Even with consistent tuition increases, the number of applications to Harvard continues to rise. Harvard received 18,687 applications for the Class of 2004, more than any prior class.

In September 1998, Knowles announced a one-time $9 million dollar increase in the financial aid budget, which resulted in an additional $2,000 for each student receiving financial aid.

The University's recently completed $2.6 billion Capital Campaign has also added funds to financial aid coffers.

"The success of the recently concluded University Campaign has allowed Harvard to contain tuition increases and to continue its policies of need-blind admissions and need-based financial aid," according to the release.

According to the Chronicle of Higher Education, tuition charges around the country have risen on average at a rate of less than 5 percent per year.

A major exception to this is Williams College, which announced earlier this year that it would freeze the price of tuition, room, board and fees for the 2000-2001 school year. According to Jim Kolesar, director of public affairs at Williams College, the board of trustees decided that the college's current financial situation was rosy enough to keep tuition constant.

"Our financial position seemed to allow us to hold the fee level constant and to maintain the level and ambition of programs, as well as to maintain need-blind admissions," Kolesar said.