Some 250 Harvard undergraduates who receive financial aid from the state may get good news soon: the Bay State is considering raising its current $50 million student aid budget by anywhere from $5 million to $25 million.

The Massachusetts Legislature will later this month debate how much to increase state aid to college students. Currently on the table are two proposals, Governor Michael S. Dukakis's $5 million hike and the $25 million raise of Sen. Gerard D'Amico's (D-Worcester).

By state law 75 percent of all student aid goes to students attending private schools. The average amount provided per student is $900.

More than 250 Harvard undergraduates currently receive about $450,000 in student and from the state. Director of Financial Aids James S. Miller said yesterday. He said to generate a similar amount, the University needs about $9 million of endowment. About 66 percent of College student get financial aid either from Harvard or government sources.

Although Dukakis's proposed 10-percent increase is substantiality lower than previous years' increases, Elizabeth Fontaine, acting director of the state scholarship office, said that "the governor is very responsive to student aid."

In Dukakis' first budget he raised the aid level close to 75 percent, from $19 million to $34 million last year be added another $16 million to the program, pushing it to its current $50 million level.

Most likely, a compromise measure will pass. A Dukakis aide said it is probable the $5 million increase will "evolve" for a higher amount.

An aide in D'Amico's office said D'Amico does not expect the full $25 million his bill mandates to pass, but rather something like a compromise level of around $15 million Harvard's Miller said he expects a $10 to $15 million dollar increase.

A precise date has yet to be set for hearings on the bill, which are still in committe