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...Harvard’s recent wave of Financial Aid reforms include sweeping measures that have allowed students from low-income families to afford an Ivy League education. The Harvard Financial Aid Initiative has eliminated the entire cost of attendance for students whose annual family income is below $60,000. The most recent financial aid measures have extended these benefits to the middle class: the FAO has eliminated loans and the use of home equity as means to finance educational costs, and has also reduced the cost of attendance to 10 percent of income for families with incomes...
...These measures have allowed Harvard to compete with public institutions by often providing more generous financial aid. “Harvard was the best offer I got, actually,” said Ashlee N. Adams ’12, “Even with the financial aid offers I got from state schools in Texas, Harvard was still cheaper...
...Only a few hundred meters from Harvard Yard, in her secluded office on Brattle Street, Director of Financial Aid Sally C. Donahue presides over the generous aid program. With the worst financial crisis in over 50 years, Donahue’s office has taken on new significance given the effects of the crisis on many Harvard families...
...Financial Aid office started doing internal research to prepare for an initiative that would help lower- and middle -income families five years ago. “In some ways we responded to the economic crisis early,” Donahue says. “Without the initiative we would have been hearing from a lot more families...
...according to Swift, an unfortunate side affect of Harvard’s new financial aid program is that there is less FWSP eligibility. Instead, today only 20 percent of those on financial aid are eligible for the program, down from 40 percent last year. This is especially disturbing at a time when more students than ever are looking for work, making ineligible students forced to find their employment elsewhere. Swift says that the SEO hopes that Harvard may be able to resolve the problem in the future by creating a program that parallels FWSP...