Harvard Expands Its Financial Aid Program for Low-Income Students

Last week JBHE reported that the University of Pennsylvania was eliminating financial aid loans for all students whose families had incomes of less than $50,000 per year. These students will now have all their financial aid needs met by scholarship grants.

Harvard University had a similar plan for students from families with incomes below $40,000. Now Harvard has upped the ante. Beginning this coming fall, students from families with income below $60,000 will not be expected to contribute to the cost of their child’s education. These students will receive scholarship grants to cover the cost of their Harvard education.

In addition, students from families with incomes between $60,000 and $80,000 will see a reduction in the expected family contribution.

The new program will cost Harvard an additional $2.4 million annually. This is equivalent to what Harvard earns in income from its endowment every 10 hours.