The numbers say it all.

In the past three weeks, Princeton, Stanford and Yale Universities have each unveiled financial aid overhauls which will give many of their students thousands of dollars more per year.

The world's richest university has watched this revolution and not even suggested similar reforms to its own system. One thing is clear, however: Harvard can pay.

Harvard's own data shows the University could afford significant financial aid increases without taking a dollar from any existing programs--simply by drawing on the natural growth of the University's ballooning endowment.

Would increasing aid mean an enormous jump in tuition costs or an incredible drain on Harvard's multibillion-dollar endowment?

The numbers say no. To match its peers, Harvard would have to spend money from its endowment at a rate no larger than its traditional average.

In fact, Harvard could give aid to middle-and lower-income students on the scale of its peers using money already earmarked for financial aid.

The percent of endowment money spent in a given year is called the payout percentage. Over the last 20 years, Harvard payout has hovered around a 4.8 percent.

In recent years, however, total spending has remained constant while the endowment has exploded, making Harvard's payout 3.9 percent in FY '97 and 3.7 percent in 1998.

Merely by restoring the payout to its traditional level, Harvard could tap into its financial good fortune and pass the savings on to its students.

The reforms announced by Princeton last month,which will reduce loans and family contributionsfor many needy students, is projected to cost theschool an additional $6 million per year, anaverage of around $1300 per student.

Yale's changes will affect the entire studentbody and reduce both summer job requirements andfamily contributions. Total cost: $3.5 millionannually, about $650 per student.

Stanford's financial aid reforms will reducefamily contributions and apply outsidescholarships towards erasing loans and work-study,changes estimated to cost the school an extra $3.8million next year, or around $600 per student.

Can Harvard enter this higher education pricewar for America's middle class?

Again, the numbers say yes.

If the University would restore its payout to4.5 percent of the endowment next year, it coulddraw an additional $6.25 million from fundsrestricted to use for undergraduate financial aid.Of FAS's annual payout, 15 percent is specificallyreserved for financial aid.