Harvard has been under tight scrutiny for it’s $30.7 BILLION endowment, of which only a sad 11 percent goes to intelligent students from low-income backgrounds.
This top Ivy League institution, which boasts the highest graduation rate in the nation of 98% AND a $650,000 20-year net ROI is basically continuing the trend of the rich getting richer while the poor, who still often find schools like this financially inaccessible, get poorer or not quite as rich as they could have been.
The issue seems to be that a lot of elite educational institutions are being Petty Labelle and don’t want to hurt their bottom line by having to use all of their money to support lower income students who need more financial assistance than their more well of counterparts.
Finally becoming a victim of the always effective peer pressure, Harvard has finally agreed to become more proactive in recruiting students from less advantaged backgrounds by making their AMAZING financial aid program, more widely advertised. Not only does this program pay 100% of tuition, fees, room and board for students from families that make less than $65k per year, but also caps the financial contribution of students from families that make between $65k and $150k at 10% of their income.
I swear if this program were better advertised, Harvard would have to use up way more of that endowment as I’m SURE there are tons of highly qualified students from disadvantaged backgrounds that would have applied to and been accepted by this school, attending free of cost. It’s good that Harvard is no longer just silently offering a program in the hopes that no one will hear of it and accept it and use up their money – let’s hope they actually follow through on this initiative AND don’t all of a sudden make admissions that much harder to weed out otherwise fully qualified students who may be a bit more costly to them.