Harvard announces new financial aid help for middle and upper middle income students

Harvard has announced that they are expanding their financial aid to students in several areas. First, families with incomes between 60,000 and 120,000 will pay up to 10% of their income based on a sliding scale. Families with income between 120,000 and 180, 000 will pay 10% of their income. Second, Harvard is eliminating all loans from financial aid packages. Third, they will no longer be considering home equity in the financial aid calculations. Previously, Harvard had a policy that families with income below 60,000 would not be asked to contribute to the cost of their education. That policy continues.

Harvard has a huge endowment and can easily afford the additional cost involved in this initiative. I am pleased that they have joined the ranks of other several other selective colleges that have eliminated loans from financial aid packages and that are working to make a selective college more affordable for low and middle income students.

The entire report on this new initiative can be found here.