Sunday, February 13, 2011

Harvard University In Fourth Year To Offer No Tuition Costs To Low Income Talented Students In The U.S.

Last year, Harvard reported record breaking enrollment, since it offered "No Tuition" costs for low-income students whose families make less than 60K annually.

By H. Nelson Goodson
February 13, 2011

Cambridge, Massachusetts - The Harvard University for the fourth consecutive year continues to offer "No tuition and No student loans" for low-income talented students graduating from high schools throughout the U.S. Students whose families income falls under $60,000 per year can qualify for free tuition at Harvard. The financial aid initiative was implemented in 2007 and by 2010, Harvard reported that it had surpassed a record of more than 30,000 undergraduate enrollment requests.
In January 2010, Harvard College, one of two schools within Harvard University that offers undergraduate degrees surpassed their own recruitement efforts of talented and honored undergraduate student enrollment. For the first time in the prestigious educational institution history, more than 30,000 undergraduate students submitted applications for enrollment. Harvard attributes the enrollment to the financial aid initiatives implemented over the last five years, ensuring an affordable education and making accessible Harvard College to honor students that excelled academically regardless of economic backs.
On March 2009, Harvard College announced through a press release that it had increased the financial aid for undergraduates by 9 percent, to a record $158 million, for the 2010-11 academic year. The $13 million increase helped 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 paid an estimated average cost of approximately $11,500 in 2011 which is unchanged from 2010. Additionally, Harvard continued its efforts to keep overall tuition growth moderate for all families, holding the 2010 increase to 3.8 percent, for a total cost of $50,724.
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, according to the Harvard Gazette.

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