As discussed above, we find that Federal loans receive a large weightage in terms of being a ready financial aid provided by the government in case of Harvard University. The average of Federal Loan that a student can avail is about $4,951.
Pell Grants and Federal Grants serve a total of 17% students only. The amount that you can avail in the form of Pell Grants and Federal Grants is about $4,849 and $7,566. State Grants can be received by the resident students of Massachusetts which on an average is an amount of US$2,536 and only 3% students actually receive them.
Harvard also steps ahead and provides institutional grants of about $51,259 to the deserving candidates from its own endowment and alumni funds. Majority of 55% students are entitled to receive these institutional grants. You can also read more about the financial aid schemes in the following site.
Apart from these, students also apply for loans. the average student loan amounts to $6,430. Only a very small percentage of 6% students opt for student loans due to the repayment criteria attached to them. However, it has been noted that the default rate is also very low at just 0.8% of these student loans which determines that it might not be a very bad idea to undertake student loans for any prospective or continuing student.