<p>I think that, until there is a huge downturn in the population, applications will continue to rise, and now that Early Action is back, they’ll probably go up even more. Word has gotten out that, for a middle class family, it’s cheaper to send your kid to Harvard than to your state university. Harvard radically changed its financial aid policy/package in an announcement in December 2007 (my son’s freshman year). </p>
<p>I can’t find the original announcement right now, but I got the quotation below here:</p>
<p>[Harvard</a> University | FAS | Financial Aid the Key to a Record Admissions Year](<a href=“http://www.fas.harvard.edu/home/news-and-notices/news/press-releases/admissions-03302009.shtml]Harvard”>http://www.fas.harvard.edu/home/news-and-notices/news/press-releases/admissions-03302009.shtml)</p>
<p>“In December 2007, Harvard announced a sweeping change in financial aid for middle and upper-middle income families, establishing a zero-to-10 percent of income contribution standard for families with incomes up to $180,000 a year and typical assets, removing home equity from financial aid calculations, and eliminating loans for all students. Nearly 25 percent of the admitted group are eligible for the original Harvard Financial Aid Initiative, which asks for no parental contribution from those with annual incomes under $60,000 and reduces contributions from families with incomes of $60,000 to $80,000.”</p>
<p>What did this mean for us? Well, for freshman year (before the change), we were given $1000 by Harvard and a loan for $3100. The other 5 schools that my son got into that only gave need-based aid offered us nothing. We are not sure why Harvard gave us anything, but we took it. The next year, Harvard gave us, wait for it, $28,000 in financial aid. No loans. No strings attached. This year, they gave us $31,000 because my daughter is also at a private university, and they take this into account. NO other private college that I know of pays attention to the middle/upper-middle class this way. As it says above, Harvard no longer pays attention to home equity because they realize that homes can have very different values because of the areas in which they are located. </p>
<p>With the above in mind, why wouldn’t people apply to Harvard? When my son applied, I think there were about 23,000 or so applicants (I’m not sure; you can probably check the applicant pool for the class of 2011 somewhere), but last year, when my daughter applied, the pool was over 30,000. This year it was over 34,000. I’m sure that the financial aid program has had a huge effect on the number of applicants.</p>