Harvard College will increase financial aid for undergraduates to a record $172 million for academic year 2012-2013. Since 2007, Harvard’s investment in financial aid has climbed by more than 78 percent, significantly outpacing increases in tuition.
More than 60 percent of students at the College are expected to receive need-based grant aid. Families with students on financial aid will pay on average $12,000 toward the cost of tuition, room, board, and fees, with an average grant of more than $41,000.
“Need-blind admissions, supported by generous financial aid, is the bedrock of Harvard’s effort to attract the most talented undergraduates in America and across the globe, regardless of their ability to pay,” said Dean Michael D. Smith of the Faculty of Arts and Sciences. “A student’s economic circumstances should never be a barrier to attending Harvard College.”
Since 2004, Harvard has dramatically reduced the amount that families are expected to pay to send a child to Harvard College. Harvard has a policy of “zero contribution” from families with normal assets making $65,000 or less annually. Families with incomes up to $150,000 will pay from zero to 10 percent of their income, depending on individual family circumstances. Families with incomes above $150,000 may still qualify for need-based assistance.
For students not receiving need-based aid, the total undergraduate package cost is scheduled to increase 3.5 percent, to $54,496. Students, applicants, and their families can estimate their costs by using the recently launched Net Price Calculator.