"The move announced Monday, to go into effect in the next school year, appears to make Harvard's aid to students with household incomes from $120,000 to $180,000 the most generous of any of the country's prestigious private universities.Many people have voiced a wide variety of opinions on this at TheAtlantic.com
The initiative would increase financial aid spending by the university to $120 million annually from $98 million. A little more than half Harvard's students get some form of aid, including many from families earning $120,000 or more.
Under the new financial aid rules, the university said, a family making $120,000 would have to pay about $12,000 for a child to attend Harvard College, compared with more than $19,000 under current policies. A family making $180,000 would pay $18,000, down from $30,000."
The press release is available at http://www.hno.harvard.edu/gazette/2007/12.13/99-finaid.html
Becuase opportunity is so important at Harvard, a great next step would be for Harvard to at least match Boston College, who gives 10 Allston/Brighton students every year four years of free tuition to attend BC. Clark goes even further and can tell EVERY child in its Worcester neighborhood "If you are admitted to Clark, you can attend and pay no tuition." What a powerful and positive message to send!
“We want all students who might dream of a Harvard education to know that it is a realistic and affordable option,” said Faust. “Education is fundamental to the future of individuals and the nation, and we are determined to do our part to restore its place as an engine of opportunity, rather than a source of financial stress. With no loans, no consideration of home equity, and a dramatic increase in grant aid, we are not tinkering at the margins, we are rebuilding the engine.
“This is a huge investment for Harvard,” Faust continued, “but there is no more important commitment we could make. Excellence and opportunity must go hand in hand.”