This was a year unlike any other for admissions and financial aid at Harvard. In eliminating early action and creating a sweeping new financial aid initiative, Harvard has begun a movement that will shape the conversation about access and affordability, both for this generation and for generations to come.
By eliminating early action, we hoped to level the playing field for students from modest economic backgrounds who lack access to adequate college counseling. At the same time, we wanted to reduce the frenzy of the college admissions process by allowing all students to take the full senior year to decide which college would provide the best match for their developing talents and interests.
Harvard’s new financial aid initiative, with its “zero to 10 percent standard,” requires no contribution from those with annual incomes below $60,000; a contribution of up to 10 percent from those with incomes from $60,000 to $120,000; and a contribution of 10 percent from those with incomes from $120,000 to $180,000, assuming assets typical for each income level. Families with incomes above $180,000 and even $200,000 will continue to be eligible for varying amounts of need-based aid. In addition, loans have been eliminated from all aid packages, and home equity is no longer considered in financial aid calculations. For nearly 95 percent of American families, the cost of attending Harvard will be the same or less than it would be at state flagship public universities.
Applications to Harvard soared to a record 27,462 this year, eclipsing the previous record of 22,955 set last year. Only 7.1 percent of the applicant pool was admitted to the Class of 2012 in April, the lowest admission rate in the history of the College. When the admissions year concludes at the end of June, the yield on admitted candidates is expected to be about 76 percent (close to last year’s 78 percent). That this remains the highest yield among peer institutions is particularly notable because Harvard no longer has the advantage of early action, which allows colleges several additional months to consider admitted students , or early decision, which ensures a 100 percent yield by requiring students admitted early to attend.
In short, this has been an encouraging year for our new programs. But even as we complete the waiting list process for the Class of 2012, we have already visited 55 cities in the United States and 13 other countries recruiting for next year’s Class of 2013. Just last week, we met with Princeton and the University of Virginia, two other institutions which eliminated early admission programs, and agreed to increase the number of joint travel recruiting trips conducted in November, a month when we had previously been occupied with early action.
As with any changes in the world of admissions and financial aid, the full effect of our new programs will not be known for a number of years, but preliminary results for the Class of 2012 indicate impressive academic excellence and increasing economic diversity. At this time last year, 49 percent of the incoming class qualified for financial aid, while this year the comparable figure is 59 percent. Of course, many other colleges have also made significant changes in their financial aid programs, and future competition in this realm will continue to be fierce.
This revolution in financial aid is wonderful news for students and their families. It is exactly what we hoped for when, under the leadership of President Drew Faust and Dean Michael Smith, Harvard decided last Dec. to reduce the cost of attendance by a third to a half. It is vital as a matter of public policy that qualified students throughout the nation and the world can aspire to any college, regardless of economic background. Harvard will continue to do everything it can to ensure that current and future generations of students have this precious opportunity.
William R. Fitzsimmons ‘67 is Dean of Admissions and Financial Aid. Sarah C. Donahue is a Director of Financial Aid. Marlyn McGrath ‘70-73 is a Director of Admissions.
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