2016 Postmortem
In reply to the discussion: Clinton's Argument That Free College Is Bad Because Rich Kids Can Take Advantage Makes No Sense [View all]Divernan
(15,480 posts)Using your example of Harvard, it is extremely competitive - usually ranked as the most competitive - to even be admitted. Except for the aforementioned legacies, only the very brightest of students even apply. And then only about 6% of them get admitted. The school's description of "average financial aid package" is not quite up front because it refers to "scholarship holders" not all incoming freshmen. It does claim elsewhere that 60% get need-based scholarship, but still pay $12,000 per year. Only 20% of parents pay nothing. If a student is brilliant, and his/her parents are poor enough, he/she will get a world class education and the lifelong perks of having a degree from Harvard without having to assume debts of student loans.
Also, as is noted at the link you provided, Financial aid decisions are, of course, determined exclusively by each respective financial aid office, and students and families should take note that free tuition and "no contribution toward the cost of education" are two separate things. When free tuition cutoffs are highlighted on school websites, that typically means that room and board costs are still fees that families must pay.
http://www.collegefactual.com/colleges/harvard-university/paying-for-college/room-and-board/#Here's What Sleeping and Eating is Going to Cost You
Harvard University offers students both housing and dining options. The on-campus housing cost for a typical student was $9,009 in 2014 - 2015 and the cost for a typical meal plan was $5,660.
The following table outlines average expected costs at Harvard University for on-campus housing, meals and other expenses.
Expense On Campus
Room and Board $14,669
-- Housing $9,009
-- Meals $5,660
Other Living Expenses $2,643
Books and Supplies $1,000
Total $18,312
How Far Away Do You Live?
Don't forget to budget for travel! The cost to go to and from college can impact budgets quickly, especially if you travel during holidays and spring break.
IOW, even families w/incomes below $65,000 have to come up with $18,312, plus airfare/travel costs between home and campus.
In fact, approximately 70 percent of our students receive some form of aid, and about 60 percent receive needbased scholarships and pay an average of $12,000 per year. Twenty percent of parents pay nothing. No loans required.
Applicants - 37,307
Admitted - 2,080
Average financial aid package for freshman scholarship holders, 2015-2016
Total budget - $64,300
Parents contribution - $12,200 (19%)
Student asset and summer work expectation - $1,200 (2%)
Harvard, federal and outside scholarships- $48,800 (76%)
Term-time work expectation - $2,100 (3%)