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HES and Harvard College degree are both real Harvard Undergraduate degree.
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But they are very different degrees, with almost no overlap in coursework, faculty, or admission standards. The vast majority of HES students and alumni that I have met present their Harvard affiliation misleadingly (they "study at Harvard", have a "bachelor's from Harvard", etc) in a way meant to fudge the difference. Some go further and lie outright, claiming a degree or coursework, on their resumes, from "Harvard University", rather than stating HES.
re: the statement that "HES alumni have been admitted to Harvard PhD, HMS, YLS, ...", the admissions rate of people into those programs who have only HES degrees (not an HES master's certificate on top of an existing bachelor's degree) is extremely small compared to the admissions rate of students with a Harvard College AB. The graduate schools at Harvard, Yale and most other institutions know quite well the difference between the two degrees.