The total cost of attendance for Harvard College will increase next year by the largest percentage in seven years, the University announced Thursday. The $2,200 hike, which represents a 3.9 percent increase, brings the total cost of tuition, room, board, and other fees to $58,607 for the 2014-2015 school year.
The cost of attending Harvard for students not receiving need-based financial aid continues to outpace inflation, which was most recently estimated at 1.1 percent, according to the Bureau for Labor Statistics.
This higher price tag will be paid by less than about half of all students, however, as the College continues to offer financial aid through the Harvard Financial Aid Initiative, which is in its 10th year.
The Initiative was launched by former University President Lawrence H. Summers to increase financial support for students from lower and middle-class backgrounds.
Nearly 60 percent of the Class of 2018 is projected to receive need-based financial aid grants during their freshman year, contributing an average of about $12,000. The College requires no contribution from families earning annual incomes less than $65,000—a demographic comprising about 20 percent of Harvard families. For the majority of families receiving financial aid, Harvard asks for an average of about 10 percent of the family’s income.
Financial aid is the largest priority of the recently launched $2.5 billion capital campaign for the Faculty of Arts and Sciences, with the goal set at $600 million. Last month, hedge fund manager Kenneth C. Griffin ’89 gave at least $125 million for financial aid as part of the largest single donation in the College’s history.
Neither Dean of Faculty of Arts and Sciences Michael D. Smith nor FAS Dean of Administration and Finance Leslie A. Kirwan ’79 was available for comment.
—Staff writer Dev A. Patel can be reached at firstname.lastname@example.org. Follow him on Twitter @dev_a_patel.