Financial Aid Packages Increase by $2,000

In the wake of Princeton's decision to increase undergraduate financial aid, Harvard University announced today a radical change in its own financial aid policies

Effective for the 2001-2002 school year, Harvard will give all scholarship recipients an extra $2,000 in need-based-assistance, reducing the amount a student is expected to contribute themself by nearly 40 percent.

The plan also raises Harvar'ds undergraduate financial aid budget by $8.3 million, building upon changes made in 1998 that increased all student grant packages by $2,000 and allowed students to use outside scholarships to reduce the self-help portion of their financial aid package.

"The new finanical aid program insures that--no matter what their resources--all our students can embrace and enjoy the possibilities here, without carrying a significant burden of term-time work," Jeremy R. Knowles, Dean of the Faculty of Arts and Sciences wrote in a press release.