‘A Gray Area’: Students Say Harvard’s ‘Typical Assets’ Rule Leaves Financial Aid Gaps

Nearly a year after Harvard College expanded its financial aid program to guarantee free tuition, housing, and food for families earning under $100,000 with “typical assets,” some students said vague definitions of what assets qualify as typical have left them facing unexpected costs.

The Crimson spoke to a dozen students from families earning under $100,000 who said assets the College classified as atypical — ranging from a grandparent’s house to a family-owned small business — pushed them outside the policy’s protections. Many said they have had to take out loans to cover the gap.

Anmol K. Grewal ’28, who said her family earns “significantly lower” than $100,000 annually, said she expected a larger aid package under the expanded initiative. Instead, she came up a few thousand dollars short.

“The aid wasn’t fully met, so I had to take out a loan for whatever I was able to get covered, and the rest of it was paid out of pocket and with family help,” she said.

According to Gerwal, the admissions and financial aid office told her she did not qualify for full coverage because of unusual assets. In addition to owning their primary residence, her parents are paying off her grandparent’s house — which the office counted as an additional asset.

“I think that things like that being taken out of the context for the aid makes it really hard for people in a gray area, like me,” Gerwal said.

After appealing her aid package, Gerwal was awarded an additional $5,000 — but said it was still not enough to cover her tuition without loans.

Megha Khemka ’28, whose family also falls under the $100,000 threshold but does not qualify for full aid due to atypical assets, said missing full coverage has cut her off from benefits beyond tuition.

“There are certain things that you’re only eligible for — in terms of tickets to things or summer funding or stuff like that — if you’re on full aid,” Khemka said. “Since I’m very close to that, but not actually that, there are things that I would like to have access to that I don’t.”

Other students described similar experiences. Several said the financial aid office cited their parents’ retirement funds or a family member’s Social Security benefits as factors that pushed them over the threshold. Others said assets tied to family-run small businesses disqualified them from full aid, despite household incomes below $100,000.

Harvard’s financial aid website states that the College does not “typically” factor home equity or retirement savings into aid calculations and that students will “never be required to take on loans.”

In a statement, Faculty of Arts and Sciences spokesperson James M. Chisholm wrote that “Harvard College’s financial aid program works exactly as stated,” adding that Harvard will spend nearly $300 million on undergraduate financial aid this year and that a majority of undergraduates receive some form of aid.

Chisholm did not answer questions about how the College determines which assets are considered typical or atypical.

The expansion, announced last March, also promised free tuition to families earning up to $200,000, with additional aid tailored to individual circumstances. The policy took effect in fall 2025 for all undergraduates.

Some students said they faced gaps in coverage even without assets they believed would be classified as atypical.

Adedoyin O. Adebayo ’26 said she does not believe her family possesses atypical assets but is still not receiving full tuition coverage.

“I remember reading about the policy, but for my account, I did not get everything completely free, so I don’t think it’s reflected,” she said. “I’m not sure if that’s because I’m a senior and it’s for future classes, or something else.”

Adebayo said she worked multiple jobs as a freshman and sophomore to pay for college and successfully appealed her aid package during those years.

Gerwal said she was frustrated not only by the cost gap, but by the benefits she has missed out on for falling just short of full aid eligibility.

“I just think it’s kind of insane that a student could be a couple thousand off, and then suddenly they’re not eligible for the coat fund, the junior startup grant,” Gerwal said. “I’m missing out on something that’s provided for a specific group of people, even though we’re so close to it.”

—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.