<p>"Harvard is also revising its policy on outside awards won by incoming students, ranging from scholarships provided by local community groups to programs such as the National Merit and Gates Millennium Scholarships. Students will now be able to apply these awards to eliminate their summer savings obligations. Previously, outside awards could be used to offset the $3,650 self-help expectation toward the cost of attendance, but did not apply to the summer savings obligation of $2,150."</p>
<pre><code> - from Harvard press release
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<p>From what I have seen and heard, ON AVERAGE Harvard and Princeton awards are similar, with one slightly higher or lower depending on specific circumstances, Yale trails somewhat, with others, including Stanford, a further step behind. I am not clear how some outstanding offers from Stanford may be modified in light of their latest initiative.</p>
<p>I love all of these generalities! Byerly is right, the financial aid packages differe for each person. For me, Princeton is the cheaper option by several thousand. In fact, my summer contribution alone is $1,000 less than at Harvard. However, the difference is hardly large enough to warrant such nit-picky comparisons. For the most part, the two schools offer similar aid packages and, if I were unhappy with my Harvard package, I'm sure I could "haggle" a bit with the fin aid office.</p>
<p>Some (maybe all?) finals clubs offer financial aid. My understanding is that this financial aid is an unofficial loan; there's no legal obligation to pay it back, but the recipient is expected to contribute an equivalent amount back to the club when he has the means to do so.</p>
<p>Well... it depends. For out of state students Princeton's "no loan" claim is an empty balloon: When you combine Princeton's "summer work" and "term job requirement", the total is almost same as the Harvard's "summer work" and "self help". Harvard's "self help" can be met by "job" or "loan" or combination of the two. However, the difference is that Princeton does not require "summer work" and "term job" for the finaid students form NJ public HS.</p>
<p>Does the question turn on whether the family has savings/assets in addition to income? Harvard represents that families earning less than $60,000 will pay nothing, which is not true if it is applying an income-assets/savings test. A friend who did the Princeton calculation reports (anecdotal evidence) that Princeton actually does what it says -- applies an income test. This is no small matter to a family making $50,000 a year but holding assets against the day that the mammogram comes in skewed or the boss files a Chapter 11.</p>