How Harvard can be Soooo Very Affordable

With a published "sticker price" of $63,025 per year, how can it be possible that Harvard can be so very affordable?  It's because Harvard is "committed to meeting 100 percent of demonstrated financial need for all four years ....about 60 percent receive need–based scholarships and pay an average of $12,000 per year. Twenty percent of parents pay nothing. No loans required."

Harvard admits students based on the merits of their application; in other words, whether you are able to afford the "sticker price" is not part of determining whether you will be offered a spot in their next freshman class.  Once you are admitted, their financial aid officers work to ensure that money is not an obstacle to accepting a spot in their freshman class.  Depending on your family's finances, you may only be asked to contribute "between zero and ten percent of family income."

This chart illustrates how many students receive Harvard Scholarships, sorted by family income levels. A large proportion of scholarship recipients attending Harvard come from families earning significantly less than the national median household income of $55775.

Harvard's web site states that families with less than $65K in family income are not expected to contribute towards the student's educational costs.  Families with incomes of up to $150K will contribute up to 10% of their income, and families above $150 will be asked to contribute more than 10%.  So if your family earns the median national income of $55,775, the family will not be expected to pay anything for tuition.  

However, that doesn't mean that Harvard is free:  the student is expected to contribute toward the cost of attendance.  In other words, you are expected to work a reasonable amount of time to be able to contribute toward your cost of attendance.  Also, if you have assets in educational or other accounts, you will be expected to use those to help cover costs.

​The College Scorecard record for Harvard reflects this reality:  students whose familiers earn less than $75K per year can expect their cost of attending Harvard to be $6300 or less.

There is still the detail of being accepted into Harvard University.  The College Scorecard reports that the students who are admitted and enrolled at Harvard typically have SAT scores of 700+ in each section, and ACT scores of 32+.  

But these numbers are NOT a minimum requirement.  Harvard provides a summary of what they look for in reviewing an application from prospective students: "students who will be the best educators of one another and their professors—individuals who will inspire those around them during their College years and beyond."  Harvard also provides a little advice about how you might want to go about selecting courses throughout high school to best prepare yourself for college applications.  While they provide guidelines for academic coursework, the admissions department does consider other student attributes to make their determinations. 

So, if you hope to be able to choose a Harvard education for your future, don't worry about money.  Focus on doing your best in your coursework, developing your interests and talents, get involved with your community, and otherwise live an interesting life.  Whether or not you end up attending Harvard University, you will have built up your academic credentials to attend a terrific college that will help you develop into your best self.  Because Harvard is not the only college determined to make your college education affordable.  I'll write about some of those other colleges in future posts.