<p>Is this true?</p>
<p>"This initiative builds on Harvards recent pathbreaking policies to ensure that families with incomes below $60,000 are not asked to contribute to the cost of sending their children to Harvard."</p>
<p>It's true. And for financial aid figures, income is generally "adjusted gross income" (the last line of the first page of the federal income tax form). That's income BEFORE income taxes (of course) but after certain adjustments based on federal tax law.</p>
<p>That's totally awesome it makes my dreams of getting into Harvard more realistic now! :D</p>
<p>^"I sure hope that Princeton follows their lead!!"</p>
<p>as noted earlier, harvard was actually following princeton's earlier lead in two of the three "components" of its reforms: namely, replacing loans with grants and ignoring home equity. whether princeton follows harvard's lead in further discounting tuition for "middle income" families remains to be seen. i expect that they will, but much more quietly.</p>
<p>As the parent of a freshman at H, all I can say is THANK YOU VERY MUCH, not only is she getting a fine education at one of the finest colleges on the planet We are also comfortably able to afford it. Our contribution should now halve, this will gives us a nice break and allow her to cut back on the two jobs she is working and enjoy the amazing EC's they have to offer. What a terrific school! The only thing that makes me sad is only 1650 or so kids a year will get this opportunity.</p>
<p>"The only thing that makes me sad is only 1650 or so kids a year will get this opportunity."</p>
<p>I bet more will get similar opportunities as other top colleges match Harvard's new financial aid policy.</p>
<p>I'm wondering what the less competitive colleges that have been using merit aid to lure students away from Harvard will do now that merit aid won't be much inducement for those students to go elsewhere.</p>
<p>Should be interesting to see how all of this trickles down.</p>
<p>wow I have been away for a month period and wow great news......:)</p>
<p>I personally think that this is Harvard's way of bringing back its admissions rate...or at least of leveling with Yale..it's a very smart move..Yale will have around 6 or 7 % admissions rate this year, and Harvard will be attracting more based on this, thus getting back on track, and while accepting the same number of students, its admission rate will go down since more will apply based on the new finaid package..</p>
<p>Is the 10% for all costs, or just tuition?</p>
<p>While its all welcome news, I note that these schools all have enormous funds available to them and they can afford to do it. Further, it will make admissions even more selective as people try to "win the lottery" by getting into Harvard and Princeton in the never ending chase for the best students. Endowments are how they do this.</p>
<p>that's amazing.</p>
<p>I wonder:</p>
<p>1) What prompted Harvard to "rebuild the engine" when they (and the whole industry) were so happily driving along for so many years.</p>
<p>2) How far down the food chain will this trickle down over the next few years.</p>
<p>Wow, good for Harvard. It's about time they did something for middle class students, as those were the ones who got screwed before (not rich enough to pay out of pocket, too rich to qualify for tons of aid). Now let's hope this trickles down to Duke sometime during my 4 years here!</p>
<p>Of course, this is great news, and I hope the same thing happens at Stanford. With three of the four HYPS schools supporting more aid to students (esp. the home equity exclusion), Stanford is really behind the times now. In fact, I would go so far as to say that Stanford will lose a lot of its yield this year if it doesn't fight back quickly with a plan of their own. We were so close to Harvard in terms of yield last year, and I would hate to see us drop like a brick because people are making financial decisions of the likes of $50,000 vs. $15,000.</p>
<p>My God. They just pull money out of the hat... Again, and again, and again. </p>
<p>I want to go to Harvard. It'll be cheaper than the state school.</p>
<p>I completely agree, knightshield. If Stanford wants to remain 3rd in yield and remain competitive with Harvard for cross-admits, it's going to need to majorly revamp an already mediocre financial aid system.</p>
<p>"What prompted Harvard to "rebuild the engine""</p>
<p>I imagine it's because the sticker prices are spiraling upward (in constant dollars) to a degree that's just becoming insane. They're quite sensitive to the criticism that they are returning to the 19th century and becoming a school for the rich and well-connected, with a few charity cases thrown in. They don't want that to be the perception OR the reality.</p>
<p>This is obviously great news for many middle and upper-middle class students who are fortunate enough to be accepted at Harvard.</p>
<p>One unanswered question... for those with Adjusted Gross Incomes of $182,000/year, I presume these changes have no impact on them and they are back to mortgaging the house (for a second if not third time) to pay for tuition?</p>
<p>Just curious....</p>
<p>I have little sympathy for those earming >$180k, they will have had every opportunity to save a significant amount towards their kids education and can afford to contribute a large chunk during the year. They should try living on <$60k and see just how difficult life can be.</p>
<p>"Man, this news almost makes me wish I hadn't applied ED to Penn. Almost. Good news for all of Harvards applicants though. Will be interesting to see how the other schools (YPS) respond."</p>
<p>AFAIK, all ivies are need based finantial aid/scholarship. Not much difference between UPen and/or HYPSM. There is a little difference on that the components in the finantial aid package. As some one already pointed out, Princeton is among the best in calculating the 'assets' and best of all their finantial package are 'grant' no 'loan' component.</p>
<p>Actually, if you do research ivy is no more expensive than any other private run college. The tuition for a private colleges and even public colleges to the out-state students, are almost the same given or take couple of k$. And for some public school even merrit based scholar ship still 'need based' for out of state students. The difference is those lower tier still good colleges usually give out merrit based scholarship to attract higher calibe applicants.</p>
<p>This family income counted as AGI or before AGI? What about family income above $180k? Are they expected to pay full tuition (>30k)? .....Only hope family made the contribution can get some tax break. (anyone know if student gets the finantial aid, like wave tuition, etc. do they need to pay tax?). The $30k of pocket money almost equivelant to $45k ~ $50k income before tax (federal and state).....So if my kid get into ivy, I'm seriously considering quit job.</p>