Harvard University announced Monday a major expansion of financial aid that will reduce tuition bills by thousands of dollars.
The university said it would replace all loans with grants and spend up to 22 million U.S. dollars more annually on aid, most of it going to middle- and upper-middle class students. Families earning under 60,000 dollars a year already pay nothing to attend the world's richest university, with an endowment of nearly 35 billion dollars.
Now, parents earning between 60,000 dollars and 120,000 dollars will pay a percentage of their income, rising to 10 percent. Families with incomes between 120,000 dollars and 180,000 dollars will have to pay 10 percent of their incomes.
Harvard also said it would take home equity out of its wealth calculation in financial aid, which should provide a greater boost for students and parents. Overall, Harvard said a typical family earning 120,000 dollars would pay about 12,000 dollars next year, down from 19,000 dollars under current award policies. For a typical family earning 180,000 dollars, the bill would drop to 18,000 dollars, from more than 30,000 dollars.
About half of Harvard students receive some form of aid, including students from about 100 families who earn more than 200,000 dollars.
For those who pay full tuition, room and board, the price is 45,620 dollars.
That compares with an average of 27,317 dollars at all private, four-year institutions, according to the latest 2006 figures from the Department of Education. The figure is 12,108 dollars for in-state students at public colleges and universities.
Source: Xinhua/agencies
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