$7,566

Avg. Federal Grant

$4,951

Avg. Federal Loan

$203,241,822

Total Aid Awarded

Harvard University Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

43%

Total Aid Amount Average Total Aid Awarded per year.

$203.242M

Financial Aid Official Website

college.harvard.edu/financial-aid

Among them are scholarship programs such as Alan and Janette Blackburn Scholarship, Carnegie Dartlet $10,000 Scholarship, Charles S. Noble Scholarship for Study at Harvard, and Community Service Scholarship for Multicultural Students. As many as 73% of the students at HU get some sort of financial aid, and the total amount of assistance/loans provided is more than $932,558 in a year. At HU, the total percentage of applicants who receive the Federal Grant stands at 18%. In comparison, 57% of the students are awarded the Student Grant, 57% get the Institution Grant, and 18% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $7,465, while the same comes to $2,697 for State Grant receivers and $53,138 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $4,859. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At Harvard University, the percentage of candidates who opt to avail of student loans is around 7%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

17%

State Grant Aid

3%

Institution Grant Aid

55%

Pell Grant

17%

Average Aid Awarded

Federal Grant Aid

$7,566

State Grant Aid

$2,536

Institution Grant Aid

$51,259

Pell Grant

$4,849

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.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$68,753

$30,001 - $48,000

$70,041

$48,001 - $75,000

$67,986

$75,001 - $110,000

$51,402

Over $110,000

$24,669

We have presented the available data in a simplified format; what’s simple about it is that the lower your income bracket is (or the lower your family’s income is), the higher the amount you are eligible to receive in the form of Harvard’s financial aid.

If your family income is under $30,000 then you might be sure of receiving a basic amount of $68,753 as financial aid and if it is of a range from $30,001-$48,000 you might as well can expect the same amount to be $70,041. The figures that you see here are based on observed values of financial aid in respect with the family income of past students. For any family income that lies somewhere between $48,001 to $75,000 the financial aid that you might expect to receive can be close enough to a figure of $67,986. In the same manner a family income falling under the range of $75,001-$110,000 can avail for a financial aid up to almost $51,402. The following data might show a downward trend if the income range is over and above $110,000 and fetch a drastically low amount of just $24,669

Student Loans for Harvard University

Average Loan Amount Average Loan Amount received per year.

$6,430/Year

Students Taking Out Loans

6%

Loan Default Rate

0.8%

Harvard University allows you to draw up a student loan in your or your parent’s name. The decision of a student loan lies solely with the students and their ability to bear the burden of the interest rate in the future. The student can apply for the loan by filling out the student loan request form. The university assures guidance towards the choice of loan – private or federal loans.

  • The Federal Direct Subsidized Stafford Loan is available for you which is also a need-based loan given by the federal government. This type of loan comes with an interest rate of 8.25%. The repayment can be started 6 months post-completion of the program.
  • The Federal Direct Unsubsidized Stafford Loan can bring you an extra $2,000 without any additional interest rate on it. The other rules are the same as the subsidised Stafford loan.

The Harvard Loan is provided to the need-based students irrespective of whether they are eligible on the basis of the criteria laid out for the Federal loans or citizenship. The university also provides you any kind of guidance for taking up a Parent Loan on the basis of your FAFSA and the credit score based on your family’s income bracket.

To know more about Harvard University financial aid options, click here.

To know more about financial aids that graduate students are eligible for, click here.

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