Harvard College Launches New Financial Aid Initiative Focused on Financial Literacy

Harvard College’s Office of Financial Aid launched a new financial aid literacy initiative to inform students about financial aid opportunities on campus and promote financial literacy.

The initiative was announced in a newsletter sent to Harvard College students that shared resources on finding campus jobs and free events in the area. The newsletter invited students to a kickoff event at the Financial Aid Office, offering a chance to speak with financial aid officers and the three student interns.

The new Harvard Financial Literacy Program centers around “student-to-student” financial education, offering advice on budgeting, building credit, investing, and financial planning after graduation.

In a Friday statement, Faculty of Arts and Sciences spokesperson James M. Chisholm said that the student interns were “the main drivers” of the HFLP, and he wrote that they have a “unique understanding of student interests and needs around financial literacy.”

He added that the three interns — all current sophomores at the College — aim to provide resources and content for fellow students on topics related to financial literacy, with support from financial aid staff. Part of the initiative was also intended to spread awareness about resources offered by the Financial Aid Office, Chisholm wrote.

The initiative comes after the FAO noticed student interest in financial literacy programming but received feedback that “attending presentations by administrators was not the most effective delivery method,” according to Chisholm.

The FAO previously hosted “Financial Aid 101” sessions in the fall taught by financial aid officers. The sessions outlined work expectations for students participating in Federal Work-Study and explained how to contact the FAO and apply for Harvard grants.

The sessions also addressed how to apply for outside scholarships and funding, and taking out loans to pay for college. In the webinar, financial aid officers pointed students to their website for more resources.

The HFLP interns offer a more “dynamic” approach for students to engage with the Financial Aid Office. Chisholm wrote that they will be both working on content and strategizing how to deliver it in the most effective way. The HFLP also aims to provide programming related to personal finance separate from the College’s financial aid program.

The push comes as several graduate schools already offer financial literacy programming, with many offering workshops centered on budgeting and financial well-being throughout the year.

Harvard Graduate School of Education also partners with iGrad, a web-based financial literacy platform, to provide personalized resources for career development, scholarships, and budgeting. HGSE also points students to Cultivar Communities, which teaches families how to open a Section 530A account, also called a “Trump account,” for their children under 18. Similarly, Harvard Law School partners with AccessLex Institute for personalized online financial planning.

Harvard Medical School also offers financial wellness resources and mandatory debt counseling through its financial aid office, and Harvard Kennedy School and the Harvard School of Public Health offer some financial guidance for graduate students on their websites. HKS and HSPH also provide credit advice in partnership with Harvard Federal Credit Union.

At HSPH, the Financial Health Resource Group also offers a “holistic approach,” providing mental health and housing support in addition to financial literacy programming. Harvard Business School offers finance courses as part of its executive education programming, which is aimed primarily at business professionals.

The new program comes more than a year after the FAO announced an expansion of financial aid, promising to fully cover tuition for students whose families earn $200,000 or less annually and have typical assets. Students whose families earn $100,000 or less annually and have typical assets receive coverage for tuition, housing, food, and other expenses, in addition to a $2,000 start-up grant in their freshman year and a $2,000 launch grant in their junior year.

Chisholm said that the student interns were “finalizing plans” for future in-person events on campus. The program’s website also has a contact form that encourages collaboration with other offices and campus groups, suggesting partnerships could range from hosting study breaks to speaking about financial literacy at club events.

—Staff writer Celine Muir can be reached at [email protected] or Signal at celinem.33. Follow her on X @celinemuir1.

—Staff writer Alexa M. Schmitt can be reached at [email protected] or Signal at alexaschmitt.15. Follow her on X ​​@alexa_m15_s.