Financial aid increases by $10M
To keep Harvard College affordable for students from every financial background, Harvard College will increase its financial aid budget for the 2013–14 academic year by $10 million, or 5.8 percent, bringing the total to a record $182 million. Since 2007, Harvard’s investment in financial aid for undergraduates at the College has increased by 88 percent. More than 60 percent of Harvard College students annually receive need-based scholarship aid, paying on average $12,000 toward the cost of tuition, room, and board. As a result, approximately 20 percent of families pay nothing and many College students graduate debt-free. “Despite the budget challenges posed by less-than-robust endowment returns and threatened federal funding cuts, I’m pleased that we have again renewed our commitment to making a Harvard College education affordable for any student, regardless of financial means,” Faculty of Arts and Sciences (FAS) Dean Michael D. Smith said. “Our message is simple. Getting admitted to Harvard College is difficult. Affording...