Harvard Expands Financial Aid

Harvard University, despite suffering recent financial troubles due to the recession, has long offered generous financial aid to undergraduates.

Since 2007 the college has allowed students from families with incomes up to $180,000 to graduate debt free. Students from low income families don’t pay anything at all. Now the school has increased its financial aid benefits.

According to a piece in the Harvard Gazette:

In 2004, Harvard inaugurated a financial aid initiative for low-income students under which families with incomes below $40,000 pay nothing toward the cost of their child’s attendance at the College. Just two years later, this benefit was extended to families with incomes below $60,000. Beginning next fall, this ceiling will be raised to $65,000.

Low income, of course, is relative. The real median household income in the United States of America is currently about $50,000. The federal poverty line for a family of four is $22,050 a year.

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Daniel Luzer

Daniel Luzer is the news editor at Governing Magazine and former web editor of the Washington Monthly. Find him on Twitter: @Daniel_Luzer