Harvard to raise tuition by 3.5 percent
February 19, 2009 by Elad Bushari · Leave a Comment
Cambridge: Harvard University will raise tuition by 3.5 percent for undergraduate students this fall, the university said Wednesday.
Harvard President Drew Faust wrote in a letter posted online Wednesday that tuition would be increased to $33,696 per year. The total costs of attendance will reach $48,868 per year.
In 2007, Harvard announced a sliding scale for families from different income levels. Families with household incomes of between $120,000 and $180,000 are expected to contribute 10 percent of their incomes. The expected family contribution slides for households with incomes below $120,000. Families with income levels below $60,000 are not expected to make any financial contribution.
Harvard recently said it had lost at least $8 billion from its endowment in the poor economic market. It’s endowment was worth nearly $37 billion as of June 30, 2008. Recently the organizations that manages the endowment shed 50 jobs. The university is seeking about 1,600 buyouts, according to recent news reports.
Faust said it will reevaluate plans for its Allston campus expansion in light of financial pressures.
Source: Boston Business journal
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