Blog

Browse All Blog Topics

Top Universities Scramble to Keep up with Harvard's Financial Aid Package

Jan 10, 2008

by Scholarships.com Staff

When word spread that Harvard would increase financial aid to both the middle and upper classes, tensions boiled at schools across the country. It was bad enough that Harvard attracted the best and the brightest from every nook and cranny—now they would be inexpensive too. Some guys have all the luck.

To be fair, Duke did beat Harvard in the financial aid race by being the first to announce their plan to pour an extra $13 million into the financial aid program, but their promise was simply not as impressive as the one offered by Harvard. When Duke capped their student loans to prevent debt, Harvard eliminated loans altogether—and replaced them with scholarships.

After Duke announced that parental contributions would no longer be expected from families who made less than $60,000, Harvard (which had already established that policy in 2006), announced that families making between $60,000 and $120,000 would only be required to contribute 0-10 percent of their income. Those making between $120,000 and $180,000 would only have to pay 10 percent of it. 

Shortly thereafter, Stanford jumped on the bandwagon by saying that they too would do more to make their school affordable. According to The Stafford Daily, the school made plans to increase their need-based aid by 15.2 percent. The change would save the average parent $2,000 each year.

The trickle down effect also influenced other schools. Among those with New Year’s resolutions involving financial aid boosts are the University of Pennsylvania, Tufts, Haverford and Swarthmore.

Of course, not everyone gets to benefit. It’s easy to be a philanthropist when you have large endowments in the bank, which not all schools can boast. Students at colleges and universities with less money or larger student bodies were not as satisfied with their financial aid offices.  According to The Michigan Daily, the University of Michigan at Ann Arbor would not only leave their policies as they are, they would continue—like many other colleges—to raise their prices. So much for that financial aid revolution we've all been waiting for.

Going to college doesn't have to break the bank or saddle you with tens of thousands of dollars in student loan debt. Check out the Scholarships.com free college scholarship search where you’ll discover you qualify for hundreds of thousands of dollars in scholarships in just a few minutes, then apply and win! It’s that easy!

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 

Most Shared Articles

Fighting crime is no easy task and is not meant for everyone. Careers in criminal justice aren't limited to police officers. You can study to be a criminal law paralegal, a crime lab analyst or even work for homeland security. If you plan to take this route, don't forget to apply for these solid scholarships to reduce debt while also doing your part to reduce crime: [...]

0 months ago 0 comments Read More

Due to Oregon's $1.8 billion budget crisis, public university leaders want funding reallocated from the Promise program to the state's need-based grant, which is awarded to low-income students who attend Oregon's public universities. [...]

0 months ago 0 comments Read More

The traditional college route isn't the best choice for everyone. There are ample scholarship opportunities for students who opt for a vocational career, whether it be in the plumbing, carpentry, electrical, firefighting or many others. If you want to learn or hone a specific skill as an alternative to attending a more traditional four-year college, take some time to consider these vocational scholarship opportunities: [...]

0 months ago 0 comments Read More

Wheaton College, a liberal arts college in Massachusetts, has created a refugee scholarship following the POTUS' immigration order in an effort to preserve their "foreign-born community." Another scholarship called The Privilege Grant, was recently created and is exclusively for white men "pursuing college on equal footing with their female, queer and ethnic minority classmates." [...]

0 months ago 14 comments Read More

February is Black History Month, or National African-American History Month, and is annually spent celebrating the achievements and contributions of black Americans in U.S. history. MLK had a dream - what is yours? Ours is helping you go to college with as little debt as possible. If that's your dream, check out these Black History Month-inspired scholarships: [...]

0 months ago 1 comments Read More

Living the college life has gotten way more expensive since 1980, and not including just tuition and fees. While many types tuition freezes, government tuition-free programs, scholarships, and grants help foot the tuition bill, housing and food remain uncovered, according to MarketWatch. [...]

1 months ago 2 comments Read More

The NFL Super Bowl is right around the corner, and while you may be enjoying the highly entertaining commercials or half-time show, we’ve compiled a list of football scholarships for those of you who one day aspire to play in the Super Bowl. If you have a passion for the game and wish to play at the collegiate level and beyond, check out these award opportunities and get paid to play: [...]

1 months ago 0 comments Read More

At elite colleges, more students come from the top 1 percent than the entire bottom 60 percent, according to a new study. While roughly one in four of the wealthiest students attend elite schools, including five Ivy League schools, graduating college helps "level the playing field for students of all socioeconomic backgrounds," according to Inside Higher Ed. [...]

1 months ago 0 comments Read More

Not all scholarships are awarded to the best writers with the strongest essays. So whether you're too busy writing other essays for school or simply not the best at literary composition, there are scholarship providers that dole out funds for unique hobbies or skill sets; or even for simply entering a contest. Check out these no-essay (or essay-alternative) awards for a chance to fund your college education:: [...]

1 months ago 3 comments Read More