Harvard University is an Ivy League Institution located in Massachusetts, and they are really hard to get into due to its prestige and academic excellence. However, after you get past the Harvard Admissions, you are automatically guaranteed financial coverage by Harvard University. In this article, we will cover Harvard’s various scholarships and need-based aid.
Harvard Cost of Attendance
Please note that the below cost of attendance is not what you will pay if you receive Harvard University scholarships. The tuition per year is above $47,000, room and board are above $17,000, and fees are above $4,000. If you count in personal expenses and textbooks, the total cost of attendance at Harvard University is probably higher than $73,000 per year.
As you will see below, many students do receive generous scholarships at Harvard, and some pay $0 to attend this prestigious university. Financial concern should not be on your list since getting into Harvard University is the hardest part.
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Quick Facts about Harvard University Scholarships
Here are some interesting statistics regarding scholarships offered by Harvard University. These facts are in the Harvard Financial Aid Office Page.
1. Family Income Bracket for Fully-Funded Scholarship
The scholarship page states that if your family’s total income is below $65,000 a year, your family will pay nothing towards your education. This means that you will get over $70,000 in scholarships per year, which means over $280,000 over four years! Could you believe that?
Over 20% of the student body at Harvard fits into this category and pays $0 in tuition, room, board, and fees. So even if you are from a financially difficult family, you can make your Harvard dream come true if you are an academically excellent student and get accepted.
2. Percentage of Those Receiving Merit-Based Awards
Even if you are above the income bracket of $65,000, you will still get generous scholarships. For families earning $65,000 – $150,000 a year, your family will be expected to contribute anywhere from 0% – 10% toward your education. This will vary according to individual circumstances including assets.
For families making above $150,000 a year, they will be asked to contribute more than 10%. The actual contribution might be above or below this percentage, and again, this depends on the individual circumstances.
3. Average Amount of Cost Paid
The average student at Harvard pays around $11,000 per year. Please note that this is an average. There are families who make above $150,000 per year, who pays more than this number, and there are also families who make less than $65,000 per year, who pays $0.
4. Harvard University Is Cheaper Than State School!
For over 90% of the families, they will pay less by sending their children to Harvard than sending their children to a public state school. Isn’t that astonishing?
State universities are there so that state residents can have an affordable education, but Harvard University can be cheaper than that! This shows that the financial assistance offered by Harvard University comes in generous amounts to all prospective students!
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How are Harvard Scholarships Awarded?
I hope that the facts above were interesting. Now, let’s dig into the details. I hope that you figured out by this point, but Harvard University Scholarships are given based on need. So what does this mean?
Your need is calculated from the financial information that you provide to Harvard. One of Harvard University’s application requirements is the financial information that sums up the money that you and your family currently have.
When your need is calculated, Harvard University will meet 100% of that need. This is possible due to huge amounts of funding from alumni donations, endowments, funds from the government, research grants, etc.
Also, many applicants want to be admitted to Harvard because they all qualify for full-ride scholarships. Since information concerning financial aid is very important, Harvard University requires the applicant to use FAFSA and/or CSS Profile (Covered in detail in the section down below).
Applying for Need-Based Aid / Scholarships
So, I now hope that you have a grasp on Harvard’s avenues of financial assistance. Please note that you will need to also file your admission application to Harvard. To apply for financial aid, you will need to fill out two forms: FAFSA and CSS Profile.
Also, US Citizens and Permanent Residents are the only ones who can apply for FAFSA, and, if you are an international student, CSS Profile might be the only thing that Harvard University might be looking for. International students cannot apply for FAFSA.
In addition to the FAFSA and CSS Profile, Harvard University uses IDOC, which is another College Board service. Here, you will upload the required documents stated by Harvard University.
The link down below will show you how to apply for merit-based awards offered by Harvard University, so please visit Harvard University Financial Aid Page to get more detailed information.
Scholarship Application Deadlines
I hope that all these application procedures were clear. The scholarship deadline for Early Action is around November 1, and for regular decision is around February 1. I would highly encourage you to get the financial application done before these dates because deadlines set by some universities are much earlier than these dates.
FAFSA is available around October 1, so get FAFSA done as soon as it is available, and CSS Profile and IDOC are available year-round, so I recommend getting the CSS and IDOC done in September to October. That way, you don’t have to stress about financial aid application while trying to get your Common Application done.
Conclusion: Need More?
In addition to scholarships and need-based aid, Harvard University offers other venues to decrease your financial burden. To provide students with an instrument to estimate the total cost of attendance, Harvard University created its own Net Price Calculator.
If you are looking for income to cover your personal expenses, student employment might be the option that you are looking for. Since students get increasing amounts of hours as they advance from freshmen to seniors, doing a work-study job gives student-workers experience and money!
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Personally, I do not recommend loans since you are getting the money that needs to be paid back; however, I would go all for applying for external scholarships since there is no limit on how many external scholarships that you can apply. Always try, and, if you don’t make it, try it again next time!
