Spring Break
Equitable Commitments Among Elite Institutions
Matthew Louis Edwards '10
Issue date: 3/10/08 Section: Opinion
Financial aid programs and tuition costs are stressful and daunting concerns for high school seniors worldwide. Many programs, both federally and privately funded, are quite generous in their financial aid awards to students, though variation certainly exists. While elite colleges remain costly, they are increasingly becoming the most affordable as a result of financial aid reforms. Many Princeton students in middle- and even upper-income brackets pay roughly the same price for their Princeton education as at their own state institutions, according to Robin Moscato, Princeton's director of Undergraduate Financial Aid, in a recent article on Princeton's website. Based on Princeton's Class of 2011 data, families with average incomes of $125-150,000 receive grants averaging $22,700. That figure is just $5,600 higher than those families grossing more than $150,000 annually. Princeton University spearheaded the efforts to control college costs for families in 2001 with its expansive no-loan, grant-based policy without reliance on home equity in financial aid considerations. Harvard, Yale, and Stanford have recently joined the ranks of institutions committed to ensuring financial accessibility among their students and applicants. These enhancements come at no small price, consuming nearly $100 million dollars of each institution's funds, attesting to the undying commitment of these top-tier institutions to equity and education.
Recently, Harvard University President Drew Faust and Dean Michael Smith approved a comprehensive financial aid agenda that drastically reduces the financial burden on its middle class families. Harvard eliminated tuition altogether for families earning below $60,000 annually in 2006 for incoming Class of 2010 students. The new policy removed home equity values from financial aid considerations, eliminated student loans and revitalized grant-based aid. Similarly, Stanford University's new policy eliminates tuition for families earning under $100,000 and the additional elimination of room and board for families earning under $60,000. Though expansive, these enhancements are hardly revolutionary, arriving nearly eight years after an extensive reform of Princeton's financial aid policies.
Recently, Harvard University President Drew Faust and Dean Michael Smith approved a comprehensive financial aid agenda that drastically reduces the financial burden on its middle class families. Harvard eliminated tuition altogether for families earning below $60,000 annually in 2006 for incoming Class of 2010 students. The new policy removed home equity values from financial aid considerations, eliminated student loans and revitalized grant-based aid. Similarly, Stanford University's new policy eliminates tuition for families earning under $100,000 and the additional elimination of room and board for families earning under $60,000. Though expansive, these enhancements are hardly revolutionary, arriving nearly eight years after an extensive reform of Princeton's financial aid policies.
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