Harvard to Replace All Loans with Grants

[PeppyGPhiB]

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/

[alum]

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.