Harvard College will increase financial aid for undergraduates by 9 percent, to a record $158 million, for the upcoming 2010-11 academic year. This $13 million increase will help keep Harvard affordable and ensure no change in the financial burden for the more than 60 percent of students who receive aid. The estimated average need-based grant award is approximately $40,000.
As a result of this investment, families with undergraduates receiving aid at Harvard will pay an estimated average cost of approximately $11,500 next year, which is unchanged from the current year. Additionally, Harvard will continue its efforts to keep overall tuition growth moderate for all families, holding this year’s increase to 3.8 percent, for a total cost of $50,724.
“Harvard remains committed to a fully need-blind admissions policy that will enable us to continue attracting the most talented students, regardless of their economic circumstances,” said Michael D. Smith, dean of the Faculty of Arts and Sciences and John H. Finley Jr. Professor of Engineering and Applied Sciences. “In light of the challenges confronting families across America, we continue to expand our already generous financial aid program so that Harvard will remain accessible to families from all economic backgrounds.”
In 2007, Harvard introduced a new financial aid plan that dramatically reduced the amount that families with incomes below $180,000 are expected to pay. Families with incomes above $120,000 and below $180,000 with assets typical for these income levels are asked to contribute 10 percent of their incomes. For those families with incomes below $120,000, the parental contribution declines steadily from 10 percent, reaching zero for those with incomes at $60,000 and below.