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Harvard Financial Aid Outpaces Tuition Increases
Dean Kirby Vows Support For All Qualified Students
Cambridge, Mass. - March 24, 2006 - Harvard College has announced that it will provide $90 million in scholarships for undergraduate students during the 2006 - 2007 academic year, eclipsing last year's record-breaking allotment by 6.2 percent. The average total student aid package will be close to $33,000, more than 70 percent of the total cost of attendance. This increase in financial aid support outpaces a 4.75 percent increase in tuition and fees for next year.
Over the past six years, need-based scholarship aid for undergraduates at Harvard has increased by 65 percent while the median graduating debt for those students who borrow has decreased by close to 61 percent to just $6,400 for the Class of 2005, less than one third of the national average graduating debt of nearly $20,000. Two thirds of Harvard's undergraduates receive some form of financial aid, including scholarships, loans, and jobs.
Harvard's most recent financial aid initiative (HFAI) eliminates parent contributions for students from lower income families. This program has significantly increased the socio-economic diversity of the College - this year's freshman class has 24 percent more students from lower income backgrounds than the entering class of 2005. Launched in the spring of 2004, HFAI sends a powerful message that Harvard is open to talented students from all economic backgrounds.
"We are very pleased to offer such exceptional financial support to our undergraduates," said William C. Kirby, Dean of the Faculty of Arts and Sciences and Edith and Benjamin Geisinger Professor of History. "We do so because quality deserves quality: outstanding students from all backgrounds deserve an equal chance at securing a strong education. Harvard will continue to support talented individuals across the socioeconomic spectrum."
For academic year 2006 - 2007, undergraduate tuition will be $30,275. With a room rate of $5,328; board, $4,618; health services fee, $1,390; and student services fee rate of $2,044, the overall cost will be $43,655.
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