10% of Harvard Financial Aid Policy Is not Necessarily So

On 10 December 2007 announced that Harvard President Drew Faust and Dean of the Faculty of Arts and Sciences Michael D. Smith, its new and innovative financial aid program in an attempt to Harvard more affordable for families of all incomes, but especially for families of middle and upper middle incomes. Major improvements have been removed in awarding grants, student loans and the elimination of home equity values in the financial calculations andEliminate the contribution of families with an income of less than U.S. $ 60,000 made:

"Families with incomes above $ 120,000 and $ 180,000 to be down with assets typical for these income announced," Harvard will be asked "to pay 10 percent of their income. For those with incomes under $ 120,000, the contribution of family members share steadily decline from 10 percent to zero for those with an income of $ 60,000 or less. "

"We want all students who might dream of HarvardEducation to know that there is a realistic and affordable option, "said President Faust." Education is of fundamental importance for the future of the individual and the nation, and we are determined to do our part, to its place as an engine of opportunity, but as a source of recovery of the financial burden. In granting any loans, no consideration of home equity and a dramatic increase in aid, we are not tinkering at the edges, we are rebuilding the engine ... This is a great investment for Harvard, but itis no more important obligation that we could do. Excellence and opportunity must go hand in hand, "he said.

Not so fast with your approval. Before you offer words of praise for proclaiming financial aid initiative, Harvard examined to determine whether or not, as we have seen so many times before, all these carefully chosen words begin to be as empty as the pot at the end of the rainbow, that nobody is . Could it be that the Ivy League giant has already refused her promise, and thatsome of its ground-breaking financial support is nothing more than a lot of hype?

Two of the families that I sent to advise their children from the class of 2012 are in and very concerned about the new Harvard financial aid program as promised in their earth shattering announcement disappointed.

With a $ 35 billion endowment fund, one might ask, why would a Harvard-family virtually no assets of $ 750 to defraud. It is incomprehensible, but that is exactly whatThey have a New England family with a 2007 income less than $ 150,000. And, despite my advice, they were petrified at the prospect of challenging Harvard first offer, fearing it would jeopardize their future students at the prestigious school. Consequently, they have not.

The second family in the lurch, announced by the improvements is financial assistance from the Midwest and have an income of just over $ 180,000-threshold. There were some mitigating circumstances and,accordingly, I opened a complaint. And lo and behold, Harvard sprung for an additional $ 6000, but after discounting numerous business expenses that the IRS had accepted! And if all the gold glitter Harvard's why the appeal was necessary in the first place?

One thing is certain, if the Harvard little financial support for their clenched providing these families, it is safe to assume there are others who had pulled over his eyes red. I welcome all the Harvard family, and as weon this issue, all other university or college-bound family to contact me for a free financial analysis to determine whether they are too short to have changed and whether there's a way to get extra financial help. (It is a rule.)

Grant in the last ten years by the leadership of former President Neil L. Ruden Stine, Harvard, the funds have increased 143 percent, and in 2008 and beyond will be invited more than 90 percent of Harvard families for what appear to qualifythe surface, a very generous financial aid program. Two-thirds of the students currently attending receive some form of financial assistance and scholarships are awarded for need-half of them. The total assistance to help bring Harvard in 2008 to more than $ 98 million - about half of 1% of the total funds they have available.

Fact is, Harvard has so much money, it might even pay the tuition for the entire student body for the next 100 years and still billions ofU.S. dollars left! So, let's take the borrower beware. Before you canonize one America's most out of college to take up the torch grant not forget that while the poetry may be new, we have all tried before the tune, and it is not necessarily so.

Do the math. Provide an appeal unattractive price, and do not assume any financial assistance granted. Trust was never a gift - it should be purchased every year a student in the school ...