Harvard has announced that they are expanding their financial aid to students in several areas. First, families with incomes between 60,000 and 120,000 will pay up to 10% of their income based on a sliding scale. Families with income between 120,000 and 180, 000 will pay 10% of their income. Second, Harvard is eliminating all loans from financial aid packages. Third, they will no longer be considering home equity in the financial aid calculations. Previously, Harvard had a policy that families with income below 60,000 would not be asked to contribute to the cost of their education. That policy continues.

Harvard has a huge endowment and can easily afford the additional cost involved in this initiative. I am pleased that they have joined the ranks of other several other selective colleges that have eliminated loans from financial aid packages and that are working to make a selective college more affordable for low and middle income students.

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