Word: pelled
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Twenty years ago federal scholarship aid, including Pell grants, represented nearly twenty percent of the College's scholarship budget. Today federal scholarship aid accounts for less than six percent of the College's scholarship program. In other words, as the needs of Harvard's scholarship students have risen, the College, not the federal government, has borne the full cost of meeting those increased needs...
During most of this decade the federal government faced substantial cost and budget constraints and Pell grant maximums actually decreased in real dollars, while decreasing even more when measured in constant dollars. From 1990 through 1995, for example, individual students received less Pell Grant assistance each year than they did the previous year--and the College bridged the gap using its own resources. I might gently remind the editors that during this extended period of Pell decreases there were no campus editorials calling for students to receive less scholarship money because of reduced Pell authorizations...
Instead of upping financial aid per student, which this governmental measure was intended to do, the University will instead decrease the aid it gives to students who receive Pell Grants, cutting its cost of financial aid. Why deprive students of this extra financial boost? Because, the University argues, it already meets the students' demonstrated needs...
Secondly, students who receive Pell Grants also accept hefty loans. Harvard could and should see this increase in Pell Grants as a way for students to lessen the burden of their debts upon graduation...
After the announcement earlier this year that students would receive more financial aid, not being able to benefit from the Pell Grant increase comes as a slap in the face. Why should the University pocket money meant to go to students? Silly Harvard, financial aid is for kids, not endowments...