Financial Aid for Top Universities
In the not so distant past, spots in elite schools in the United States were reserved only for the wealthy. Even today, many very capable students and parents of capable students feel that any college education, let alone at one of the nation’s top schools, is out of reach. Some students with great potential see no point in working hard in school because they feel they will have no opportunity to go on to a higher education, believing it simply can’t happen financially.
We need to let these students know that it is possible for them to get the best education at the best schools. They need a reason to work hard and explore options for learning. That may include going beyond the traditional school system. (See the many posts at this blog for possibilities beyond a traditional education.)
There actually seems to be a competition now among some of the elite schools of higher learning to recruit students from low and middle class homes. At some of these schools, if the family earns less than $60,000/year, the students pay no tuition.
Some of the schools that are making it possible for more students of lower incomes to attend include Columbia, Duke,
Harvard, Princeton,
Stanford, University of Pennsylvania, and
Yale. My guess is that more will follow.
This is all part of a growing national movement to combat the rapidly rising cost of higher education and to ensure that elite universities don't shut out all but the wealthiest students. Tuition at many private colleges and universities has risen so much in recent decades that even families earning close to $200,000 a year may struggle to afford it.
Under the plan announced by Drew Faust, president of Harvard, families earning more than $60,000 will be expected to pay a small percentage of their annual income for tuition and room and board, rising to 10% for those earning between $120,000 and $180,000 a year. All families that qualify for financial aid will receive that aid in grants, rather than being required to take out loans.
So let’s get the word out and give capable students an incentive to set high academic goals.