The cost of attending Harvard University can be quite expensive. In-state students pay around $47,000 in tuition and fees annually, while out-of-state students pay closer to $52,000. Students living on campus also have to pay for room and board, which costs an additional $14,000 per year.
While the cost of attending Harvard is high, it is definitely worth the investment. According to a study conducted by Payscale, Harvard graduates earn an average salary of $77,700 after ten years of work. That’s more than $20,000 higher than the average salary for graduates from other universities.
While the cost of attending Harvard is high, there are a number of ways to reduce the amount you have to pay. The Harvard Financial Aid Office offers scholarships and grants that can cover a large portion of the cost. In addition, Harvard offers a payment plan that allows students to spread the cost of attendance over ten months.
If you are considering attending Harvard, be sure to do your research and see what options are available to you. The cost of attendance may seem daunting, but with the right planning, it is definitely achievable.
Understanding Harvard’s Costs
When a student decides to go on a college visit, the last thing on their mind is going to be the cost of going. Most people don’t begin thinking about this until they have been accepted and are making the decision as to whether or not they will attend that particular school.
However, finding out how much it costs to go to Harvard University can make a significant difference in the choices students make from the time of application through graduation day. With such an investment, it’s valuable information for any family considering whether this institution is right for them and their child.
The first step for anyone thinking about attending is knowing what they’re getting into financially and why before they accept that offer of admission letter. When examining just how much it costs to go to Harvard, there are a few factors that come into play.
Tuition and Fees
One of the most important pieces of information you’ll want to know is how much your tuition and fees will be. For the 2016-2017 school year, undergraduate tuition at Harvard was $45,278. If you’re an international student, that number jumps up to $63,208.
That’s not even including room and board, which can range from an additional $12,000 – $19,000 per year depending on the dormitory or college you choose. So when all is said and done, it’s safe to say that attending Harvard University will cost you a penny.
Scholarships and Financial Aid
Harvard University offers many different scholarships, grants, and financial aid to help make the cost of attendance more manageable for students. These can vary depending on your level of study, academic excellence, specific interests, or skills that may set you apart from other applicants.
For example, undergraduate students who are eligible to receive federal student aid may apply for need-based loans up to the full amount of their calculated family contribution (EFC). Need is determined by the FAFSA using a standard formula established by Congress. However, if you’re an international student studying at Harvard Law School, you will not be able to receive any federal funding.
Now that’s not saying there aren’t exceptions! It’s possible that some employees at Harvard University may be eligible for work-study programs, which can award up to $2,000 per year. And if you’re transferring here from another institution of higher learning, that’s also an option you can consider.
Let’s not forget about Harvard faculty who are employed in non-teaching positions (such as postdoctoral researchers), who may still qualify for financial aid support. But when it comes down to it, the majority of students must rely on personal savings or economic resources beyond federal student aid in order to attend this school.
Can Parents Access Their Retirement Savings?
Parents with outstanding tuition balances at the end of each academic year may withdraw up to 50 percent of their retirement funds without tax penalties if they use these funds for qualified educational expenses. This includes payments for tuition, room, and board, books, supplies, and other required equipment.
To sum it up, Harvard University is a costly investment but one that can offer students a lifetime of opportunities and advantages. With careful planning and the help of scholarships and financial aid, it’s possible for many families to make this dream a reality. For more information on how to afford attendance here, please visit our website.
Common questions about Harvard’s financial aid program:
What percentage of Harvard students receive financial aid and what is the average award?
Harvard provides generous need-based financial aid to admitted students regardless of their socioeconomic status. About 50% of Harvard students receive grant money, and about 60% of those that do receive grant money have no expected family contribution (EFC).
The grant awarded to families with an EFC under $10,000/year can be as much as $60,000 over four years. Grant money awarded to families without a parental contribution skyrockets from there. The grants usually range from a few thousand dollars a year up to half tuition or more. In order for a student to qualify for a Pell Grant based on their FAFSA they must have an EFC of $0.
What is the average amount that students borrow to attend Harvard?
The average undergraduate student at Harvard graduates with about $23,000 in debt. Graduate students usually borrow more, with the average indebtedness upon graduation being around $40,000. These numbers may seem high, but they are actually lower than the national average for graduate and undergraduate debt.
Cost of Attendance
(COA) is an umbrella term used by colleges in the United States to describe the combination of tuition, fees, room & board (if on-campus), and living expenses.
Harvard University’s COA for the 2015–2016 academic year is $63,025; however, students who receive financial aid can subtract that number from their total costs. For domestic students receiving financial aid, Harvard charges an average of $17,500 per year with family income less than $65,000. College costs are subject to increase each school year.