Harvard introduced a sliding scale tuition which will ultimately discount the sticker price for pretty well-off families as well as the less affluent. According to the Crimson:
Students whose families make between $120,000 and $180,000 per year will now pay only 10 percent of their yearly income to the College, cutting costs to those families by between one-third and one-half, according to a University statement.
Undergraduates whose families make between $60,000 and $120,000 per year will contribute between zero and 10 percent of their income on a graded scale under the new initiative, to take effect next fall.
“This is a huge investment for Harvard, but there is no more important commitment we could make,” University President Drew G. Faust said in a statement. “Excellence and opportunity must go hand in hand.”
Dean of Admissions William R. Fitzsimmons ’67 said the new aid will allow Harvard to compete with tuition fees at flagship state universities, where the average cost of attending for in-state residents is $13,589, according to the College Board. It currently costs $45,620 to attend Harvard, according to the Financial Aid Office Web site.
A family making $120,000 per year currently pays about $19,000 to Harvard, which would be reduced to about $12,000 under the new initiative.