FROM THE DESK OF WILLIS MOODY

HARVARD UNIVERSITYIS PLEASED TO ANNOUNCE…
Harvard President Lawrence H. Summers announced in February 2004 a major new initiative designed to encourage talented students from families of low and moderate income to attend Harvard College. While the new initiative has four major components, including recruitment, admissions, and a summer academic program designed to prepare talented students from financially disadvantaged backgrounds for college, the financial aid component increases aid for students from low and moderate income families.
Beginning with the 2004-05 year, parents in families with incomes of less than $40,000 will no longer be expected to contribute to the cost of attending Harvard for their children. In addition, Harvard will reduce the contributions expected of families with incomes between $40,000 and $60,000.
The University has earmarked $2 million in new financial aid funds to cover this expanded aid next year, bringing its total annual scholarship budget for undergraduates to just under $80 million. The new initiative, which will take effect next fall for all students – entering and returning – is expected to benefit more than 1000 families on an annual basis.
The new financial aid initiative is the latest step in a progressive expansion of financial aid at Harvard in recent years. Harvard College's nearly $80 million in scholarships for undergraduates in the coming year represents a 49% increase over the past six years when inflation rose by only 13.5%.
This increase in scholarship aid has reduced the average student loan debt upon graduation to $8,800 for the Class of 2003, a figure well below the national average of close to $20,000.
Visit http://www.news.harvard.edu/gazette/daily/0402/28-finaid.html for the full text of this announcement.
(thanks Mr. Moody....jim)