Harvard tuition capped at 10% of family income

December 16, 2007

Harvard University has announced that it will support lower-income families (defined as those under $180,000 per year!) by capping tuition at 10% of their earnings. Earlier this month, Duke, Harvard, Princeton and Stanford promised "free rides" to low-income students. Critics say that only a few students stand to benefit from these efforts, and are calling for schools to release money from some $380 billion that sits in tax-free endowment accounts. Harvard's announcement will require $22 million from its endowment, which has grown to $35 billion.