Although it's difficult to put a value on education, the price is clear enough: almost $83,000 this school year at Harvard. To change that, the Ivy League announced Monday that it's slashing the cost of tuition, housing, and meals to as little as zero for many students—part of a move that it says will that make financial aid available to up to 86% of US families, the Wall Street Journal reports. Other top schools are doing something similar, a decision that a college admissions consultant said "will open up the socioeconomic ladder to a lot of families, and to networks that they didn't have before." The idea is to take ability to pay out of an accepted student's decision-making when considering whether to attend Harvard, said its director of financial aid.
The new policy starts this fall for new and current students, per the Journal. It includes this assistance for families making up to:
- $100,000: No charge for tuition, room, or board, an increase from the current $85,000. Reimbursements will be provided for such expenses as travel home and winter gear.
- $200,000: No charge for tuition, and living expenses might be covered. The school encourages students to work with the financial aid office on that.
- Higher: Tuition help is possible, depending on the family's financial circumstances. Parents with a combined income of $400,000 might still receive aid if they're dealing with medical debt, for instance, the school said.
The Massachusetts Institute of Technology and University of Pennsylvania are among the schools that have increased financial aid, with both making their income limit for free tuition $200,000. Universities are under political pressure over several issues, including their handling of student protests of the Israel-Hamas war. Republicans in Congress have proposed raising the endowment tax on schools including Harvard, per the New York Times, and universities have argued that might affect financial aid to students. Increasing aid makes sense for schools in light of the Supreme Court ruling against affirmative action in admissions and the Trump administration's actions against diversity, equity, and inclusion programs, one advocate said. "If they want racial diversity, the best path forward is to boost the chances of admissions of nonwealthy and working-class students, a disproportionate share of whom are Black and Hispanic," said Richard Kahlenber. (More Harvard University stories.)
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