Ivy League Financial Aid Reform Breaks Down Income Barriers
Yale is the latest ivy-league college to announce financial aid reforms. As competition for top students increases, the best schools are competing for academic talent – financially. With this latest announcement, Yale is eliminating all tuition for students who come from families earning an annual income of $60,000 or less.
Harvard announced similar plans last year, and some other high ranking schools have hinted that they are considering similar proposals. Many of the ivy-league universities have collected massive endowment funds from successful alumni. As donations grow, these schools are able to increase financial aid, invest in research facilities, and hire more high quality professors. Since student income is no longer a factor at Harvard and Yale, they will be able to recruit more talented students from lower economic levels – driving up the requirements for admission, but also ensuring that the next generation’s endowment will be well-funded.
SAT scores and grade point averages (GPAs) are important for winning admission to an ivy-league college, but it is also important for students to participate in a wide range of activities, leadership roles, community service projects, and academic competitions. These universities demand academic excellence, but they also want to see that that applicants are successful and active members of social and professional organizations.
One major outcome of the new financial aid reforms at Yale and Harvard is that it is worthwhile for students to apply, even if they are skeptical of being admitted. Since college recruiters look at the applicant’s entire resume and academic record, one can never know if he or she would have been accepted. Since the student’s financial status isn’t a major concern, the only thing required for an ivy-league education at these schools is an acceptance letter.
John McDonald writes about college funding and educational issues at his financial aid website and researches scholarship programs for a free online database.
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