A Price Too High?

Many of the newly accepted prospective members of Harvard’s Class of 2016 undoubtedly spent yesterday evening celebrating their admissions letters with their families. Today, they must begin to consider the more practical issues of college attendance, including cost. The Crimson has reported that next year, as in the past, Harvard’s cost of attendance will increase. Cost of attendance, which has risen at a rate of between 3.5 and 4 percent for the past few years, will be $54,496 for the 2012-13 school year.

Harvard has announced an accompanying increase in financial aid funding, increasing the amount available by 7.5 percent. Indeed, Harvard has stayed true to its conviction to make a Harvard education possible for everyone, even low-income families; its dedication to providing financial aid to a large percentage of students is impressive and commendable. However, Harvard’s tuition increases follow a national pattern of tuition and fee hikes at both private and public colleges. As most universities do not have the resources to fund financial aid programs as expansive as Harvard’s, these increases are alarming.

Like our peers nationwide, we are worried about the increasing cost of higher education. A report by the College Board notes that in the past decade, “Published tuition and fees at private nonprofit four-year institutions increased at an average rate of 2.6 percent per year beyond inflation.” Over the same time period, tuition and fee rates at public four-year colleges and universities rose at an average of 5.6 percent a year beyond inflation for average out-of-state charges of $29,657 per year. To attend these universities, many students feel obligated to take out student loans; however, according to the Consumer Financial Protection Bureau, student debt in America has now topped $1 trillion and students increasingly feel their post-graduate pursuits stymied by high levels of debt.

As we have noted before, Obama recently came out with a commendable plan to address the rising cost of tuition at colleges across America. His project takes an important first step by providing a way for some students mired in debt to gain relief in the form of lower interest rates and by providing more information to prospective students about the affordability of college. Nonetheless, these policies can only be a first step; with the cost of higher education rising at such high rates, broader reform seems necessary.

Of course, Harvard’s own financial aid program generally provides most aid in the form of direct grants that do not have to be repaid. As students we are thankful that we can receive of the best financial aid in the country here; indeed, many of us would not be able to attend this institution if it were not for the generosity of Harvard’s alumni donors and the concerted efforts by Harvard’s Financial Aid Office to ensure that all students receive sufficient aid.

For many high school students newly admitted to college, cost will be a large factor in deciding which university to attend. We hope that, through policies like Obama’s recent plans for student loans, the government will ensure that college education remains accessible and affordable for American students. Beyond this, the Harvard Financial Aid Office should ensure that it continues to provide sufficient aid so that no member of Harvard’s Class of 2016 is deterred from attendance for lack of funding.

CORRECTION: A previous version of this editorial stated that under the revised terms of the Harvard Financial Aid Initiative, financial aid is only guaranteed to families that earn up to $150,000 rather than the previous $180,000. Under the new policy, families earning above $150,000 are still likely to receive some aid.