Harvard to Replace All Loans with Grants
 

WOW!

Harvard to replace all loans with grants

World's richest university to offer free or cheaper ride to some students

Harvard University announced Monday a major expansion of financial aid that will reduce tuition bills by thousands of dollars — even for families earning six figures.

The university said it would replace all loans with grants, and spend up to $22 million more annually on aid, mostly targeting middle- and upper-middle class students. Families earning under $60,000 already pay nothing to attend the world's richest university, with an endowment of nearly $35 billion.

Now, however, there parents earning between $60,000 and $120,000 will pay a percentage of their income, rising to 10 percent. Families with incomes between $120,000 and $180,000 will have to pay 10 percent of their incomes.

http://www.msnbc.msn.com/id/22186316/

I'm glad to see yet another university join this trend. Not assessing home equity for EFC will also help middle-class families who happen to live in high-cost areas.