Harvard Steps Up Financial Aid

  1. http://www.nytimes.com/2007/12/10/education/10cnd-harvard.html?ex=1354942800&en=3ce3523aabbf68f8&ei=5088&partner=rssnyt&emc=rss

    I guess they have enough money in their endowments to be able to do this. I hope it doesn't take away from any of the programs/libraries/educational funds. Although I'm still a little confused on why they don't make them take out some level of loans before doing subsidy. I'm sorry at $120,000 a year, you should be able to afford more than $12,000 in tuition....if your family filled out a FAFSA I'm sure $12,000 wouldn't be where it cut off family contributions.
    In fact, when my husband was sole provider and I was going to school....we were lower than $120000 and didn't qualify for any Stafford loans because we made too much (my tuition was around 12K a year for a public school)

    I go to Notre Dame and they have a somewhat similar program and 98% of students are on some form of financial aid here. Here though they require the families to take out some type of loan up to a certain amount (the amount FAFSA says they should be able to contribute based on their income) and then they'll subsidize.

    The unfortunate thing.....it covers tuition...but not living expenses, which can be atrocious in places like Cambridge. So students are still working like crazy to be able to live.
  2. I think Harvard is trying to compete with Princeton, who is known for providing very generous financial aid packages. Financial aid packages for the the truly low income families at top tier private schools do include room and board as well. If you live in a dorm and get meals from the dining halls, the cost is factored into your financial aid package.

    Living in Cambridge is also not as costly as it may seem. Harvard is also quite good about offering students perks that make finances easier.
  3. My daughter works at Harvard, and lives in Winchester. (Or did, she's in the proccess of leaving her bum of a husband.) Her rent ran quite reasonable, I thought... but then I live in California where everything costs an arm and a leg.

    She took advantage of the employee discounts there and is taking some classes. Can you tell I'm a very proud Mom? :tender:
  4. Ahhhh I remember being in Amherst for a week and the driver telling me that rent was very expensive in Cambridge (2K a month for an apartment)!
  5. As someone whose parents made too much to qualify for much aid, but didn't contribute ANYTHING to my education, I think it's great. You have to fill out that stupid FAFSA but they don't take into account the parents that don't give kids any money for school - so the "parental contribution" becomes extra loans you have to take out. I worked every year of college and yeah, I missed out on the experience cause I worked 4 days a week.

    If colleges with large endowments want to give out more money to students so they can enjoy college more - rock on. They are still going to have more money for programs, libraries, etc. than most universities.
  6. I have a one bedroom steps from the Harvard campus for 1450, previously I lived in a 2 bedroom down the street for 2k. I consider that expensive.

    But this is a non-issue for Harvard students (undergrads), very few people live off campus ever. It's one of those schools where everyone stays in one of the campus houses for the entirety of their four years.
  7. Absolutely will not affect Harvard's endowment.

    $120,000 is not that much when the cost of tuition is like $30,000+. That is 25%+ pretax income....

  8. Yes, I agree. I believe Harvard accounts for dorm living costs in their financial aid package (not 100% sure though) BUT they are very supportive of their students and emphasize not wanting any of their students to drop out due to financial obligations. An extracurricular like working on the Harvard Crimson newspaper, for example, can count as work study.
  9. WHOA! Now I know why Shan lived in Leominster and Winchester... she had a nice 2 beroom place for less than 1,000. Of course, her commute sucked. And I always thought Californians drove like maniacs until I visited her in 2000... ya'll drive crazy! (But I LOVED the area!) :yes: