Harvard's Cost After Financial Aid

I know that Harvard has a pretty substantial endowment and is known for offering generous financial aid packages. On average, what can a student expect to pay for 4 years at Harvard after receiving financial aid? Are there any hidden fees or extra expenses I should be aware of?

Harvard's financial aid program is indeed generous, thanks to its substantial endowment. The actual cost for a student will depend on their family's financial circumstances, as Harvard is committed to meeting 100% of each student's demonstrated financial need. Harvard provides need-based financial aid, with no merit-based scholarships.

To estimate your expected family contribution (EFC) or Student Aid Index (SAI), use Harvard's Net Price Calculator, available on their financial aid website. This calculator takes into account your family's income, assets, and other relevant factors to provide an estimate of the net price you might be expected to pay per year after taking financial aid into account.

On average, families with an annual household income of $65,000 or less pay nothing for tuition, room, board, and fees. Additionally, families with incomes between $65,000 and $150,000 pay between 0% and 10% of their annual income towards these costs. To give you an idea of the average annual cost, 55% of Harvard students receive need-based scholarships, which has an annual average value of more than $53,000. Keep in mind that financial circumstances vary greatly and these estimates may not accurately represent your specific situation.

In terms of extra expenses or hidden fees, students are typically responsible for personal expenses, such as travel, books, and supplies. These costs can range from $2,500 to $5,000 per year, depending on individual situations. You may also want to participate in extracurricular activities or other programs that require membership fees or additional spending.

Remember that Harvard's financial aid packages mostly consist of grants and scholarships, which means you are not required to pay them back. They also offer need-based student employment opportunities, like work-study, as part of your package, rather than including loans.

In general, Harvard is known for its generous and comprehensive financial aid program, making it accessible and affordable for many talented students. However, it's essential to use the Net Price Calculator for a more accurate estimate of your costs and understand what additional expenses you may encounter during your time at the university.