Attending an Ivy League university like Harvard can pay dividends in the long run.
According to the Department of Education's College Scorecard, former Harvard students who received federal aid earned a median salary of $95,114 over the first 10 years of college. This is significantly higher than the median salary of $50,806 for former attendees of all four-year colleges and federal aid recipients.
But before they get there, Harvard students must pay a high price. Tuition for the 2024-25 school year is $56,550, according to the school's website. Add in additional fees such as housing, food, and student services, and the total cost of attendance can be up to $82,866.
However, many students pay much less than the list price. Here's how much students actually pay for a Harvard education.
Almost 1 in 4 Harvard families pay nothing.
Ivy League schools have a reputation for producing large numbers of high-income students, but they also tend to offer generous financial aid packages to families with demonstrated need.
More than half (55%) of Harvard undergraduates receive institutional scholarships, and 24% of Harvard families pay nothing after a grant or subsidy, according to the school.
Harvard University maintains a 100% need-based aid policy. This means we are committed to providing families with all the financial support they need. According to Harvard University, families with annual incomes of less than $85,000 are not expected to contribute anything towards the cost of student attendance.
However, not all financial aid comes directly from the school. About 19% of undergraduate students receive federal Pell grants, according to the school's website. According to College Scorecard, students receiving federal financial aid pay an average of $19,500 per year to attend Harvard University.
Low-income households make up a small portion of Harvard's population
Although Harvard claims to be a relatively affordable option for admitted applicants, the school's admissions data suggests it can be incredibly difficult for low-income students to get in. There is.
Harvard University says its admissions process is “needs-blind,” meaning a student's ability to pay tuition does not affect their admission prospects. However, many factors make it difficult for students from low-income families to gain the competitive edge necessary to gain admission to elite schools like Harvard.
Competitive universities seek applicants who demonstrate academic excellence and a commitment to extracurricular activities. While it has been historically proven that students who are affluent and have higher household incomes can achieve both of these goals, lower-income students may not have the time or financial support to accomplish the same things. there is.
Even if students from different economic backgrounds have similar academic ability, being affluent may be an advantage.
A 2023 study by Harvard University's own Opportunity Insights found that students in the top 1% of their households were more likely to attend an Ivy League or “Ivy Plus” school, including Stanford University, than a middle-class student with a similar SAT score. It turns out that there are twice as many students. Massachusetts Institute of Technology, Duke University, and University of Chicago.
According to the most recent data available from Opportunity Insights, only 4.5% of Harvard's 2013 graduates were in the bottom 20% of income earners, compared to 67% of students in the top 20%.
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