Despite recent changes to the financial aid systems of other universities, Dean of the Faculty Jeremy R. Knowles said Harvard is not yet ready to radically overhaul its financial aid packages.

"We must continue to ensure that our offers are both supportive and competitive," Knowles said in an interview Friday. "We shall continue to consider each student and each family's needs on an individual basis."

In recent years, total spending for financial aid has remained constant while endowment has exploded, according to a Crimson article last week.

But Knowles said Harvard needs to conserve funds for the future.

"It is very tempting to spend all the gains in good times, but we should remember the 1970s," Knowles said.

During the 1970s, inflation forced Harvard to spend more than it had in its endowment fund was earning, according to Knowles.

"That is like having to sell the family silver just to keep food on the table," he said. "So in good times, we must be prudent in case times get rough again, as they undoubtedly will."

Knowles concluded by restating the University's commitment to competitive financial aid offers.

"To shape a diverse and excitingly talented class, we must be sensitive to the needs of each member of the class," he said.

Knowles also addressed recent concerns about undergraduate and graduate advising.

At the Faculty meeting on February 10, criticisms were raised about the lack of advising in the Graduate School of Arts and Sciences (GSAS).

"I know that both in the College and in the graduate school, the effectiveness, usefulness and supportiveness of advice and counsel is something we must continually examine," Knowles said.