard Crimson