Fin Aid applicants/Recipients - composition of package

<p>As someone who is applying for Fin Aid, I was wondering whether anybody could tell me about the composition of a typical Fin Aid package?</p>

<p>If you need around 100% aid, what is the debt going to be like (i.e. what % of the package is loans etc) and how tough is the job?</p>

<p>Thanks, guys</p>

<p>If you qualify for 100% aid, you will have an optional $3500 loan (or job) to cover living expenses. Scholarships and grants would cover everything else. So, at 100% aid, your total loan or job is at most $3500 per year. Harvard is extremely generous in giving financial aid, and will make education available to everyone who is accepted.</p>

<p>You are going to get your most acccurate answer to such a question by going directly to Harvard's listerv. This is what I found:
"
WE ARE PLEASED TO ANNOUNCE¬Ö </p>

<p>Harvard President Lawrence H. Summers announced in February 2004 a major new initiative designed to encourage talented students from families of low and moderate income to attend Harvard College. While the new initiative has four major components, including recruitment, admissions, and a summer academic program designed to prepare talented students from financially disadvantaged backgrounds for college, the financial aid component increases aid for students from low and moderate income families. Beginning with the 2004-05 year, parents in families with incomes of less than $40,000 will no longer be expected to contribute to the cost of attending Harvard for their children. In addition, Harvard will reduce the contributions expected of families with incomes between $40,000 and $60,000. "</p>

<p>For more info, go here: <a href="http://www.fao.fas.harvard.edu/%5B/url%5D"&gt;http://www.fao.fas.harvard.edu/&lt;/a&gt;&lt;/p>

<p>If you need more info, e-mail the financial aid office. They are happy to answer prospective applicants' questions.</p>

<p>Yes, thanks NSM, I attest that the finaid office has a very helpful and friendly staff. </p>

<p>Keep in mind that Harvard is probably the most generous college when it comes to need-based financial aid... it helps that they have a $23.6 billion endowment!</p>

<p>One note: Be wary of the "$40,000 income = free education." The $40,000 figure is "total income" not "adjusted gross income." So, somehow it figures in assets, investments, and more besides regular income. For the details, consult the finaid office.</p>

<p>Thanks guys!</p>

<p>NSM - Yes, I was aware of the $40K initiative, but the breakdown was slightly more difficult to trace ;)</p>