Very interesting article on Harvard’s new accessibility to the middle class. Families making less than $120,000 won’t pay any tuition. The author, Steven Roy Goodman, argues that by providing additional aid, Harvard and others with generous endowments, are hoping to head off legislation by Congress that would mandate schools to spend 5% of it’s endowment as required by other private foundations.
Goodman reports that Harvard claims the tuition initiative could cost it $22 million a year. However, if it heads off the Congressional mandate, the school saves $245 million dollars a year for the endowment.
Complete post is at my new site www.texasedspectator.com