However, studying at Harvard comes with significant financial considerations.Recognizing this, Harvard College is committed to ensuring that financial barriers do not prevent talented students from accessing its transformative education. To this end, the college offers a robust financial aid program designed to make education affordable for all admitted students.
The Financial Commitment: Education and Finances
Harvard College’s commitment to making education accessible extends to its financial aid offerings. The Faculty of Arts and Sciences Scholarship program, which supports Harvard College students, includes over 2,000 individual endowment and gift funds. These funds have been established through the generosity of alumni and donors, including a landmark $150 million gift from Ken Griffin, a member of the Class of 1989. The college reports to many of these donors annually, sharing how their contributions have made a difference in students’ lives.
Harvard’s Approach to Financial Aid
When a student qualifies for financial aid at Harvard, the college uses a combination of resources to create a personalised aid package that meets the student’s demonstrated financial need. This aid package may include scholarship funds, student employment opportunities, and any external awards the student may have earned. For families interested in additional financial support, parent and student loans are also available.
Harvard’s scholarships are designed to cover 100% of a student’s demonstrated financial need. The college follows a straightforward process to determine the amount of aid:
- Parent Contribution: Harvard first determines the expected contribution from the student’s parents.
- Student Employment and External Awards: Next, the college considers any income the student can earn through employment and any external awards received.
- Scholarship Funds: The remaining financial need is covered by scholarship funds. These scholarships are grant-based and do not need to be repaid.
Harvard’s scholarship funds come from a variety of sources, including endowment funds, alumni gifts, general tuition revenues, and federal and state grants. This ensures that every student’s financial need is fully met without compromising on the quality of their education.
Additional Support for U.S. Students
U.S. citizens and permanent residents may be eligible for additional support through federal and state grants. The most common are the Federal Pell Grant and the Supplemental Educational Opportunity Grant (SEOG). Eligibility for these grants is determined by the information provided in the Free Application for Federal Student Aid (FAFSA). Once the FAFSA is submitted, students receive a Student Aid Report within 10 days, which indicates their eligibility for a Pell Grant.
Massachusetts residents may also qualify for the state’s Gilbert Grant, which is awarded based on financial need. These grants do not impact the student’s expected work during the academic term, ensuring they can focus on their studies.
Financial Aid Throughout Your Time at Harvard
Harvard College provides financial aid support to students throughout their academic journey, whether they are entering their first year or approaching graduation. The college’s financial aid officers are available to guide students and their families through the application process and to answer any questions that arise. Harvard is committed to making the process as clear and straightforward as possible, ensuring that financial concerns do not overshadow the academic experience.
Applying for Financial Aid: A Step-by-Step Process
The financial aid application process at Harvard College is consistent for all students, regardless of nationality or citizenship. Applicants are required to provide detailed information about their family’s income and assets, any external awards, and any unusual or changed financial circumstances. Harvard’s financial aid officers work closely with applicants to determine their demonstrated need and their family’s expected contribution.
Once the financial aid application is reviewed and the student’s demonstrated need is determined, Harvard notifies the student of their award for the upcoming academic year. The college strives to make the application process as efficient as possible, with financial aid officers available to assist at every step.
Prospective Students: Early Planning for Financial Aid
Harvard encourages prospective students to apply for financial aid at the same time they apply for admission. This allows students to understand their financial aid package as soon as they are admitted, giving them the confidence that they can afford to attend Harvard. It is important to note that applying for financial aid has no impact on the admissions process; Harvard practises need-blind admissions, ensuring that a student’s financial situation does not affect their chances of being admitted.
Current Students: Continued Financial Aid Support
Current Harvard students are encouraged to apply for financial aid each year. For those who received aid in the previous academic year, the college automatically sends instructions for reapplying. Financial aid officers remain available to assist with any questions and to work with families to ensure continued support.
In some cases, students may be required to submit additional financial documents, such as a business or farm supplement, a cash flow statement, or a federal tax non-filer statement. These additional forms help Harvard better understand the student’s financial situation and provide the appropriate level of aid.
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