By: Gaurav Bhola, MSM, Managing EditorIn a major announcement this week, Harvard University has expanded its financial aid program. The new program will reduce college tuition by thousands of dollars from many needy families, even families earning six figures.
The university stated that it is changing its student loan and grants policies. Following the lead of other Ivy League private schools, Harvard wants more access to be provided to middle class and upper middle class families, to the tune of $22 million annually of financial aid. The private college and university Ivy League school system has always been out of reach for the middle class, access to the best education in the country being the reservoir of the elite few.
However, Harvard having the largest endowment in the World at $35 billion can afford to afford more opportunities for the working families and the middle class.
As recent as three years ago, former Harvard President Lawrence Henry Summers stated, “We want to send the strongest possible message that Harvard is open to talented students from all economic backgrounds…too often, outstanding students from families of modest means do not believe that college is an option for them - much less an Ivy League university."
This initiative brings full-circle Harvard’s sincere dedication in opening its doors not merely to racial but economic diversification amongst its student body.
Harvard is also diversifying further its internal criterion for financial aid calculations. No longer, will the school use home equity in its wealth calculation for financial aid thus, providing opportunities for more students and their families.
At present, half of Harvard students receive some sort of financial aid. Any form of aid, scholarships or grants help when full tuition is $45, 620.
Due to Harvard's visibility, other colleges might follow suit to alleviate the perception that private school higher education is the bastion of the privileged elite. Harvard among them is in the forefront to remedy serious middle-class concerns about Ivy League college accessibility and affordability.
However, not all are happy with Harvard’s announcement. There are underpinnings of discontent among some quarters of the private schools that they will have to compete for top students with Harvard. A financial aid war could ensue, making aid access for middle class and working families easier but financially costly to the schools.
Basically, the impetus started by Harvard could accelerate into a costly spending arms race between the best private schools vying for the best brains in the nation. This certainly is a welcome move, making the Ivy League higher education available to the best students irrespective of economic background.
