Financial Aid Calculator

On December 10, 2007, Harvard President Drew Faust and Dean of the Faculty of Arts and Sciences, Michael D. Smith, announced their innovative new program of financial assistance in order to make Harvard more affordable for families of all incomes, but especially for families of middle income and upper middle. Significant improvements have been made in awarding grants, eliminating student loans and eliminate the value of home equity calculations for financial assistance, and the elimination of the contribution made by families income is less than $ 60,000:

"Families with incomes above $ 120,000 and below $ 180,000 and with assets typical for these income levels," Harvard said, "will be asked to pay 10 percent of their income. For those with incomes below $ 120,000 The percentage contribution of the family will decline steadily from 10 percent to zero for those with incomes at $ 60,000 and below. "

"We want all students who might dream of a Harvard education to know that it is a realistic and affordable," said President Faust. "Education is fundamental to the future of individuals and the nation, and we are committed to doing our part to restore its place as an engine of opportunity, rather than as a source of financial stress. In the absence of loans irrespective of equity in the home, and a dramatic increase in subsidies, we are not tinkering, we are rebuilding the engine ... Is a huge investment for Harvard, but there is a greater commitment than we could do. Excellence and opportunity must go hand in hand, "he said.

NOT so fast with your applause. Before starting to offer only praise for the Harvard Financial Aid Initiative proclaimed, whether, as we have seen so many times before, all these carefully chosen words are as empty as the pot the end of a rainbow that nobody has ever found. Is it possible that the Ivy League giant has hesitated on promises and some of their financial revolution is nothing more than a lot of hype?

Two of the families I recommend sending their children to join the class of 2012 and were severely disappointed by the new financial aid program at Harvard, as promised in their world in distress announcement.

With a fund of $ 35 billion endowment, one wonders why Harvard would be cheating a family with virtually no assets of $ 750. It is beyond comprehension, but that's exactly what they did to a family in New England in 2007 with an income less than $ 150,000. And, despite my advice, they were petrified at the idea of challenging Harvard's initial offer, fearing they would threaten the future of their students at the prestigious school. Therefore, they do not.

The second family left behind by the improvements announced a financial assistance from the Midwest and had an income of just over the threshold of $ 180,000. There were mitigating circumstances and, accordingly, I suggested a call. And then, out of Harvard for an additional $ 6,000, but only after updating many business expenses that the IRS had accepted! And if all the glitter of gold is Harvard, why the call needed in the first place?

One thing is certain, if low-balled their Harvard offers financial assistance to these families, it is prudent to assume that there are others who have had the shot purple eyes. I welcome the whole family from Harvard, and since we're on the subject, college or college bound family to contact me for a free financial analysis to determine whether they were too short changed and if a way to get additional financial aid. (It is generally.)

Over the past decade, prompted by the leadership of former President Neil L. Rudenstine, the Harvard grant appropriations have increased 143 percent, and 200.