"About half of Harvard’s undergraduate student body is in the group [which is eligible for the new financial aid plan] with incomes up to $180,000 and so will benefit in one or more ways from the changes, which are expected to cost about $22 million annually. But because Harvard officials said that they hoped the plan would attract new, less wealthy applicants, the share of undergraduates eligible could grow over time."This references the significant changes in the costs associated in attending Harvard -- and the continuing trend of focusing on merit for admission.
Harvard provides "free rides" to students who come from families with incomes below $60,000."In the winter of 2004, under the leadership of President Lawrence H. Summers, Harvard transformed the financial aid landscape with its announcement that families with annual incomes below $40,000 would not be expected to pay for their sons or daughters to go to Harvard. The zero-contribution threshold was raised to $60,000 in 2006, with further reductions in parental contributions for families with incomes up to $80,000. Over the past three years, the number of students in these income ranges has increased by 33 percent, representing a quarter of the entering Class of 2011."*This past December new Harvard President Drew Faust announced a "Zero to 10 Percent Standard" financial aid program:"Harvard’s new financial aid policy dramatically reduces the amount families with incomes below $180,000 will be expected to pay. Families with incomes above $120,000 and below $180,000 and with assets typical for these income levels will be asked to pay 10 percent of their incomes. For those with incomes below $120,000, the family contribution percentage will decline steadily from 10 percent, reaching zero for those with incomes at $60,000 and below. For example, a typical family making $120,000 will be asked to pay approximately $12,000 for a child to attend Harvard College, compared with more than $19,000 under existing student aid policies. For a typical family with $180,000 of income, the payment would be approximately $18,000, compared with more than $30,000 today. The new standard reduces the cost to families by one-third to one-half, making the price of a Harvard education for students on financial aid comparable to the cost of in-state tuition and fees at the nation’s leading public universities. The new initiative also establishes a standard that students and their families can easily understand."*There has been an ongoing discussion at Harvard about adopting a "tuition-free model" for all students: Why Can't Harvard Be Free?
I think we are putting the emphasis on different parts of that sentence. You are saying "look, Harvard is getting more meritocratic," while I'm saying "woah, over half of the Harvard student body comes from the top five percent of households by income."True, but, seriously, coming from a family whose household income is $200,000 makes one the child of two engineers or a physician, not the "The scions of wealth who ... are Dukes and Earls and Barons waiting to come into their own." They're from the career-oriented upper middle classes.
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Harvardmy school leftJohn H. Summersme feelinghis teachingmy education had been degraded to little more than aservicerubber stamp toprepare clientsset up rich kids for monied careers.posted by The Card Cheat at 6:34 AM on August 5, 2008