Are Ivy League schools really special
Even in the prestigious Ivy League, there is something special about Harvard University. Founded in 1636, it is the oldest post-secondary school in the country and the alma mater of many notable figures, including numerous US presidents and Nobel Prize winners.
But for many top students, studying at Harvard is more than just social prestige - it is often the ticket to a well-paying job. That's good news because staying at Harvard isn't always cheap. For the 2015-2016 academic year, the standard fee was $ 45,278. Room and board and other fees bring the total to a whopping $ 60,659.
This is expensive even by private school standards. Nationwide was the average cost for a private, non-profit , four-year institution $ 31,231 in 2014-2015, according to the College Board. The average for tuition and combined room and board was $ 42,419.
Ample financial help
One of the perks of having a uniquely successful alumni pool is that many give back to the school and make it easier for the lower and middle schools. - Scholarship holders to visit the institution. Today the foundation is endowed with 37 dollars. 6 billion are helping to provide generous financial aid to people in need.
For 2015-2016, the university says most students from families earning less than $ 65,000 a year will be eligible for absolutely free. Typically, if you come from a family earning between $ 65,000 and $ 150,000, you must be earning 10% of your family income or less. Students with families who earn a little more also receive significant financial support from the school.
In particular, one statistic illustrates the extent of the university's aid program, which is completely needs-based. In fact, for roughly 90% of families, Harvard costs the same or less than a state school education.
The university says their admissions process is completely blind. If you come from a low-income family and are entitled to a comprehensive aid package, you theoretically have the same chance of being accepted as someone from a more affluent family.
While international students cannot receive federal funding, they are eligible for university funds, which can help reduce the cost of attending the institution.
Big dividends on the road
Even without considering financial aid, a Harvard education is a great investment in every way. For many employers - including some Wall Street banks and prominent consulting firms - having school on the resume provides a huge edge over the competition. According to a survey by the school newspaper, The Harvard Crimson, the average senior earns between $ 50,000 and $ 69,999 right after graduation.
Perhaps more importantly, Harvard graduates have valuable career connections and can sustain their successes. Research firm PayScale's College Salary Report 2015-2016 suggests that Harvard graduates earn more than other Ivy League schools by mid-career. "Only Graduates with a Bachelor's Degree" career and $ 126,000 in mid-career; Harvard ranks third among schools (ranking based on middle-career salary). If you add those who have graduated, the numbers rise to a median income of $ 62,600 for the early career and $ 131,000 for the middle with a fourth rank. Of course, it's important to note that these salaries are total numbers and are not tied to a specific job or higher degree. returns will vary significantly due to these factors.
In the PayScale ranking of American universities, based on their 20-year ROI, Harvard ranks 34th, even before seeking financial aid. If you take financial aid and compare Harvard graduates only to those from private colleges and those who pay state tuition at public universities, it jumps to 11th with a median 20-year net payout of $ 812,100.
The bottom line
Harvard might have one of the highest tuition fees in the country, but many students pay far less thanks to a strong financial aid program. In both cases, research suggests that training at this famous school is a great long-term investment. For more information, see 5 Ways To Get The Maximum Student Financial Aid.
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