Word: hfai
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...press release. “We do so because quality deserves quality: outstanding students from all backgrounds deserve an equal chance at securing a strong education.” The announcement comes just over two years after University President Lawrence H. Summers unveiled the Harvard Financial Aid Initiative (HFAI), which eliminated tuition payments for families making less than $40,000 a year and cut costs for families earning between $40,000 and $60,000. Nearly 360 current freshmen qualify for HFAI, up 22 percent from the previous year, according to figures released by the Office of Admissions last April. This...
...guidelines, students on financial aid had to fulfill a “self-help” obligation—“the amount of money that the financial aid office believes you should be able to contribute during the term,” according to an HFAI guidebook. That typically amounted to $3,650 and could be covered through paid work or student loans, according to a fact sheet from the Financial Aid Office...
...guidelines also required students to make another contribution that was “expected to be earned during the summer,” according to the HFAI guidebook. Under the old guidelines, outside scholarships could serve to offset the self-help expectation but could not be used to replace summer income...
Since the launch of HFAI in 2004, several selective schools in the Ivy League and beyond have made moves to one-up Harvard’s financial aid pledge. Yale announced last March that families earning under $45,000 would no longer have to contribute to their children’s tuition and fees. This month, Stanford matched Yale’s offer for families earning less than $45,000. And just last week, the University of Pennsylvania announced that families earning less than $50,000 would no longer have to take out loans to send their children...
...really felt that there was no better to way to reflect the great success of the HFAI program, to make certain that we could build success on success,” he added, noting that “it would be a huge loss for America if places like Harvard don’t do their share in educating these students...