Education News
Harvard's Christmas present to the middle class: lower tuition
By DPA
Dec 11, 2007, 10:31 GMT

Washington - The elite Harvard University Monday reduced its costs for middle class families in a well-timed Christmas present for high school seniors hustling to prepare university applications by the January 1 deadline.

The Boston-based Ivy League School, one of the country's oldest and most prestigious, said it would reduce the annual 45,456-dollar cost by up to two-thirds for families earning less than 180,000 dollars a year.

The wealthy school already offers extensive financial aid. The new system would mean families with 180,000 dollars income would pay 18,000 dollars instead of the 30,000 dollars they now pay, the college said in a statement on its website.

A 10-per-cent-of-income charge would apply for incomes between 120,000 and 180,000 dollars. Below 120,000 dollars, the percentage steadily drops to zero for families earning 60,000 dollars.

Harvard would also remove home equity from financial aid calculations, said Harvard President Drew Faust.

'We want all students who might dream of a Harvard education to know that it is a realistic and affordable option,' said Faust. 'Education is fundamental to the future of individuals and the nation, and we are determined to do our part to restore its place as an engine of opportunity, rather than a source of financial stress.'

He said the new plan meant Harvard was no longer 'tinkering at the margins, we are rebuilding the engine.'