"Harvard President Lawrence H. Summers announced Feb. 28 a major new initiative designed to encourage talented students from families of low and moderate income to attend Harvard College. The new initiative has four major components:posted by ericb at 7:01 PM on March 6, 2006Financial aid: Beginning next year, parents in families with incomes of less than $40,000 will no longer be expected to contribute to the cost of attending Harvard for their children. In addition, Harvard will reduce the contributions expected of families with incomes between $40,000 and $60,000....'Already nearly half of Harvard's undergraduates receive grants averaging over $24,000 each year, and two-thirds receive some form of financial aid,' said William C. Kirby, Dean of the Faculty of Arts and Sciences. 'This new initiative will enhance our effectiveness in reaching out to students who have done remarkable things with their lives despite limited financial resources.'...
The key to the new financial aid initiative is that parents with incomes below $40,000 will no longer be expected to contribute to the cost of their child's education at Harvard. At present, the average contribution for parent(s) with incomes under $40,000 is $2,300 — that number will be $0 under the new plan. Families with incomes of up to $60,000 will see their expected parent contributions reduced by an average of $1,250."
[Harvard Gazette | February 28, 2004]
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