For months, students have watched as Princeton, Yale, Stanford and MIT sweetened the financial aid pot. For months, we wondered when Harvard would do the same.
Now, the College has both met and exceeded our expectations by allocating $9 million more toward financial aid. Finally, students are reaping the direct benefit of President Neil L. Rudenstine's long hours of fundraising. Even better, the change will affect not only incoming students but also those of us already here.
Yesterday's announcement of an increase in financial aid means students will now spend fewer hours at their work study jobs or finally be able to take that unpaid summer internship.
In the next few weeks, the Financial Aid Office will be contacting each family on assistance to inform them of a redistribution in student packages. The total amount of aid will not increase, but the amount of grant money will--by $2,000. Students will have the choice of putting that money toward a decrease in loan debt or the elimination a term-time or work-study job.
The entire sum of outside scholarships will also now be put toward a reduction of a student's tuition burden. Under the old system, students could keep just 40 cents of every dollar won. The new system will relieve some of the burden currently placed on students to fund their own education through work or loans.
Harvard's relative silence on the aid issue for so many months was worrisome. But it now seems that administrators may have merely been taking the time to put together a comprehensive plan that puts Harvard at the forefront of those colleges committed to need-blind financial aid policy.
As University Hall continues to examine the financial aid program, administrators should now consider alleviating the burden on parents directly by reducing loan requirements.
Additionally, the situations of families who may have just missed receiving financial aid should be reevaluated. With the additional funds, perhaps some of these families might be included in the pool of those who already benefit from grant assistance.
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