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Top Schools Offer Financial Aid to low-Income Families.

Financial aid is no longer limited to low-income families as Yale University just one of several universities announced that it's increasing financial aid for families with income of up to $200,000 a year. The announcement followed similar moves by Harvard, Duke and other top schools to reduce the burden on even upper-middle-class families.

HARVARD'S TUITION ANNOUNCEMENT

Harvard expands reinforces it's financial aid for low- and middle-income families by expanding it commitment to low-income families.

Harvard is reinforcing its commitment to opportunity and excellence across the economic spectrum, Harvard announced a significant expansion of its 2004 financial aid initiative for low and middle-income families. Parents with incomes of less than $60,000 will no longer be expected to contribute to the cost of their children attending Harvard. In addition, Harvard will reduce the contributions of families with incomes between $60,000 and $80,000. Visit http://www.admissions.college.harvard.edu/financial_aid/hfai/index.html for the full text of this announcement. or call the school's financial aid office at (617) 495- 1581. or call the school's financial aid office at (617) 495-1581

Yale University Increases Financial Aid

Financial aid isn't limited to low-income families. Yale University announced last week that it's increasing financial aid for families with income of up to $180,000 a year.

Yale University Increases Financial Aid Thu Mar 3, 5:21 PM ET U.S. National - AP

By MATT APUZZO, Associated Press Writer NEW HAVEN, Conn. - Yale University increased its financial aid for lower-income families Thursday, the latest move by the Ivy League to attract students who had seen the schools as out of their price range.
Beginning next year, families making less than $45,000 will no longer have to pay tuition for their children, and those earning between $45,000 and $60,000 will see their required contributions drop an average of 50 percent, Yale said. "The general message is that Ivy League schools are affordable," Yale President Richard Levin said. "This is a dream that can be achieved." Levin said many qualified students don't bother applying to Yale because they figure their parents can't foot the tuition of about $41,000 a year, including room, board and other fees. But about 40 percent of undergraduates receive financial aid, with an average award this year of $22,000.

The average family earning less than $60,000 will save about $2,700 under the new plan, the university said. It estimated the changes will cost about $3 million, and will be paid for by using interest from the school's $12.7 billion endowment and with money saved on operating expenses. Yale's announcement follows similar moves at other Ivy League schools, which have pushed in recent years not just to make tuition affordable to more students, but also to remake their images. Last year Harvard said families making less than $40,000 do not have to pay tuition. "Top-flight schools are all looking at what kind of barriers there are to low-income students," said Robin Moscato, senior assistant admissions director at Princeton, which replaced student loans with grants and made other financial aid changes in recent years. Levin said the college plans to promote its new financial aid plan at high schools around the country. Last year more than 550 families of Yale students earned less than $60,000 a year, and more than 300 of those families earned less than $40,000, the university said. About 5,200 students were enrolled at Yale this fall.

Although Yale is freeing lower-income parents from paying their children's tuition, the university requires the students themselves to pay at least $4,200 a year. They can earn the money by working $10-an-hour campus jobs or by taking loans. On Yale's campus, where some students staged a sit-in at the admissions office last week in a call for more financial aid, Thursday's announcement was well received. "I think it's an issue that all students follow," said senior Chance Carlisle, vice president of the College Council. "No one likes the perception that because you go to an Ivy League institution, you have to be from a financially well-off family."

Dartmouth’s Financial Aid Policy Help Low-Income Families

Beginning with the 2008-09 academic year, all students from families with incomes of $75,000 or less will receive free tuition. In addition, many will also receive scholarships for associated costs of attendance, i.e. room, board, books and miscellaneous expenses.

The universal shift from student loans to scholarships headlined a series of sweeping changes to Dartmouth’s financial aid policy announced by College President James Wright Tuesday. Dartmouth will also move to a need-blind admissions process for international students and eliminate leave term earnings expectations. http://www.dartmouth.edu/~news/releases/2008/01/22.html

Duke, Making Education More Affordable

As part of its ongoing commitment to make high-quality undergraduate education more affordable, Duke University will eliminate parental contributions for families who make less than $60,000 a year and make it possible for students from families with incomes below $40,000 to graduate debt-free.

To help relieve financial pressures on the middle class, Duke also will reduce loans for students from families with incomes up to $100,000 and will cap loans for eligible families with incomes above $100,000. Officials estimate the new financial aid program will benefit nearly 2,500 undergraduates. See story at http://dukefinancialaid.duke.edu/newsupport/newsrelease.html

Princeton Is'nt New to Financial Aid For Low-Income Families

This year the average grant for a freshman on financial aid is more than $31,000. These efforts have dramatically increased the economic diversity of Princeton's student body. Of this year's freshman class, 54 percent, or 671 students, are on financial aid. That percentage is a striking change from the class of 2001 -- the last class admitted before the enhancements to the aid program -- when 38 percent of the freshmen were on aid.

Princeton's undergraduate charges next year will include: $34,290 for tuition, a 3.9 percent increase from $33,000 in 2007-08; $6,205 for room, up 3.8 percent from $5,980; and $5,200 for board, an increase of 4 percent from $5,000. Princeton's total fee package consistently has positioned it lowest among peer institutions. http://www.princeton.edu/main/news/archive/S20/13/67G97/index.xml?section=topstories

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